Eaglewood Energy Inc.: PNG Government Approval of Stanley Gas Condensate Development Project

Eaglewood Energy Inc.: PNG Government Approval of Stanley Gas Condensate 
Development Project 
CALGARY, ALBERTA -- (Marketwired) -- 04/14/14 --   Eaglewood Energy
Inc. (TSX VENTURE: EWD) ("Eaglewood") is pleased to announce that
Horizon Oil ("Horizon"), as Operator of Petroleum Retention Licence 4
("PRL 4") has received notification from the Hon. Nixon P. Duban, the
Petroleum Minister of Papua New Guinea, of the decision of the PNG
National Executive Council ("NEC") to approve the Stanley gas
condensate development project ("Stanley Project"), in Western
Province. Horizon has further advised that the PRL 4 licencees
(wholly owned subsidiaries of Horizon, Talisman Energy, Mitsubishi
Corporation and Osaka Gas) have been offered and have accepted a
petroleum development licence (PDL 10) and pipeline licence (PL 10)
in respect of the Stanley Project. Horizon expects that the Minister
will grant the PRL 4 licencees Stanley PDL 10 and PL 10 within two
weeks of the execution of the Stanley Gas Agreement, expected to
occur at a formal ceremony on 17 April 2014. 
As previously announced, PDL 10 will be varied to include the part of
the Stanley accumulation that is in block 1622 of PPL 259, which
Eaglewood operates and has a 45% participating interest. A
unitization agreement has previously been signed between the PRL 4
and PPL 259 joint ventures and the determination of the participating
interests in Stanley of each of the parties is underway, with a final
determination of those interests expected prior to the end of Q2,
Eaglewood's CEO Brad Hurtubise commented: "Although it has taken
longer than we initially expected, we are pleased that PDL 10 and PL
10 has been offered and accepted and we can get on with finalising
Eaglewood's participation in the Stanley Project, which is expected
to begin producing condensate and cash flow in late 2015. Our
participation in the project will give us a share of proven and
probable reserves in PDL 10 to complement our share of the contingent
resource in PRL 28. With our share of the gas production, we will be
working hard to complete a domestic gas sales agreement, which will
support the funding we will require to pay our portion of the costs
already incurred on the Stanley Project and fund our costs going
forward as the project develops. We anticipate the initial sunk cost
payment to be required in late Q3, 2014." 
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 changes in project parameters as plans
continue to be refined; future prices of oil and gas; accidents,
labour disputes and other risks of the gas and gas condensate
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 estimated costs, production,
reserve estimates and cash flow related to the Stanley Project.
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. 
Eaglewood Energy Inc.
Brad Hurtubise
President and CEO
(403) 264-6944
Eaglewood Energy Inc.
Ross Jones
(403) 264-6944
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