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

Eaglewood Energy Inc.: PNG Government Approval of Stanley Gas Condensate 
Development Project 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Eaglewood Energy Inc. 
TSX VENTURE SYMBOL:  EWD 
APRIL 14, 2014 
Eaglewood Energy Inc.: PNG Government Approval of Stanley Gas Condensate
Development Project 
CALGARY, ALBERTA--(Marketwired - April 14, 2014) - 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,
2014. 
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. 
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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FOR FURTHER INFORMATION PLEASE CONTACT: 
Eaglewood Energy Inc.
Brad Hurtubise
President and CEO
(403) 264-6944
bhurtubise@eaglewoodenergy.ca
or
Eaglewood Energy Inc.
Ross Jones
CFO
(403) 264-6944
rjones@eaglewoodenergy.ca 
INDUSTRY:  Energy and Utilities - Oil and Gas  
SUBJECT:  OEX 
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-0- Apr/14/2014 15:17 GMT
 
 
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