EWD Eaglewood Energy Inc.

Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") is pleased to announce
that it has executed a Unitisation Agreement with the PRL-4 (Stanley Field)
Joint Venture, whereby Eaglewood will formally become a participant in the
Stanley Field Development.


Eaglewood's equity participation will be determined over the next approximately
90 to 120 days following the exchange of data between the PPL-259 and PRL-4
Joint Ventures. Once the equity interests of the PPL 259 parties are determined
they will have an undivided interest in the Stanley development facilities and
the proved, probable and contingent resources associated with the field. They
will also be responsible for their share of the sunk cost and on-going cash
calls as the project moves toward first condensate production expected in late
2015.


Upon the determination of Eaglewood's equity participation in the Stanley
development, it expects to fund its commitments from a combination of existing
cash reserves, a bridge financing facility provided by one of the Stanley
participants and additional equity from a strategic partner or capital markets.
Eaglewood is also in discussions with debt providers.


Horizon Oil Limited ("Horizon"), the operator of the project expects Petroleum
Development Licence 10 ("PDL 10") will be awarded over the Stanley Project by
the end of the year. The Stanley development is a gas condensate development
that is targeted to commence production in late 2015. Horizon has indicated that
initial condensate production is forecast to be approximately 4,000 barrels per
day and gas will initially be re-cycled until gas sales contracts are finalised.


CEO Brad Hurtubise, commented, "We are very pleased to finally be officially
participating in the Stanley development. With the recently announced farmout of
20% of our PPL 259 license, the Nama well we will be drilling next year is fully
funded and is expected to be tied into Stanley. The Stanley development is the
first hydrocarbon development project in the Western Province and given its
proximity to PPL-259 it is strategically very important for Eaglewood to be in
this project and the key infrastructure that will be constructed. As a
condensate recovery project the economics are very positive, and can be
substantially improved with a gas sales contract. As a participant in the
project Eaglewood can elect to market its' gas with the Joint Venture or
independently. Once our equity position is finalised we will be actively
pursuing local gas sales opportunities."


Eaglewood is a junior Canadian oil and gas exploration company that trades on
the TSX Venture Exchange under the symbol "EWD".


Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation. These forward-looking statements are made as of
the date of this document and Eaglewood does not intend, and does not assume any
obligation, to update these forward-looking statements, other than as required
under Canadian securities legislation.


Forward-looking statements relate to future events or future performance and
reflect management of Eaglewood's expectations or beliefs regarding future
events. In certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Eaglewood to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of oil and
gas; accidents, labour disputes and other risks of the mining industry; delays
in obtaining governmental approvals or financing or in the completion of
development or construction activities; as well as those factors detailed from
time to time in Eaglewood's interim and annual financial statements and
management's discussion and analysis of those statements, all of which are filed
and available for review on SEDAR at www.sedar.com. In particular, this press
release contains forward-looking statements including, but are not limited to,
statements with respect to the acquisition of new seismic data and Eaglewood's
expected drilling activities in 2012. Although Eaglewood has attempted to
identify important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements.


Accordingly, readers should not place undue reliance on forward-looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eaglewood Energy Inc.
Brad Hurtubise
CEO
(403) 264-6944
bhurtubise@eaglewoodenergy.ca


Eaglewood Energy Inc.
Ross Jones
Controller and CFO
(403) 264-6944
rjones@eaglewoodenergy.ca

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