Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

December 13, 2010 09:00 ET

Eaglewood Energy Spuds Ubuntu-1 Well

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to report that it has begun drilling the Ubuntu-1 well on its PPL 259 license in the Western Province of Papua New Guinea. Eaglewood is the operator of the well which is expected to be drilled to a total depth of 3,600 meters and take approximately 60 days to drill. The Ubuntu prospect is contained in two of the graticular blocks in PPL 259 and Eaglewood holds 40% of the Ubuntu prospect with Talisman Niugini Ltd (50%) and Mega Fortune International (10%). Eaglewood (90%) and Mega Fortune International (10%) hold the remaining 66 graticular blocks of the PPL 259 license.

CEO Brad Hurtubise commented "We are glad to finally be drilling and are hopeful a discovery at Ubuntu will begin the first stage of the commercialisation program for our PPL 259 license".

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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