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Eaglewood Energy Inc. Announces Completion of Acquisition by Transform Exploration Pty Ltd.

CALGARY, ALBERTA -- (Marketwired) -- 07/10/14 -- Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") announces the completion of Transform Exploration Pty Ltd.'s ("Transform") previously announced acquisition of all of the outstanding Eaglewood common shares pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the Arrangement, which was approved by Eaglewood shareholders on July 8, 2014, Eaglewood shareholders received $0.38 cash (the "Cash Consideration") for each Eaglewood common share. It is anticipated that the Eaglewood common shares will be delisted from trading on the TSX Venture Exchange within two business days from the date hereof.

FirstEnergy Capital Corp. acted as exclusive financial advisor to Eaglewood with respect to the Arrangement.

Eaglewood shareholders who have not already done so should submit their certificates representing Eaglewood common shares to Valiant Trust Company, the depositary pursuant to the Arrangement, together with applicable letters of transmittal in accordance with the instructions set out therein in order to receive the Cash Consideration that they are entitled to receive pursuant to the Arrangement. Letters of transmittal were previously sent to Eaglewood shareholders and additional copies may be obtained by contacting Valiant Trust Company by telephone at 1-866-313-1872 or by email at [email protected].

About Transform Exploration Pty Ltd.

Transform is a private, independent international oil and gas exploration company focused on the Australasian and South-East Asian regions.

Forward-Looking Information

This news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Transform's control, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Eaglewood's information circular distributed in connection with the Arrangement. Forward-looking information in this news release includes, but is not limited to, information concerning the anticipated date of delisting of Eaglewood's common shares from the TSX Venture Exchange. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is made as of the date of this release and, other than as required by applicable securities laws, Transform does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

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