Bowood Reports 2010 Third Quarter Results, Provides Operational and Alberta Bakken Update

Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood" or the "Company") announces its
financial and operational results for the three months ended September 30, 2010
and financial and operational highlights subsequent to quarter end.


The Company will file its unaudited Financial Statements and related Management
Discussion and Analysis ("MD & A") for the three months ended September 30, 2010
with the Canadian securities regulatory authorities on SEDAR. An electronic copy
of these materials will be available under Bowood's issuer profile on SEDAR at
www.sedar.com and on the Company's website at www.bowoodenergy.ca.


FINANCIAL AND OPERATING HIGHLIGHTS

On Oct 25th, 2010, subsequent to the end of the third quarter, Bowood closed its
previously released 22.0 MM$ financing and the acquisition of 94.75 contiguous
sections of highly prospective Alberta Bakken lands with the Blood First
Nations. Additionally, the Company focused on continued acquisition of other
freehold lands which are also highly prospective. With the closing of the
financing, Bowood has been able to continue with its greater Armada development
early in the fourth quarter, while reducing the net debt to approximately
$500,000. With a strong balance sheet, a material land position in the emerging
Alberta Bakken oil resource fairway and excellent results from third quarter
development at Armada, the Company is well positioned for continued growth.


Certain selected financial and operational information for the three months
ended September 30, 2010 is set out below and should be read in conjunction with
the Company's Financial Statements and MD & A. 



                                                  
                                Three Months Ended        Nine Months Ended
Financial highlights            September 30, 2010       September 30, 2010
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(all amounts in Cdn $                                                       
 except common share data)                                                  
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Petroleum and natural gas                                                   
 revenue                                 1,194,460                4,154,848
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  Per share - basic                          0.006                    0.022
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            - diluted                        0.006                    0.022
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Funds flow from operations                  91,767                  583,396
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  Per share - basic                          0.000                    0.003
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            - diluted                        0.000                    0.003
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Net income                              (1,257,490)              (2,682,070)
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  Per share - basic                         (0.007)                  (0.014)
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            - diluted                       (0.007)                  (0.014)
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Capital expenditures                     2,925,886                5,165,094
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Net debt (excluding fixed                                                   
 commodity contracts)                    5,767,557                5,767,557
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Shareholders' equity                    22,520,549               22,520,549
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Total assets                            36,381,393               36,381,393
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Common share data:                                                          
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  Weighted average basic               186,268,699              186,245,278
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  Weighted average diluted             186,289,659              186,304,108
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  Issued and outstanding               186,283,373              186,283,373
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                                Three Months Ended        Nine Months Ended
Operating Highlights            September 30, 2010       September 30, 2010
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(6:1 boe conversion)                                                        
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Average daily production                                                    
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  Natural gas (mcf/d)                        2,779                    3,027
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  Liquids (Oil & NGLs)                                                      
   (bbls/d)                                     49                       38
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  Oil equivalent (boe/d)                       512                      543
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  Production (boe/d) per                                                    
   million shares                                3                        3
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Average sales price                                                         
 (including fixed                                                           
 commodity contracts):                                                      
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  Natural gas ($/mcf)                         5.28                     4.88
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  Liquids (Oil & NGLs)                                                      
   ($/bbl)                                   64.55                    66.61
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  Oil equivalent ($/boe)                     34.83                    31.92
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Operating cost ($/boe)                       14.47                    13.68
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Operating netback ($/boe)                                                   
 (including fixed                            16.76                    15.51
 commodity contracts)                                                       
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Wells drilled - gross                                                       
 (net):                                                                     
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  Gas                                            -                  2 (0.80)
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  Oil                                      3 (1.95)                 4 (2.55)
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  Suspended                                      -                        -
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  D & A                                          -                        -
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  Total                                    3 (1.95)                 6 (3.35)
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1.  Funds flow from operations and Operating Netbacks as presented do not
    have any standardized meaning under Canadian GAAP. Please refer to the
    Non-GAAP Measures section of the MD & A for more details. 



OPERATIONAL UPDATE

Production of 512 boe/d for the period is down slightly from the second quarter
(528 boe/d). Bowood has a high deliverability natural gas well in the Chinook
area which is in competitive drainage and as a result has dropped off
considerably. The well produced approximately 200 boe/d net to the Company in
the second quarter and produced less than 50 boe/d in the third quarter. Despite
this loss of production Bowood has held its production more or less constant
from second quarter to third quarter. The production additions which offset the
loss of natural gas production at Chinook, have been added in the in the greater
Armada area of southern Alberta.


Bowood has delayed some of its capital expenditures associated with natural gas
exploration and development, and has chosen instead to focus capital in
continuing to acquire land and seismic in the Southern Alberta Bakken fairway.
As a result of this redeployment of capital resources, Bowood has materially
increased its southern Alberta land position but has reduced its expected 2010
exit production estimate to 675 boe/d. However most of the company's second half
of 2010 capital has targeted oil prospects, which will result in the production
mix being approximately 30 % oil, and 70 % gas, a significant change from the
first half of 2010 (approximately 95% natural gas).


During the third quarter of 2010, Bowood drilled 3 wells (1.95 net) wells in the
greater Armada area of southern Alberta, all of which have subsequently been
completed. The three wells are currently being tied in and are anticipated to be
on production in December. Two of the wells were completed for oil and the third
has been completed for gas. Bowood is very encouraged by the success in the five
well drilling program at Armada in 2010 and anticipates further follow up
development in this area in 2011. 


Prior to the 2010 year end, the Company plans to drill an additional two (2 net)
wells, to be located in the Majorville and Enchant areas of southern Alberta.
Both wells will have Mannville targets.


In addition to its drilling activities, during the third quarter Bowood
completed a number of strategic land acquisitions and farmin arrangements in the
greater Armada area. The Company now holds 23,707 net acres in the Armada area
and Bowood's total land holdings consist of 166,000 net acres, of which 130,000
are undeveloped.


ALBERTA BAKKEN

During the third quarter of 2010, Bowood continued to strategically add to its
land position in the southern Alberta Bakken play. Of most significance, the
Company entered into a leasing arrangement (previously announced) with the Blood
Tribe First Nation ("Blood Tribe") to acquire an interest in 94.75 sections
(60,640 net acres) of lands located on the Blood Tribe Reserve in southern
Alberta. This transaction closed subsequent to the end of the third quarter and
Bowood now holds a total of 184 sections (117,800 net acres) of petroleum and
natural gas rights on trend and highly prospective within the emerging Alberta
Bakken oil resource play.


Industry activity on the Alberta Bakken play in Canada has recently increased as
over 8 wells have been licensed and a number these have commenced drilling
operations. In order to evaluate the potential of this oil resource play, Bowood
anticipates it will drill a minimum of 2 horizontal Bakken oil wells in 2011.


About Bowood Energy Inc.

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. Projects are currently situated in the Provinces of
Alberta and Saskatchewan.


Bowood Energy Inc.

Robert Mercier, President & CEO

Reader Advisories

Forward-Looking Statements: This news release contains certain forward-looking
statements, including but not limited to, management's assessment of future
plans and operations, capital expenditures and the sources and timing thereof,
expected timing and results from operations, expected prospectivity of recent
land acquisitions, and expectations regarding expansion of the Company's land
position. These forward looking statements 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. 


Readers are cautioned that the foregoing list of factors is not exhaustive. 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. 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, 2009, 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.


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.