Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

January 17, 2011 13:07 ET

Eaglewood Energy Provides Operational Update on Ubuntu-1 Well

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2011) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD), as operator of the Ubuntu Area announced today that as at 21:00 hrs (GMT +10hrs) the Ubuntu-1 well was drilling ahead in 8 ½" hole at 2600 metres, after having successfully drilled and cased 12 ¼" hole to 2405 metres. The Ubuntu-1 well is expected to reach total depth of approximately 3600 metres in early February.

Over the course of the next week, the anticipated operations will be to drill the remainder of the 8 ½" hole to the top of the Alene Formation at approximately 3220 metres, and set the 7" liner.

The Ubuntu-1 well is located on Petroleum Prospecting License 259 (the "259 License"), approximately 17 kilometres east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea. Eaglewood is the operator of the 259 License, holding a 40 percent participating interest in the Ubuntu Area and a 90 percent interest in the rest of the 259 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. In particular, this press release contains forward-looking statements, pertaining to expected duration of drilling operations.

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