Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

December 17, 2010 10:03 ET

Eaglewood Energy Inc. Announces Closing of Offering

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2010) - Eaglewood Energy Inc. ("Eaglewood" or the "Corporation") (TSX VENTURE:EWD) is pleased to announce that it has closed its previously announced short form prospectus offering (the "Offering") raising gross proceeds of $10,125,000. The Offering was lead by FirstEnergy Capital Corp., and included a syndicate of underwriters consisting of Cormark Securities Inc., Macquarie Capital Markets Canada Ltd. and Paradigm Capital Inc. (collectively, the "Underwriters"). A total of 13,500,000 common shares of the Corporation were issued at a price of $0.75 per common share.

The proceeds of the Offering are expected to be used for the location, drilling and demobilization costs in the Corporation's PPL 259 program in furtherance of its exploration and development plans.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated use of proceeds. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that the expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. The forward-looking statements included in this press release are made as of the date of this press release and Eaglewood disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

Contact Information