Bowood Energy Inc.
TSX VENTURE : BWD

Bowood Energy Inc.

January 19, 2011 09:00 ET

Bowood Reports Provides Operational and Alberta Bakken Update

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2011) - Bowood Energy Inc. ("Bowood" or the "Company") (TSX VENTURE:BWD) is pleased to provide an operational and Alberta Bakken update. 

OPERATIONAL UPDATE

Bowood drilled two (net 2) wells in December 2011 targeting Mannville oil and gas in the Enchant and Majorville areas of southern Alberta. Both wells were cased and completion operations are underway on the wells.

In the Armada area of southern Alberta, Bowood equipped and tied-in four (net 2.55) wells which had been completed earlier in the fourth quarter of 2010. The wells, three oil and one gas producer, were brought on production in the first week of January and increased Bowood's production to approximately 600 boe/d with a 15/85 % oil/gas split. 

Bowood plans to drill another two oil wells at Armada in the first quarter of 2011 to follow up on the drilling success in the area from 2010.

ALBERTA BAKKEN

In the southern Alberta Bakken oil play, surface acquisition and licensing is underway on the first two horizontal wells to be drilled by Bowood and its partner. The first planned well is located in township 3 range 23 W4 and the second, on the Blood Reserve in township 8 range 23 W4, offsetting an existing vertical well which has produced over 240,000 barrels of oil to date. These wells are anticipated to be drilled in Q1 2011.

Since April 2010, industry has invested $180 million on Crown land in the southern Alberta Bakken play. To date, there are a total of 43 wells licenced or drilled into the fairway, 20 in Alberta, and 23 in Montana. Of the 20 wells licenced in Alberta, 13 have been drilled.

Bowood currently holds a total of 156 sections (~100,000 net acres) of petroleum and natural gas rights which are on trend and highly prospective within this emerging oil resource play. 

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 in Alberta.

Bowood Energy Inc.

Robert Mercier, President & CEO

Reader Advisories

Forward-Looking Statements: This news release contains certain forward-looking statements, including but not limited to, management's assessment of future plans and operations, capital expenditures and the sources and timing thereof, expected timing and results from operations, expected prospectivity of recent land acquisitions, and expectations regarding expansion of the Company's land position. These forward looking statements involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and assumptions include, without limitation, those associated with oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports, including the Company's annual information form for the financial year ended December 31, 2009, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 

BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl 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: http://www.bowoodenergy.ca.

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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