Eaglewood Selects BOS to Conduct PNG Seismic Program

Eaglewood Energy has contracted Bergen Oilfield Services APS Pty Ltd. ("Bergen") of Singapore to conduct an offshore seismic acquisition program in license PPL 257, one of Eaglewood's four exploration licenses in Papua New Guinea.

Seismic data, acquired by past operators in the 1970s and 1980s, established the presence of a number of significant structures in PPL 257 with multi-TCF gas potential. The data also show seismic anomalies that have been previously interpreted as direct hydrocarbon indicators ("DHIs") located on the crest of structures.

The Eaglewood seismic program has two objectives. The first is to provide a seismic tie with the nearest offset well, Goodenough-1, which is east of PPL 257, and the second is to acquire modern data over the Buna and Kumasi structures to further investigate the presence of the reported DHIs.

Acquisition of the 370 line km program is planned for late September 2009, with processing planned for completion prior to the end of November 2009.

Eaglewood's CEO Brad Hurtubize commented, "PPL 257 has the highest potential undiscovered resources on any of our four licenses, and we are anxious to get some modern seismic shot over the prospects to attract a partner so we can drill an exploration well."