Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

February 01, 2011 20:14 ET

Eaglewood Energy Provides Operational Update on Ubuntu-1 Well

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) - Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood"), as operator of the Ubuntu Area announced today that as at 09:00 hrs (GMT +10hrs), the Ubuntu-1 well was drilling ahead in 6" hole at 3,453 metres, after having successfully drilled and cased 8 ½" hole to 3,235 metres. 

Data acquisition during drilling is limited to LWD Gamma Ray log data and mud logging data.

Preliminary evaluation of the LWD gamma ray data indicates that the first two of the three primary targets, namely the Elevala sandstone and the Toro sandstone, are present in the Ubuntu-1 well as per prognosis. Gas shows have been observed, however a quantitative assessment can only be made after wireline logging, pressure measurement and sampling programmes have been completed and the data interpreted.

Over the course of the next few days, the anticipated operations will be to drill the 6" hole through the remaining undrilled primary and secondary reservoir targets to the top of the Basement at the well's total depth of approximately 3,600 metres. Wireline logs, pressure measurements, and downhole samples will be acquired once total depth has been reached. Once the appropriate data has been acquired and analysed, the results are expected to be announced on Monday prior to the market open.

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 Eaglewood'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. Eaglewood 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 and announcement of results.

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