Market Overview

Eaglewood Announces Start of the PPL 259 Drimgas Seismic Programme


CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) - Eaglewood Energy Inc. (the "Corporation") (TSX VENTURE:EWD) is pleased to announce the start of a new 2D seismic survey over Petroleum Prospecting License 259 in Papua New Guinea, in support of selecting a drilling location in 2013.

The Corporation will initially carry out a 63 line km shoot over the western portion of the licence area, primarily focussed on high-grading the Nama and Malisa Leads delineated by seismic acquired in April 2012, as well as an exploration line over the Ekelesia Lead. A second phase of seismic data acquisition will be considered following the analysis of results from this first phase.

The first phase of the survey will take approximately three months, with interpreted results available by February 2013. The Corporation anticipates that results from the contingent second phase would be available by April 2013. The PPL 259 joint venture is scheduled to begin work commitment drilling operations in the licence next year.

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to the program duration and expected timing of drilling operations and results from seismic data acquisition,, 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.

Eaglewood Energy Inc.
Brad Hurtubise
President and CEO
(403) 264-6944

Eaglewood Energy Inc.
Diana Moes
Controller and Interim CFO
(403) 264-6944

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