Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

November 23, 2011 08:30 ET

Eaglewood Energy Offered PRL 28 and PPL 257 License Extension

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2011) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that the Minister for Petroleum and Energy (the "Minister") for Papua New Guinea ('PNG") has offered Eaglewood a Petroleum Retention License, PRL 28, on the two blocks containing the Ubuntu discovery in the Western Province of PNG. Eaglewood has also been offered a five year extension on its 100% owned PPL 257 license, located offshore in the Cape Vogel Basin in the north-eastern part of PNG.

The term of PRL 28 is for five years, effective from the date of the grant. The work commitments associated with the grant are to conduct technical and commercial studies on the license and in the final three years, contingent on the results of those studies, conduct a well test or drill an appraisal/development well.

The extension of PPL 257 is for five years, effective from the date of the grant. The work commitments associated with the grant are to conduct technical studies during the first two years of the extension and to drill a well in the third or fourth year of the license.

CEO Brad Hurtubise commented "We are very pleased to have been offered PRL 28 and the PPL 257 extension. We have accepted both offers and expect the formal grant of the instruments prior to year end. PRL 28 is located in a very active area in the PNG forelands, adjacent to PRL 21. The PRL 21 JV is currently drilling the Elevala-2 well, to be followed by the Ketu-2 well. The information from these wells, along with the seismic we are currently acquiring over the Ubuntu discovery will help us better determine the size of the discovery and the best way to develop PRL 28. With the extension of PPL 257, we can continue to advance our farmout efforts on that license."

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 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.

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