CVU.B Seaview Energy Inc. Class B

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VIOLATION OF U.S. SECURITIES LAWS.


Seaview Energy Inc. (TSX VENTURE:CVU.A) (TSX VENTURE:CVU.B) ("Seaview" or the
"Company") is pleased to provide an operational update on the Company's recent
drilling program in the Peace River Arch area which included the drilling of 6
wells (5.6 net) achieving an 82% success rate.


Four wells (3.6 net) have been drilled and completed to date and have
established significant additions to Seaview's productive capacity. The
cumulative production test rates of these wells are 7.3 mmcf/d (6.6 mmcf/d net
or 1,095 boe/d net) and the wells are expected to be placed on production over
the next two quarters. Based on the strong results of the recent drilling
program, the Company is pleased to announce an upward revision to its year-end
exit production guidance by 9% to over 3,000 boe/d, compared to the previous
exit guidance of over 2,750 boe/d.


Additionally, the fifth well (1.0 net) remains to be completed and an additional
well (1.0 net) encountered the target reservoir but has been abandoned due to
operational problems while casing. This well will be re-drilled in the near
future.


Seaview has increased its average working interest in this operated drilling
program by an incremental 31% (representing 1.7 net wells) through recent asset
acquisitions and partner farm-ins resulting in an average working interest of
93%.


The Company benefitted from significantly lower service costs to complete the
six well drilling program with average drill costs estimated to be $340 per
meter before Alberta Royalty Drilling Credits. Net drilling costs in this
program are $1.24 million, after deducting the $1.76 million in drilling credits
earned by drilling a total of approximately 8,800 meters. Including expected
completion and equipping costs, Seaview estimates the cost of adding new
production from this program will be approximately $5,500 per flowing boe.


Seaview will continue to fund its exploration and development capital program
from existing cash flow which is supported by its strong hedging program and
will use its undrawn credit facility to fund strategic opportunities. Seaview's
capital program for the winter drilling season includes the tie-in of the
recently drilled wells and the drilling of six additional wells that will either
delineate recent discoveries or test new prospects. The planned capital program
will be aimed at maximizing value based on Alberta's Royalty Incentive Program.


Business Strategy

Although industry continues to experience volatile commodity prices and the
impact of the global financial crisis on capital markets, Seaview remains well
positioned to continue executing its aggressive growth strategy. Through a
disciplined approach to capital management, the Company has several key
characteristics that support continued growth and value creation for
shareholders despite the current economic climate:


-  High-quality, long reserve life assets, focused on natural gas in the Peace
River arch and light oil in southeast Saskatchewan, both desirable areas within
the Western Canadian sedimentary basin; 


- Strong financial position including a low-cost structure, strong balance sheet
and $18-million of available credit capacity providing Seaview with the ability
to capitalize on strategic opportunities; 


- Attractive commodity risk management program to provide an enhanced cash flow
stream in order to maintain balance sheet strength, secure acquisition economics
and finance the company's capital expenditures; and 


- Strong management team, directors and technical professionals with significant
ownership positions, ensuring strong alignment to shareholders' interests. 


Seaview continues to focus on the Company's balanced growth strategy of
acquiring, exploiting and exploring for high-quality natural gas and light oil
assets in Western Canada.


Seaview's strong financial position and deep prospect inventory has allowed the
Company to maximize the benefits of the Royalty Incentive Programs announced in
2009 ("2009 RIP"). The 2009 RIP provides a short-term opportunity to maximize
the net asset value by adding new reserves at reduced royalty rates on the new
production and earning drilling credits to reduce royalties payable on existing
production. In addition, the substantial reduction in service costs for drilling
and completing wells has greatly improved the economics of Seaview's natural gas
assets. Seaview remains well positioned to further capitalize on this
opportunity during a period where the industry is experiencing a pronounced
downturn in activity.


Reconfirmation of Existing Credit Facilities

Seaview has recently completed its mid-year review of the Company's existing $52
million credit facility with the National Bank of Canada. Despite an estimated
20% reduction in the forward strip prices used in determining the current
borrowing base, the Company is pleased to report the existing $52 million credit
facility has been maintained, subject to final creditor approval. The next
scheduled review date is May 1, 2010. The Company estimates current net debt of
approximately $34 million (65% drawn) thus leaving $18 million of the unutilized
credit facility for additional strategic drilling and acquisition opportunities.


Seaview's combination of long-life reserves, cash flow enhanced by a strong
hedging program and track record of quarterly production growth continues to
support the Company's financial strength despite the challenging natural gas
price environment facing industry overall. 


Outlook; Upward Revision to 2009 Guidance

Seaview's core areas feature high-quality, long-life reserves with significant
identified upside potential through exploration and development drilling. The
Company is well positioned to continue its growth strategy in 2009 and into 2010
despite the current challenging economic climate.


Based on the successful results from the recent drilling program, management is
pleased to provide updated guidance for the balance of 2009. 


- Maintain the Company's forecasted 2009 average daily production estimate to be
in excess of 2,300 boe/d, representing a 114% increase compared to 2008 average
daily production of 1077 boe/d. 


- Increase to the Company's forecasted 2009 exit production to more than 3,000
boe/d, representing a 9% increase from previous guidance provided in June 2009. 


- Confirmation of Seaview's bank line at $52 million, subject to lenders final
approval, with the next review scheduled for May 1, 2010. 


- A diversified portfolio of exploration, development and lower-risk
optimization projects in both the Peace River Arch and South East Saskatchewan
core areas. 


- Seaview currently has 65.42 million Class A shares outstanding and 1.054
million Class B shares outstanding. 


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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