CALGARY, ALBERTA--(Marketwire - Sept. 15, 2009) - Eaglewood Energy Inc. ("Eaglewood" or the "Corporation") (TSX VENTURE:EWD) is pleased to announce that it has contracted Bergen Oilfield Services APS Pty Ltd. ("Bergen") of Singapore to conduct an offshore seismic acquisition program in licence PPL 257, one of Eaglewood's four exploration licences in Papua New Guinea.
Seismic data, acquired by past operators in the 1970s and 1980s, established the presence of a number of significant structures in PPL 257 with multi-TCF gas potential. The data also show seismic anomalies that have been previously interpreted as direct hydrocarbon indicators ("DHIs") located on the crest of structures.
The Eaglewood seismic program has two objectives. The first is to provide a seismic tie with the nearest offset well, Goodenough-1, which is east of PPL 257, and the second is to acquire modern data over the Buna and Kumasi structures to further investigate the presence of the reported DHIs.
Acquisition of the 370 line km program is planned for late September 2009, with processing planned for completion prior to the end of November 2009.
Eaglewood's CEO Brad Hurtubise commented:
"PPL 257 has the highest potential undiscovered resources on any of our four licenses, and we are anxious to get some modern seismic shot over the prospects to attract a partner so we can drill an exploration well."
Certain statements contained in this press release 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 work plans to be conducted by the Corporation and Bergen.
With respect to forward-looking statements above and contained in this press release, the Corporation has made assumptions regarding, among other things:
- the legislative and regulatory environment;
- the impact of increasing competition;
- unpredictable changes to the market prices for oil and natural gas;
- that costs related to development of the oil and gas properties will remain consistent with historical experiences;
- anticipated results of exploration activities; and
- ability to obtain additional financing if needed on satisfactory terms.
The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below:
- volatility in the market prices for oil and natural gas;
- uncertainties associated with estimating resources;
- geological, technical, drilling and processing problems;
- liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations;
- fluctuations in currency and interest rates;
- competition for, among other things, capital and skilled personnel; and
- unpredictable weather conditions.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.