Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

March 31, 2011 07:00 ET

Eaglewood Energy Not Successful in Securing PRL 5

CALGARY, ALBERTA--(Marketwire - March 31, 2011) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) reports today it has learned that the conclusion of certain legal proceedings has resulted in Petroleum Retention Licence 5 ("PRL 5") in Papua New Guinea being retained by one of the original license holders and two other entities. PRL 5 is located adjacent to Eaglewood's Ubuntu discovery and is surrounded by Eaglewood's PPL 259 License. The resolution of this issue is expected to result in increased levels of seismic and drilling activity in and around the PRL 5 area.

Eaglewood is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "EWD".

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to increased levels of seismic and drilling 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.

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