Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

February 11, 2011 11:17 ET

Eaglewood Energy Provides Operational Update on Ubuntu Gas Condensate Discovery in PPL 259

CALGARY, ALBERTA--(Marketwire - Feb. 11, 2011) - Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood"), as operator of PPL 259 wishes to provide an update on the Ubuntu-1 gas condensate discovery in Papua New Guinea.

Operational Update

Wireline logging and data acquisition programs have been completed. The final stage of this program included the recovery of downhole hydrocarbon samples and sidewall cores. The evaluation of this data will be undertaken over the course of the next several weeks and incorporated into future field appraisal. Current operations on the rig are the running of the 5 inch liner over the reservoir section. The well will then be suspended as a future producer prior to the start of rig demobilisation, scheduled to commence on Monday, February 14.

Forward Program

New seismic data is currently being acquired in PPL 259 over the Ubuntu, Elevala, Ketu discovery fairway. Following completion of the data acquisition program and integration of this data into the pre-existing seismic and offset well dataset, all outstanding well data, including detailed fluid and sidewall core analysis, will be integrated into the Ubuntu model over the coming months to further refine the volume estimates. In addition, The Ubuntu Joint Venture partners are currently establishing a future data acquisition program prior to submission of an Ubuntu Appraisal plan to the Department of Petroleum Energy.

The Ubuntu-1 well is located on Petroleum Prospecting License 259. The licence covers an area of approximately 5,700 square kilometres. The discovery is 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-1 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 the discovery of hydrocarbons and rig demobilization.

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.

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