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NEWS RELEASE TRANSMITTED BY Marketwire

FOR: EAGLEWOOD ENERGY INC.

Eaglewood Energy Receives PPL 258 License Extension

Sep 04, 2012 - 11:04 AM ET

CALGARY, ALBERTA--(Marketwire - Sept. 4, 2012) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that it has received the final instrument, duly executed by the Minister for Petroleum and Energy, granting the extension of Eaglewood's 100% owned PPL 258 license in the Sepik Basin in north western Papua New Guinea. The extension is for five years, effective August 31, 2012.

CEO Brad Hurtubise commented "We are pleased to have finally received the extension confirming our ownership of the license and required work commitments. This formal extension has taken some time and was needed in order to initiate any activity or transactions with respect to the license. This extension allows us to get on with the business of proving up the prospectivity of our license acreage".

Eaglewood is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "EWD".

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Eaglewood does not intend, and does not assume any obligation, to update these forward-looking statements, other than as required under Canadian securities legislation.

Forward-looking statements relate to future events or future performance and reflect management of Eaglewood's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Eaglewood to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of oil and gas; accidents, labour disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Eaglewood's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In particular, this press release contains forward-looking statements including, but are not limited to, statements with respect to the prospectivity of PPL 258. Although Eaglewood has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.

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.



FOR FURTHER INFORMATION PLEASE CONTACT:

Eaglewood Energy Inc.
Brad Hurtubise
CEO
(403) 264-6944
bhurtubise@eaglewoodenergy.ca

Eaglewood Energy Inc.
Diana Moes
CFO
(403) 264-6944
dmoes@eaglewoodenergy.ca