Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

April 28, 2011 07:00 ET

Eaglewood Announces PVT Analysis on Ubuntu-1

CALGARY, ALBERTA--(Marketwire - April 28, 2011) - Eaglewood Energy Inc. (the "Corporation") (TSX VENTURE:EWD) is pleased to announce the results of the pressure, volume, temperature ("PVT") analysis of the downhole fluid samples from its Ubuntu-1 well on its PPL 259 license in Papua New Guinea.

The analysis, conducted by ODIN Reservoir Consultants Pty Ltd based in Perth, Australia indicates that in addition to natural gas and natural gas liquids, Ubuntu may also contain volumes of oil or a combination of oil and gas. The oil prospectivity is based on the PVT analysis of the Ubuntu-1 downhole fluid samples, which indicate a saturated reservoir fluid and suggests the possibility of the existence of a gas-oil contact somewhere in this reservoir. The Ubuntu reservoir fluid appears to be similar to that discovered in Elevala-1, where the presence of a possible oil leg was inferred by the previous operator of the well.

CEO Brad Hurtubise commented "We are pleased to have finally completed the independent engineering report and PVT analysis of Ubuntu-1. The information, combined with Ubuntu-1's very similar reservoir characteristics to the nearby Elevala-1 well which was tested at an AOF rate of 60mmcf/d, convince us that Ubuntu can be commercialised as infrastructure is developed around Ubuntu and the other discoveries in the PPL 259 License area. The Ubuntu discovery along with ongoing seismic programs and activities of other operators in the immediate area, continue to de-risk and enhance the value of the PPL 259 license. The Corporation, as operator, is endeavouring to acquire additional seismic over Ubuntu and has applied to the PNG government for a variation and extension of PPL 259."

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to certain well analyses and planned evaluation activities, may constitute forward-looking statements. These statements relate to future events or the Corporation's future performance. All statements, other than statements of historical fact, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors as actual results may vary. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

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