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 successfully closed a
previously announced bought deal financing 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.
(collectively, the "Underwriters"). The Underwriters exercised their option to
purchase additional subscription receipts ("Subscription Receipts") from
treasury and, accordingly, a total of 11,246,500 Subscription Receipts were
issued at $0.95 per Subscription Receipt and 4,167,000 Class A shares were
issued on a "flow-through" basis ("Flow-Through Shares") for aggregate gross
proceeds of approximately $15.7 million.


The net proceeds of the Subscription Receipt financing will be used to fund a
portion of the purchase price payable by Seaview for certain high quality, long
life, assets located in the Balsam and Boundary Lake areas of northwest Alberta
(the "Transaction") from a senior public oil and gas producer, with the balance
funded from Seaview's existing credit facilities. Gross proceeds from the sale
of the Flow-Through Shares will be used to fund ongoing exploration activities
that will qualify as Canadian Exploration Expense, which will be renounced to
the subscribers effective for the 2009 taxation year.


The gross proceeds of the Subscription Receipt financing are being held in
escrow pending the completion of the Transaction. If the Transaction is
completed on or before July 17, 2009, the proceeds will be released to Seaview.
If the Transaction is not completed on or before July 17, 2009 or the definitive
agreement in respect of the Transaction is terminated at an earlier time,
holders of Subscription Receipts will receive a cash payment equal to the
offering price of the Subscription Receipts and any interest that was earned
thereon during the term of the escrow.


Each Subscription Receipt will entitle the holder thereof to receive one Class A
Share on the deemed exercise of the Subscription Receipt. The Subscription
Receipts will be deemed to be exercised on the earlier of: (a) October 17, 2009;
and (b) that day on which a receipt is issued by the securities regulatory
authorities in British Columbia, Alberta, Ontario and Nova Scotia for a final
short form prospectus qualifying the Class A Shares to be issued upon the
exercise of the Subscription Receipts. Seaview shall use its commercial best
efforts from the date of closing of the private placement to obtain such receipt
for the exercise of the Subscription Receipts within 20 days of closing of the
Transaction (the "Qualification Deadline"). If a receipt is not obtained on or
before the Qualification Deadline, Seaview shall issue to each holder of
Subscription Receipts, for no additional consideration and without any further
action on the part of the holder, an additional 0.1 of a Class A Share for each
Class A Share to be issued to such holder upon the deemed exercise of the
Subscription Receipts. Until the receipt is issued for such prospectus, the
Subscription Receipts as well as the Class A Shares issuable upon exercise
thereof will be subject to a four month hold period under applicable Canadian
securities laws. The Flow-Through Shares are subject to a four month hold period
under applicable Canadian securities laws.


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.


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.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities in any jurisdiction. The Subscription Receipts
offered and the underlying Class A Shares have not and will not be registered
under the Unites States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold in the United
States except in certain transactions exempt from the registration requirements
of the U.S. Securities Act and applicable states securities laws.

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