CALGARY, ALBERTA--(Marketwire - Nov. 2, 2009) - Eaglewood Energy Inc. ("Eaglewood" or the "Corporation") (TSX VENTURE:EWD) announced that it has received US $9,500,000 of the final non-refundable deposit relating to the farm-out of PPL 259 from Mega Fortune International ("Mega"). In accordance with the farm-out agreement, Mega was to remit US $12,000,000 as the third non-refundable deposit by October 30, 2009. The remaining US $2,500,000 is expected to be received from Mega by November 21, 2009. Including the amount received October 30, 2009, Eaglewood has received US $12,500,000 of the total US $15,000,000 that was due from Mega. An amendment to the farm-out of PPL 259 to reflect the delayed payment is under discussion with Mega and Eaglewood will be releasing details once a final agreement is reached.
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 future payments to be made by Mega to the Corporation.
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.