Eaglewood Announces Increase to Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Feb. 24, 2010) -

(NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES)

Further to its press release of February 23, 2010, Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that, in connection with its previously announced offering, Eaglewood and the syndicate of agents led by FirstEnergy Capital Corp. and including Paradigm Capital Inc., Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd. have agreed to increase the size of the private placement (the "Offering") from up to 12,000,000 special warrants of Eaglewood ("Special Warrants") at the price of $1.75 per Special Warrant to up to 13,500,000 Special Warrants at the price of $1.75 per Special Warrant for aggregate gross proceeds of $23,625,000. The Offering is expected to close on or about March 24, 2010.

For information regarding the use of proceeds and the terms of the Special Warrants please see the press release of Eaglewood dated February 23, 2010.

Closing is conditional upon conditions customary for transactions of this type, including the receipt of all necessary regulatory and third party approvals, including the approval of the TSX Venture Exchange.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of the Offering and the anticipated use of proceeds. We believe 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 herein should not be unduly relied upon. Closing could be delayed if Eaglewood cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. The forward-looking statements included in this press release are made as of the date of this press release and Eaglewood disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.
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