Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

November 27, 2008 12:55 ET

Eaglewood Energy Inc. Announces Resignation and Appointment of Directors and Officers and Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Nov. 27, 2008) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) wishes to announce the resignation of Mr. Roy Hudson and the appointment of Mr. Aage Thoen who has consented to act as a director of the Corporation in his place. Mr. Thoen has held executive and Board positions in a number of private and public shipping companies, as well as international financial institutions. He is currently Chairman and owner of Aage Thoen Ltd AS, a Norwegian-based holding company that provides shipping, investment and marine services. Mr. Thoen is a Norwegian citizen, and holds a Master's degree in Business Administration.

In addition, the Corporation announces that it has received the resignations of Ray Antony and Arlene Weatherdon from their offices as Chairman and Corporate Secretary respectively and the Board of Directors has appointed Hal Hemmerich as Chairman and Roy Hudson as Corporate Secretary. The Eaglewood Board now consists of Hal Hemmerich, Ray Antony, Stan Grad, Brad Hurtubise, Mark Sarssam and Aage Thoen.

The Corporation also announced that it has issued an aggregate of 225,000 options of which 150,000 were granted to a director. The options have an exercise price of $0.10 per share and will expire on November 26, 2013. The stock option grant is subject to regulatory approval. Eaglewood has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to each of the directors and officers. The Corporation has further determined that an exemption from the various requirements of Ontario Securities Commission Rule 61-501 is available as the fair market value of the grant of options is less than 25% of the market capitalization of the Corporation.

No Regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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