Eaglewood Energy Inc.: Government Approval of Farm-Out on PPL 260

CALGARY, ALBERTA--(Marketwire - June 18, 2009) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) (trading symbol "EWD") is pleased to announce that, further to its press release dated April 21, 2009, it has received Papua New Guinea government approval for the farm-out agreement with Oil Search (PNG) Limited with respect to PPL 260 in the Papuan Basin Fold Belt and amendments to the work commitments regarding PPL 260. Government approval for the farm-out agreement and the amendments to the work commitment were condition precedents to completing the farm-out agreement.

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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