Bowood Energy Inc.

Bowood Energy Inc.

May 31, 2011 09:04 ET

Bowood Provides Operational Update on the Alberta Bakken Well at Spring Coulee

CALGARY, ALBERTA--(Marketwire - May 31, 2011) - Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company) is pleased to announce that the Spring Coulee well, the first joint venture test well in the Alberta Bakken fairway with Legacy Oil + Gas ("Legacy"), has finished drilling and is in the process of being completed for testing. The well, drilled from a surface location in 3-1-4-23W4 terminated in LSD 3-36-3-23W4 at a measured depth of 3500 meters with a 1,230 meter horizontal section. The well has been equipped in the open hole horizontal section with swell packers, in preparation for 20 stages of fracture stimulation. Well testing will follow immediately after the hydraulic fracturing of the well, which is expected to commence by June 15th, weather permitting.

The second joint venture test well, to be located on the Blood Reserve, is expected to be licensed shortly and must commence drilling no later than August 31st, 2011 according to the terms of the joint venture with Legacy.

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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 and exploration plans and the timing thereof; future production levels; the location and prospective nature of the lands; and, 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 and production services; 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 of 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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