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 completed 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 (the "Vendor") for total consideration of approximately $26.5
million. The effective date of the Transaction is April 1, 2009.


The Transaction was financed using a combination of proceeds from a concurrent
bought-deal equity financing of subscription receipts for gross proceeds of
approximately $15.7 million and Seaview's expanded credit facility. The combined
equity and credit availability provide Seaview with a strong balance sheet to
ensure continued financial flexibility.


Pursuant to the Transaction, Seaview purchased 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 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%.


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.


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 expands by 15% to 139,323
gross acres of land at an average working interest of 42.5%. In addition,
Seaview's undeveloped land position in this area has increased by 16% to 25,359
net acres, at an average working interest of 47.8%.


Based on a National Instrument 51-101 independent evaluation of the reserves by
Sproule Associates Limited ("Sproule") effective April 1, 2009, the Total Proven
plus Probable reserves associated with the Assets are 1.8 mboe.  Additionally,
1.6 mboe 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 acquired Total Proved plus Probable reserves at a cost
approximately $14.42/boe excluding attributed land value of $970,000.


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
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.


COMMODITY PRICE RISK MANAGEMENT

A key component to Seaview's balance sheet management is the Company's commodity
price risk program. The price risk management program is intended to reduce
price volatility in order to maintain balance sheet strength, protect
acquisition economics and finance ongoing capital expenditures. Subsequent to
Seaview's first quarter 2009 hedging disclosure, the Company has entered into
two additional contracts providing for expanded protection for the remainder of
2009 and 2010.


- Seaview currently has approximately 1,100 boe/d (48% of estimated average 2009
production) hedged for the remainder of 2009.


-- 6,500 GJ/d of natural gas hedged in put and fixed contracts providing for a
"net of cost" floor of $6.89/GJ which is a 72% premium to the current calendar
AECO 2009 futures strip of $4.00/GJ.


-- 100 bbl/d of crude oil hedged in a fixed contract at CDN$55.90/bbl.

- Seaview currently has approximately 475 boe/d (21% of estimated average 2009
production) hedged for the period from January 1, 2010 through December 31,
2010.


-- 3,000 GJ/d of natural gas hedged in put and fixed contracts providing for a
"net of cost" floor of $4.69/GJ which is an 18% premium to the current calendar
AECO 2009 futures strip of $4.00/GJ.


- The following natural gas and crude oil financial contraccts are currently
outstanding: http://media3.marketwire.com/docs/seaview1.pdf


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.


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

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