Eaglewood Energy Inc. : Eaglewood Energy Announces Agreement to Sell Its Remaining 10% Interest in PPL 260 to ExxonMobil Subsidiary

CALGARY, ALBERTA--(Marketwire - May 4, 2012) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to announce that Esso PNG Exploration Limited ("Esso"), a subsidiary of ExxonMobil has exercised its option to acquire the final 10% of Eaglewood's equity interest in PPL 260 in the PNG highlands. The consideration for the 10% interest is USD $3.50 million with USD $1.05mm currently payable and the remaining USD $2.45mm payable when Esso's interest is registered on the license, which is expected to occur prior to September 30. The transaction is conditional upon the waiver of pre-emptive rights and receipt of all necessary regulatory approvals. 

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to the timing of registration on the license, may constitute forward-looking statements. These statements relate to future events or Eaglewood'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. Eaglewood 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. 

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