Eaglewood Energy Appoints McGowan as COO

Eaglewood Energy Inc. reported that Mr. Michael McGowan of New South Wales, Australia, has been appointed COO of Eaglewood.

Mr. McGowan has 22 years of upstream international oil and gas experience with British Petroleum, Santos Ltd. and Oil Search Limited. As the Papua New Guinea ("PNG") Drilling Manager for Oil Search, Mr. McGowan played an important role in Oil Search's growth to become a leading upstream oil and gas producer in PNG.

Mike McGowan said; "I am delighted to be joining Eaglewood at this time. The Company has an exciting exploration portfolio in Papua New Guinea and I am looking forward to working with the Eaglewood team to develop this portfolio into a sustainable business."

Hal Hemmerich, Eaglewood CEO and President, said "We are pleased to welcome Mike McGowan to the management team of Eaglewood and we look forward to drawing on his vast experience in the oil and gas business in Papua New Guinea."

In connection with his appointment, Mr. McGowan has been granted stock options to purchase 400,000 common shares at a price of $0.75 per share for a period of two years, such options vesting as to 50% on January 31, 2009 and the remaining 50% on January 31, 2010. The stock option grant is subject to regulatory approval. Eaglewood has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to Mr. McGowan. The Corporation has further determined that an exemption from the various requirements of Ontario Securities Commission Rule 61-501 is available as the fair market value of the grant of options is less than 25% of the market capitalization of the Corporation.


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