Eaglewood Energy Inc.: Management Discussion and Analysis Restatement

CALGARY, ALBERTA--(Marketwire - July 18, 2008) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) announced today that it intends to restate (the "Restatement") its Management Discussion and Analysis for the period ended March 31, 2008 (the "MD&A") which was originally filed on May 14, 2008.

The Restatement is being done in accordance with a continuous disclosure review conducted by the Alberta Securities Commission and does not reflect a material change in the financial position of Eaglewood but is rather intended to provide additional information to the market. The anticipated changes to the MD&A are as follows:

- More fulsome description regarding forward-looking information.

- Provision of additional information regarding work commitments and proposed expenditures related to the petroleum prospecting licenses acquired by Eaglewood on October 1, 2007.

- Additional information regarding the nature of previously disclosed related party transactions.

- Provision of information regarding the change of business which occurred on October 1, 2007 (see Eaglewood's filing statement dated August 15, 2008) and its effect on variations between quarters.

It is anticipated that the restated MD&A will be filed shortly.

No regulatory authority has approved or disapproved the content of this release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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