Certain financial estimates have been made herein to facilitate discussion of the Company’s 2009 capital program. Readers are advised that these financial estimates are subject to the disclosure to be contained in the audited financial statements of Seaview for the year ended December 31, 2009, management’s discussion and analysis related thereto and its Annual Information Form expected to be filed on or about April 6, 2010.

The Company is pleased to report that a significant increase in reserves during 2009 as a result of its combined acquisitions and successful 2009 drilling program. The independent reserves evaluation has been completed by Sproule and Associates Limited “Sproule”, with an effective date of December 31, 2009, in a National Instrument 51-101 “NI 51-101” compliant report “Evaluation of the P&NG Reserves of Seaview Energy Inc.” Highlights of the report are summarized below:

• Increased Proven Producing reserves by 52% to 5,973 MBoe, compared to 3,941 MBoe at December 31, 2008.

• Increased Total Proven reserves by 49%, to 7,141 MBoe compared to 4,786 MBoe at December 31, 2008.

• Increased Total Proven plus Probable reserves by 53% to 11,068 compared to 7,256 MBoe at December 31, 2008.

• Probable Developed Producing reserves assigned to Proved Producing assets are 2,286 MBoe, increasing developed Proven plus Probable producing reserves to 8,259 MBoe or 75% of the Total Proven plus Probable reserves.  No future development capital is required to convert the Probable Producing reserves to Proven Producing over time.

• Reserve Life Index of 7.2 years on a Total Proven basis and 11.1 years on a Total Proven plus Probable basis using December 31, 2009 reserves, and estimated Q4-09 production of 2,725 boe/d.

• Total capital expenditures based on unaudited financial results were $46.7 million; including changes in FDC total capital costs for the purpose of calculating FD&A costs are $47.2 million.

  • Achieved FD&A costs of $14.93/boe Proven and $10.32/boe Proven plus Probable (Including changes in FDC).

  • Seaview completed five strategic property acquisitions in 2009, highlighted by the complimentary PRA assets acquired from a senior producer for $26.6 mm in June 2009.  Overall the acquisition program added 2,158 MBoe of Total Proven plus Probable reserves, or 47% of the Total Proven plus Probable reserve additions in 2009.

  • Seaview’s acquisitions and drilling success replaced production by 3.9 times on a Proven basis and 5.7 times on a Proven plus Probable basis.

• Seaview completed an active drilling program in 2009 which included drilling 9 gross wells (8.4 net) with an 78% success rate. Capital expenditures based on unaudited consolidated financial results were $16.3 million directed towards drilling activity. Including changes to FDC, the total capital costs for the purpose of calculating F&D costs are $18.9 million.

• Achieved F&D costs of $9.85/boe Proven and $7.67/boe Proven plus Probable (including FDC and after revisions).

• Seaview enjoyed a very successful drilling program accounting for 2,458 mBoe or 53% of the Total Proven and Probable reserve additions in 2009.

• Seaview’s drilling success replaced production by 2.1 times on a Proven basis and 3.1 times on a Proven plus Probable basis.

• Seaview continues to drive reserve addition costs down through successful execution of the Company’s balanced acquisition, exploration and development strategy.  Management has been able to steadily reduce finding costs as a result of a strong prospect inventory and successful grass-roots exploration.  Seaview’s three year average reserve costs are:

• Three year average Proven F&D costs of $14.04/boe Proven and Proven plus Probable costs of $11.02/boe (including FDC and after revisions).

• Three year average Proven FD&A costs of $21.91/boe Proven and Proven plus Probable costs of $15.71/boe (including FDC and after revisions).
  

Notes:
(1) The aggregate of the exploration and development costs incurred in the most recent financial year, and the change during that year in estimated future development costs, generally will not reflect total finding and development costs related to reserve additions for that year.

NI 51-101 Reserves Disclosure

Seaview has a Reserve Committee comprised of independent board members, which reviews the qualifications and appointment of the independent reserve evaluators. The committee also reviews the processes and technical data used to determine the reserves booked.

The Company will file on April 6, 2010 its Annual Information Form which includes Seaview’s reserves data and other oil and gas information for the year ended December 31, 2009 as mandated by “NI 51-101 – Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.”

The December 31, 2009, evaluation was prepared by Sproule utilizing the methodology and definitions as set out under NI 51-101. The reserves presented herein include the total Company’s working interest reserves before deduction of royalties and exclude royalty interest reserves as at December 31, 2009.

Table 1 NI 51-101

Summary of Oil and Gas Reserves
 as of December 31, 2009
Forecast Prices and Costs

Table 2 NI 51-101

Summary of Net Present Values of Future Net Revenue
as of December 31, 2009
Forecast Prices and Costs

Table 3 NI 51-101

Total Future Net Revenue Undiscounted
as of December 31, 2009
Forecast Prices and Costs

Table 4 NI 51-101

Net Present Value of Future Net Revenue
By Production Group
as of December 31, 2009
Forecast Prices and Costs

Table 5 NI 51-101

Summary of Pricing and Inflation Rate Assumptions
As of December 31, 2009 Forecast Prices and Costs

Notes:
(2) West Texas Intermediate at Cushing Oklahoma 40 degrees API, 0.5% sulphur
(3) Edmonton Light Sweet 40 degrees API, 0.3% sulphur
(4) Comer Medium (29.3◦ degrees API Heavy stream)

Net Asset Value per Class A Share
 Information Based on Sproule Reserves Evaluation as at December 31, 2009

Notes:
(1) Estimated net debt excluding value of financial contracts.

Net Asset Value per Fully Diluted Share(1)
 Information Based on Sproule Reserves Evaluation as at December 31, 2009

Notes:
(1) Fully diluted shares including “in-the-money” options and converted Class B shares based on closing price of $1.10 per Class A share as at December 31, 2009.
(2)Estimated net debt excluding value of financial contracts, net of proceeds from “in-the-money” options of $1,523,964
(3) Fully diluted shares outstanding based on  65,433,182 Class A shares, Class B shares converted to 9,577,636 Class A shares based on conversion price of $1.10 per Class A share as at December 31, 2009, and 2,328,500 “in-the-money” options as at December 31, 2009.