In 1950 he branched out on his own and founded Dome Petroleum. The company found important new oil fields in Alberta, but Gallagher's main focus was on Canada's arctic. The company spent billions exploring and found large deposits under the Beaufort Sea, but did not have the money to develop them. Deeply in debt Gallagher resigned as CEO in 1983. Dome was sold to Amoco in 1988. Gallagher found a new company that would become Prima Energy in 1984.
Gallagher was an Officer of the Order of Canada and a member of hte Canadian Petroleum Hall of Fame.