Eaglewood Energy Files Annual Materials and Announces Restatement

CALGARY, ALBERTA--(Marketwired - Apr 24, 2014) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) announces that it has filed its annual formation form for the financial year ended December 31, 2013 which contains the information required pursuant to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. Eaglewood has also filed its audited financial statements and management discussion and analysis for the year ended December 31, 2013.

Eaglewood also announces a restatement of its 2012 annual financial statements in respect of the value of its exploration and evaluation assets and gain (loss) on sale of exploration and evaluation assets for the year ended December, 2012. Eaglewood identified that certain costs relating to the initial purchase transaction of Eaglewood in 2007 were not allocated to the Petroleum Prospecting Licenses at the initial Corporation start up. As a result of this allocation, an additional $6.8 million was added to the costs of PPL 260, which was sold by Eaglewood in 2012, and a gain on sale of $2.9 million was recorded. With the allocation of the additional costs, the disposal of PPL 260 is now recorded as a loss of $3.8 million. As a result, the restatement results in a decrease in exploration and evaluation assets of approximately $6.8 million. There is no impact on the financial position of the company as a result of this restatement. For further information, please refer to note 24 of the audited financial statements for the year ended December 31, 2013.

All of the aforementioned documents are available electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

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