Seaview Energy Inc.
TSX VENTURE : CVU.A
TSX VENTURE : CVU.B

Seaview Energy Inc.

June 26, 2008 18:26 ET

Seaview Energy Inc. Completes Strategic Acquisition of Southeast Saskatchewan Light Oil Property

CALGARY, ALBERTA--(Marketwire - June 26, 2008) -

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Seaview Energy Inc. (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) ("Seaview" or the "Company") is pleased to announce that it has successfully completed a previously announced acquisition from Progress Energy Trust ("Progress") of certain high quality, long life, operated light oil assets located in Southeast Saskatchewan (the "Assets"), for total consideration of $24 million (the "Acquisition").

The properties purchased by Seaview are located in Southeast Saskatchewan including Rocanville, Steelman and Alameda. Current production from the Assets is estimated at 220 Bbl/d of light crude oil and 300 mcf/d of natural gas for total production of approximately 270 Boe/d.

Consideration for the Acquisition was comprised of the following:

(i) the issuance of 8,300,000 Class A Shares ("Seaview Shares") to Progress; and

(ii) cash consideration of $5.4 million.

The Seaview Shares issued pursuant to the Acquisition are subject to a four month hold period from the date of closing.

Pursuant to the closing of the Acquisition, Mr. Michael Culbert, President and CEO of Progress, will be joining Seaview's Board of Directors.

The Assets provide Seaview with a new core area focused in Southeast Saskatchewan. Current production is comprised primarily of long-life, light crude oil pools, with current net-backs from the Assets exceeding $70 per boe. The Assets are 92% operated and include average working interests of 70%.

The Acquisition is accretive to Seaview on a reserves, production and cash flow per share basis.

The Assets offer exposure to high quality, long life light oil production and reserves, together with exploration targets. The combination of the producing reserves and the potential additions from the low risk upside identified by Seaview on the Assets, will significantly increase the Company's reserves base. In connection with the Acquisition, Seaview is having a reserve report prepared in accordance with NI 51- 101, the results of which will be disclosed upon completion.

Seaview is a Calgary, Alberta based company engaged in the exploration, development and production of conventional crude oil and natural gas reserves in Canada. Seaview's strategy is to build shareholder value through a balance of exploration and development drilling complemented by a focused acquisition program.

Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.

This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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