CVU.B Seaview Energy Inc. Class B

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UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


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.

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