CVU.B Seaview Energy Inc. Class B

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Seaview Energy Inc. ("Seaview" or the "Company") (TSX VENTURE:CVU.A) (TSX
VENTURE:CVU.B) is pleased to announce that it has signed a definitive agreement
("Agreement") in connection with the previously announced acquisition of certain
high quality, long life, assets located in the Peace River Arch (the
"Transaction") from a senior public oil and gas company ("Vendor") for total
consideration of $26.5 million (prior to closing adjustments). The effective
date of the Transaction is April 1, 2009, with closing expected to occur in late
June.


The Transaction will be financed using a combination of proceeds from a
concurrent subscription receipt bought-deal equity financing for gross proceeds
of $10.0 million, with an option granted to the underwriters to increase the
financing to $15.0 million, and Seaview's expanded credit facility. The combined
equity and credit availability will provide Seaview with a strong balance sheet
to ensure continued financial flexibility.


Pursuant to the terms of the Agreement with the Vendor, Seaview has agreed to
purchase properties located in the Balsam and Boundary Lake areas of northwest
Alberta (the "Assets"). The Assets consolidate Seaview's existing working
interest in the Company's key Peace River Arch core area. Seaview currently is a
working interest holder in over 70% of production associated the Assets to be
acquired. 


The Assets to be acquired are currently producing an estimated 730 boe/d (90%
natural gas weighted). Management has identified numerous opportunities to
enhance the value of the Assets, including 10 drilling locations and 4
recompletion opportunities. Seaview's consolidated working interest in these
opportunities will increase from an average of 41% to 79%.


The Assets also increase Seaview's ownership in associated gathering systems and
processing facilities providing a base for competitive operating costs and
increased access to take-away capacity for future production volumes through
Company owned infrastructure. 


Seaview's total land position in the Peace River Arch will expand by 21% to
141,236 gross acres of land at an average working interest of 42%. In addition,
Seaview's undeveloped land position in this area will increase by 22% to 26,752
net acres, at an average working interest of 47.5%.


The Transaction is expected to close on or about June 30, 2009 and will be
conditional upon customary regulatory approvals and other typical conditions for
this type of transaction. 


Seaview has entered into an agreement, on a bought deal basis, with a syndicate
of underwriters led by National Bank Financial Inc., and including FirstEnergy
Capital Corp., CIBC World Markets Inc., GMP Securities L.P., Macquarie Capital
Markets Canada Ltd., Dundee Securities Corporation, and Wellington West Capital
Markets Inc. for an offering, on a private placement basis, of 10,526,315
subscription receipts ("Subscription Receipts") at $0.95 per subscription
receipt and 4,166,667 Class A shares to be issued on a "flow-through" basis
("Flow-Through Shares") to raise aggregate gross proceeds of $15.0 million. In
addition, Seaview has also granted the Underwriters an option to purchase from
treasury an additional 5,263,158 Subscription Receipts exercisable at the
offering price up to 48 hours prior to the closing of the offering for
additional gross proceeds of $5,000,000. Closing of the financing is expected to
occur on or about June 16, 2009 and is subject to customary conditions and
regulatory approvals, including the approval of the TSX Venture Exchange.
Details of the proposed financing can be found in the May 22, 2009 press
release.


Strategic Rationale

Seaview's business plan is based upon delivering growth in reserves, production
and cash flow per share with a balanced strategy of acquiring, exploiting and
exploring for high quality light oil and natural gas assets in Western Canada.


The Transaction consolidates Seaview's core position in the Peace River Arch,
further expanding the Company's production, reserves, undeveloped land position
and increases its working interest in its drilling inventory. The Assets to be
acquired pursuant to the Transaction offer operating synergies with Seaview's
existing core areas and are consistent with management's exploration skill set.


Pursuant to the Transaction, Seaview will acquire approximately 730 boe/d of
production consisting of 3,990 mcf/d of natural gas, and 65 Bbl/d of crude oil
and natural gas liquids. The combination of the producing reserves and the
potential additions from the development upside identified on the Assets, will
significantly increase the Company's reserve base.


Based on a National Instrument 51-101 independent evaluation of the reserves by
Sproule Associates Limited ("Sproule") effective April1, 2009, the Total Proven
plus Probable reserves associated with the Assets are 1.8 mmboe. Additionally,
1.6 mmboe of the Total Proven plus Probable reserves are fully developed and are
currently on production and 82.0% of the reserves have common working interest
with Assets currently owned by Seaview. Based on the acquisition price of $26.5
million, Seaview is acquiring Total Proved plus Probable reserves at a cost
approximately $14.42/boe excluding attributed land value of $970,000. 


Seaview management has identified an additional 10 drilling locations and four
recompletion opportunities on the acquired assets providing future growth
opportunities. Seaview's land position in the Peace River Arch will increase to
141,236 gross acres with a 42% average working interest. Seaview's undeveloped
lands will increase 22% to 26,752 acres with a 47.5% average working interest. 


Seaview is increasing its working interest in its current drilling inventory
which will be eligible to benefit from the Alberta Government Royalty Incentives
announced on March 3, 2009. The Royalty Incentive Program provides a one time
opportunity to maximize the net asset value of the assets by adding new reserves
while benefiting from the reduced royalty rates and the drilling credit. 


Financial and Operational Benefits of the Acquisition

Seaview expects to achieve a number of key financial and operational benefits
from the Transaction, including:


- The Transaction is accretive to Seaview's production per share and 2010 cash
flow per share. 


- Forecast annualized pro-forma cash flow for Seaview is now expected to
increase to $15.5 million ($0.22 per share), assuming 2009 average AECO gas
prices of $4.40/GJ, and US$56.50/bbl pricing. 


- Estimated G&A expenses per flowing boe are expected to be reduced by
approximately $0.57 per boe to $1.90 per boe, as Seaview will not require any
material increases to G&A to integrate these Assets into the existing
operations.


The strategic merits of the Transaction are significant for Seaview
shareholders. The larger, more diversified cash flow base will permit Seaview to
embark upon a more aggressive exploration and development program in its Peace
River Arch focus area as well as pursue the upside potential on the Assets to be
acquired pursuant to the Transaction.


With an expanded inventory of both exploration and development locations,
Seaview is well positioned for additional growth potential through a risk
balanced capital program.


Seaview is a Calgary, Alberta based company engaged in the exploration,
development and production of conventional crude oil and natural gas reserves in
Canada. Seaview's strategy is to build shareholder value through a balance of
exploration and development drilling complemented by a focused acquisition
program.


Barrels of oil equivalent (boe) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural
gas to one barrel (bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a value
equivalency at the wellhead. All boe conversions in this press release are
derived by converting natural gas to oil in the ratio of six thousand cubic feet
of natural gas to one barrel of oil. Certain financial amounts are presented on
a per boe basis, such measurements may not be consistent with those used by
other companies.


This press release may contain forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include estimates,
plans, anticipations, expectations, opinions, forecasts, projections, guidance
or other similar statements that are not statements of fact. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to be correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements. These risks include, but are not limited to: the risks associated
with the oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses and health, safety and environmental risks),
commodity price and exchange rate fluctuation and uncertainties resulting from
potential delays or changes in plans with respect to exploration or development
projects or capital expenditures. The Company's forward-looking statements are
expressly qualified in their entirety by this cautionary statement. The
forward-looking statements contained in this press release are made as of the
date hereof and the Company undertakes no obligations to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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