Bowood Energy Inc.

Bowood Energy Inc.

September 30, 2010 09:01 ET

Bowood Provides Operational and Alberta Bakken Updates

CALGARY, ALBERTA--(Marketwire - Sept. 30, 2010) -


Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") is pleased to provide updates on its ongoing operations in the greater Armada area, the Alberta Bakken play and on its corporate bank lines.


During the month of September, Bowood continued to strategically add to its land position in the southern Alberta Bakken play. Following the completion of the previously announced leasing arrangement with the Blood Tribe, the Company will hold approximately 117,000 net acres (46,800 net hectares) or 183 sections of petroleum and natural gas rights, which the Company believes are on trend and highly prospective for the Alberta Bakken oil resource play.


During the month of September, Bowood finished completions on two (net 1.2) wells in the greater Armada area which were directionally drilled earlier this year. One well is a potential dual zone gas producer with initial post frac gas rates in excess of 2 MMCF/day. Equipping and tie-in to third party facilities is underway and anticipated to be completed by the end of October. The second well, following fracture stimulation and clean up, was tested for 3 days and final rates were 65 barrels/day of oil and 250 mcf/day of gas. This well is also anticipated to be on production by the end of October.

Three additional wells (net 1.95) were drilled directionally and cased in Armada in September with multiple prospective zones in each well. Completion operations will begin in October on all three wells.


On September 2, 2010 the Company completed a new banking facility with Canadian Western Bank, replacing the facility that was in place at June 30, 2010. This new facility is an $8.0 million revolving term demand credit facility.

About Bowood Energy Inc.

With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Projects are currently situated in the Province of Alberta.

Bowood Energy Inc.

Robert Mercier, President & CEO

Reader Advisories

Forward-Looking Statements: Certain information included in this press release constitutes forward-looking statements and information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, information with respect to: operational decisions and the timing thereof, development, production and exploration plans and the timing thereof; future production levels; the location and prospective nature of the Lease lands, the anticipated benefits resulting from the transactions described in this press release. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Bowood believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Bowood can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things: field production rates and decline rates; the ability of Bowood to secure adequate drilling, completion, tie-in and production services; the ability of Bowood to complete the acquisition of the lease and the other transactions described in this press release and, once completed, to realize the anticipated benefits of thereof; the timely receipt of any required regulatory approvals; the ability of Bowood to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner to develop its business; Bowood's ability to operate the properties in a safe, efficient and effective manner; the ability of Bowood to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas reserves through acquisition, development or exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; and the ability of Bowood to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Bowood and described in the forward-looking information. The material risk factors affecting Bowood and its business are contained in Bowood's Annual Information Form which is available under Bowood's issuer profile on SEDAR at The forward-looking information contained in this press release is made as of the date hereof and Bowood undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement. Barrel of oil equivalent or BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of one BOE for six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the updated corporate presentation please visit our website at: or contact the persons listed below.

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