2009-05-29-2009-05-26-2009-08-01

Acquired Peach River Arch assets in AB, gaining 1.8 MMBOE 2P.

Seaview Energy Inc., Calgary, (Toronto Venture: CVU-A) has closed its acquisition of assets in the Peace River Arch area of northwestern Alberta from an undisclosed public oil and gas company for C$26.5 million. The deal is valued at approximately C$14.72 per proved and probable barrel equivalent, according to Seaview. The assets are in the Balsam and Boundary Lake areas and consolidate Seaview's existing working interest in the Peace River Arch core area. Production is approximately 730 barrels of oil equivalent per day (90% gas). Proved and probable reserves are 1.8 million barrels equivalent (1.6 million fully developed). Seaview now holds 141,236 gross acres (26,752 undeveloped) in the Peace River Arch with a 42% average working interest. Seaview partially funded the acquisition with C$15.7 million in proceeds from a private placement. The effective date is April 1.