Eaglewood Energy Inc.

Eaglewood Energy Inc.

April 02, 2012 18:00 ET

Eaglewood Energy Announces Startup of Phase One of PPL 259 Seismic Program

CALGARY, ALBERTA--(Marketwire - April 2, 2012) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that it has begun the first phase of its 2012 seismic acquisition program in PPL 259. The camp has been constructed and personnel are being mobilised, with line cutting beginning this week. The seismic survey focusses on the western half of the license and has been designed to appraise three of the Company's most significant leads, Malisa, Ekelesia and Nama, all of which lie close to the soon to be developed Stanley field. The programme will also acquire data over the western portion of the Stanley Field which, as currently mapped encroaches into the PPL-259 license. It is anticipated that the data acquisition will take approximately six weeks, following which a decision on a second phase of seismic can be made using the information gained from phase one.

CEO Brad Hurtubise commented "We are very excited to be shooting this program, as we hope to identify an alternative prospect larger than the Herea prospect as our target to drill later this year. The western part of the license has much easier access and is closer to existing infrastructure which will make seismic and drilling operations much cheaper than the eastern part of the license where we made our Ubuntu discovery last year. The three leads we are appraising, Malisa, Ekelesia and Nama are all in the heart of the gas fairway between PRL 4 and PRL 21 and have been significantly de-risked with the successful appraisal wells drilled in PRL- 4 and PRL 21 in the past six months. In addition, the lines we will shoot over "Stanley West" will provide the data required to engage the PRL 4 Joint Venture in definitive unitisation discussions".

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to the timing of data acquisition and decisions on a second phase seismic program, may constitute forward-looking statements. These statements relate to future events or Eaglewood'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. Eaglewood 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.

Accordingly, readers should not place undue reliance on forward looking statements.


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