Bowood Announces Positive Alberta Bakken Drilling Results and Expansion of Land Position

Calgary, Alberta – Oct. 18, 2011 –

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Bowood Energy Inc. (TSX VENTURE:BWD) (“Bowood” or the “Company”) provides the following operational update of its recent drilling and land acquisition activities in the Southern Alberta Bakken play. Bowood is pleased with the early exploration results from its first two joint exploration wells as well as other industry activity in the fairway. To date 85 wells have been licensed and permitted in the play and 25 wells are currently on production. The recent level of activity in the play continues to be a positive sign from industry that there is significant resource potential in the fairway.Spring Coulee Well

The Company’s first Southern Alberta Bakken horizontal well, located at Spring Coulee on Freehold acreage has been completed. The well is now being equipped for production and first production is anticipated within the next week. The well was drilled directionally to a depth of 2,197 meters with a pilot hole through the Bakken system. Cores were taken in the Second White Specks and in the Bakken petroleum system, including the lower Banff, the Exshaw and the Big Valley formations. Analysis of the Bakken system core is consistent with Company’s expectations including vitrinite reflectance analysis which indicates that the well is in an area that is optimally located for peak oil generation. The horizontal section of the well was drilled to a 1,230 meter length and completed with a 20 stage hydraulic fracture stimulation using water based fluids. Following stimulation, the well was cleaned up for 15 days and recovered approximately half of the injected fracture fluid together with 1,380 bbls of light oil. At the end of the 15 day clean up the well was swab tested at a rate of approximately 220 bbls/day of oil at a 65% oil cut. The oil cut increased steadily throughout the clean up and swab test, as water based injected load fluid from the fracture stimulation was recovered from the well. In accordance with its joint venture agreement with Legacy Oil + Gas Inc. (“Legacy”), Bowood incurred 20% of the costs to drill and complete the Spring Coulee well and retains a 50% working interest in the well and surrounding lands.

Kipp Well

Drilling is now complete on the Company’s second Alberta Bakken horizontal well, located at Kipp on the Blood First Nation Reserve. The well had a directional pilot hole drilled through the Bakken system to the Nisku formation. The well was cored in the Second White Specks and in the Bakken Petroleum system. The Kipp well was then drilled horizontally to a total measured depth of 3,610 meters and has been equipped for a 20 stage hydraulic fracture stimulation over the 1,290 meter horizontal section. Completion operations are expected to commence in late October. Bowood is paying 16% of the cost of the drilling and completion operations to retain a 40% working interest in the well.

Land Acquisition

In September 2011, Bowood and its partner Legacy jointly acquired an additional 9,658 acres (4,829 net to each partner) of contiguous land offsetting the Spring Coulee well. The lands are expected to be prospective for the Bakken Petroleum system and the shallower Second White Specks oil resource play. This acquisition increases Bowood`s net land position in the Southern Alberta Bakken fairway to approximately 110,000 acres.

About Bowood

With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Current projects are in the Province of Alberta.

Reader Advisories

Forward-Looking Statements: Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. All statements other than statements of historical fact contained in this news release are forward-looking statements. Readers can identify many of these statements by looking for words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Forward-looking information in this press release includes, among other things, information relating to: (i) expectations regarding the Company’s production results in its Bakken properties; (ii) expectations regarding the completion and evaluation of the Company’s wells; and (iii) expectations regarding the spudding, drilling and completion of new wells, including the timing of such activities.

The forward-looking statements included in this press release involve substantial known and unknown risks, uncertainties and assumptions, certain of which are beyond the Company’s control. Such risks, uncertainties and assumptions include, without limitation, those associated with oil and gas exploration, development, exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports, including the Company’s annual information form for the financial year ended December 31, 2010, on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Bowood Energy Inc. was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.

For more information on Bowood Energy Inc. (TSX VENTURE:BWD) and to see the updated corporate presentation please visit our website at: http://www.bowoodenergy.ca or contact the persons listed below.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

Bowood Energy Inc.
Robert F. Mercier
President and CEO
(403) 265-2525
info@bowoodenergy.ca

Bowood Energy Inc.
Mike Curtis
Investor Relations
(514) 793-1915
mcurtis@cardwellcap.com
www.bowoodenergy.ca