Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

November 29, 2010 13:15 ET

Eaglewood Energy Completes Ubuntu Farmout and Files Q3 Financials

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2010) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that, further to its announcement on November 11, 2010, all conditions precedent to the completion of the Ubuntu farmout have been satisfied. The Ubuntu-1 well is expected to spud in early December.

The Corporation also announces the filing of its unaudited financial results for the nine months ended September 30, 2010. Copies of Eaglewood's Q3, 2010 financial statements and related management's discussion and analysis may be obtained from the SEDAR website at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to planned exploration and 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. In particular, this press release contains forward-looking statements, pertaining to timing of commencement of drilling operations.

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 RELEASE.

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