Eaglewood Energy Inc.: Talisman Energy and Mitsubishi Announce Strategic Joint Venture in Papua New Guinea

CALGARY, ALBERTA--(Marketwire - Feb. 23, 2012) - Eaglewood Energy Inc. (TSX VENTURE:EWD.V - News).

Talisman Energy Inc ("Talisman") has announced a joint venture with Mitsubishi Corporation ("Mitsubishi") whereby Mitsubishi has acquired an average 20% interest in nine of Talisman's licenses in the Forelands of PNG. A copy of Talisman's press release dated February 22, 2012 with respect to its announcement is available under Talisman's profile at www.sedar.com.

The nine licenses involved in the Talisman-Mitsubishi transaction include PRL 28, in which Eaglewood owns a 40% participating interest and is currently operator. As indicated in the map below, the nine licenses completely surround Eaglewood's PPL 259 license.

CEO Brad Hurtubise commented ""this transaction is very positive for Eaglewood and all the Forelands players, as it introduces a large and experienced LNG player into the region which should result in a more likely and more rapid monetisation of the natural gas reserves in the Forelands of PNG."

Forward-Looking Statements

Certain statements contained in this press release, such as statements relating to development and monetisation of natural gas reserves in PNG, may constitute forward-looking statements. These statements relate to future events or the Corporation'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. The Corporation 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.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/223ewd_map.pdf

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Contacts

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

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