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Gold/Mining/Energy : Eaglewood Energy spuds Ubuntu-1 well on PPL 259 licence
EWD 28.36-1.1%Oct 8 1:37 PM EDT

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From: bcjt1/6/2011 10:31:28 AM
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Eaglewood Energy reaches 1,920 m at Ubuntu-1

2011-01-05 11:16 MT - News Release

Mr. Brad Hurtubise reports

EAGLEWOOD ENERGY PROVIDES OPERATIONAL UPDATE ON UBUNTU-1 WELL

As at 4 p.m. (GMT plus 10 hours) Eaglewood Energy Inc.'s Ubuntu-1 well was drilling ahead in a 12-1/4-inch hole at 1,920 metres, after having successfully drilled and cased a 17-1/2-inch hole to 1,336 metres. The Ubuntu-1 well is expected to reach total depth of approximately 3,600 metres in early February.

Over the course of the next week, the anticipated operations will be to drill the remainder of the 12-1/4-inch hole to the base of the Darai limestone at approximately 2,425 metres and set a 9-5/8ths-inch casing.

The Ubuntu-1 well is located on petroleum prospecting licence 259, approximately 17 kilometres east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea. Eaglewood holds a 40-per-cent participating interest in the Ubuntu area of petroleum prospecting licence 259.

We seek Safe Harbor.
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