Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

November 03, 2011 11:38 ET

Eaglewood Energy's PPL 260 Licence Receives Extension

CALGARY, ALBERTA--(Marketwire - Nov. 3, 2011) - Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") is pleased to announce that Oil Search (PNG) Limited, the operator of PPL 260, has received the final instrument, duly executed by the Minister for Petroleum and Energy granting the extension of the PPL 260 licence in the highlands of Papua New Guinea ('PNG").

The licence, of which Eaglewood has a 30% interest, has been extended for a further five years.

CEO Brad Hurtubise commented "We are pleased to have received the extension confirming our ongoing ownership of the licence. This news along with the recent extension of PPL-259 announced on September 29 and the progress we are making with our other licence extension applications will enable us to progress transactions on these licences. These transactions will support our go forward exploration activity over the next twelve months."

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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