Eaglewood Energy Inc.
TSX VENTURE : EWD

Eaglewood Energy Inc.

September 16, 2010 17:33 ET

Eaglewood Rig Mobilisation Underway

CALGARY, ALBERTA--(Marketwire - Sept. 16, 2010) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to report that after weeks of weather related delays, the mobilisation of HAES Rig 103 to the Ubuntu location has commenced. The drilling rig will travel approximately 1,000 kilometers via barge from the pick-up point in Kopi to Eaglewood's staging area at Drimdenasuk in its PPL 259 License in the Western Province of Papua New Guinea. The rig will then be flown via helicopter to the Ubuntu location where the Ubuntu-1 well is scheduled to spud on October 23, 2010.

The Ubuntu-1 well is targeting natural gas and condensate in the Toro and Elevala formations with a total depth of 3,600 metres. The Ubuntu location is approximately 17 kilometres from each of the Ketu and Elevala discoveries in PRL 5. The prospect is defined by good seismic control.

Eaglewood currently owns a 90 percent participating interest in the PPL 259 License and is the operator.

CEO Brad Hurtubise commented "Eaglewood's efforts are now focused on the safe and efficient drilling of the Ubuntu prospect and preparing our second drilling location, Herea-1, which we expect to drill in the first half of next year. We are excited at the commencement of our drilling campaign on the PPL License. We are looking forward to the opportunity to implement our planned condensate stripping operation to provide the quickest possible commercialization of the License."

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to the existence of any hydrocarbons or 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 mobilisation and drilling operations and evaluation programs.

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