CALGARY, ALBERTA--(Marketwire - May 19, 2010) - 

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 provide shareholders with an update on 
corporate developments and the Company's first quarter 2010 financial and 
operational results.

/T/

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SELECTED INFORMATION
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Financial ($000's except per share                                
 amounts)                                     Q1 2010    Q1 2009  % Change
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Petroleum and natural gas sales            $   10,773  $   7,000        54%
Funds flow from operations (1)                  4,508      2,910        55%
 Basic per share (2)                             0.07       0.06        17%
 Diluted per share (2)                           0.06       0.06         -
Net income (loss)                                 335     (1,061)      132%
 Basic per share (2)                             0.01      (0.02)      150%
 Diluted per share (2)                           0.00      (0.02)      100%
Capital expenditures (3)                        8,084      5,914        37%
Net debt                                       43,896     25,507        72%
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Shares Outstanding at period end (000's)
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 Class A                                       65,454     50,005        31%
 Class B                                        1,054      1,054         -
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Operations
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Daily production
 Natural gas (mcf/d)                           16,544      9,464        75%
 Light oil and NGLs (bbl/d)                       480        388        24%
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Total production (boe/d)                        3,237      1,965        65%
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Average realized sales price (net of risk
 management gains or losses)
 Natural gas (per mcf)                       $   5.12  $    6.34       (19%)
 Light oil and NGL (per bbl)                    72.92      45.80        59%
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Netback per boe (1)
 Sales price                                 $  37.95  $   34.56        10%
 Realized risk management gains (losses)        (0.97)      5.02      (119%)
 Sales price (net of realized risk
 management gains/losses)                       36.98      39.58        (7%)
 Royalties                                       5.92       7.60       (22%)
 Operating expenses                             11.10      10.19         9%
 Transportation                                  1.29       1.73       (25%)
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Operating netback (1)                        $  18.67  $   20.06        (7%)
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(1) The Company uses "funds flow from operations" and "funds flow from
    operations per share" which do not have any standardized meaning
    prescribed by Canadian GAAP. The terms are used to analyze operating
    performance and leverage. The Company uses "Netback per boe" and
    "Operating Netback" which do not have any standardized meaning
    prescribed by Canadian GAAP. The terms are used to evaluate performance
    and in capital allocation decisions.
(2) Weighted average diluted shares outstanding for Q1 2010 include both the
    impact of the conversion of the Class B shares and the effect of the
    granted options as dilutive while the impact of both of these have been
    excluded from Q1 2009 as they would have been anti-dilutive.
(3) Capital expenditures include only the cash additions for the period and
    capitalized G&A expense.

/T/

HIGHLIGHTS OF THE FIRST QUARTER 2010 AND SUBSEQUENT EVENTS

- Average production for Q1 2010 was 3,237 boe/d, an increase of 65% 
relative to Q1 2009 average production of 1,965 boe/d (26% increase per 
basic weighted average share) and a 19% increase compared to Q4 2009 
average production of 2,729 boe/d (19% increase per basic weighted average 
share); 

- Since commencing operations on October 17, 2007, record production levels 
in the first quarter of 2010 mark the Company's tenth consecutive quarter 
of growth;

- Funds flow from operations for Q1 2010 increased 55% to $4.5 million from 
$2.9 million in Q1 2009. Funds flow from operations increased 17% per basic 
weighted average share over the same period;

- The Company drilled five wells (4.0 net) in the quarter with an 80% 
success rate;

- Seaview has successfully drilled and completed the Company's first 
Cardium horizontal well at Wapiti establishing the presence for a large oil 
in place resource play with the potential for multiple follow-up drilling 
locations;

- Subsequent to quarter end, Seaview disposed of its southeast Saskatchewan 
assets, with production of approximately 200 boe/d, for gross proceeds of 
$33 million. The disposition closed on April 29, 2010; and 

- Subsequent to quarter end, the credit facility was confirmed by the 
lenders at $52 million with the next interim review date set for August 1, 
2010. Taking into account the asset disposition and based on estimated net 
debt of approximately $10 million at the time of closing, Seaview has $42 
million of available credit capacity to pursue strategic opportunities.

OPERATIONS UPDATE

Activity for the winter program in the first quarter of 2010 included 
drilling five wells (4.0 net) at an 80% success rate. The drilling program 
was balanced between lower risk development drilling in the Peace River 
Arch and exploration for Cardium oil and gas reserves in the Wapiti area.

Peace River Arch

After the disposition of the Company's southeast Saskatchewan properties, 
the Peace River Arch core area has become the primary operating focus for 
the company. The Company's assets in this region feature high quality, long 
life natural gas and light oil reserves, ownership in key processing 
infrastructure and over 26,000 net acres of undeveloped land. Due to the 
multi-zone nature of the Company's position in the Arch, Seaview maintains 
an extensive inventory of conventional exploration and development projects 
including exposure to the Lower Montney resource play, targeting natural 
gas in Pouce Coupe.

During the first quarter of 2010, the Company re-drilled one Montney well 
(1.0 net), which has been successfully completed and brought on stream in 
April, adding over 80 boe/d net for Q2-2010 and drilled one unsuccessful 
well (1.0 net) at Boundary Lake. In addition, the Company completed 
construction of facilities to tie-in 2 wells (1.4 net) expected to 
contribute an additional 170 boe/d of new production prior to the third 
quarter.

Finally, Seaview has 2 wells (1.8 net) to be tied in, having initial 
production of more than 500 boe/d, which are expected to be tied-in prior 
to year-end, contingent on facility access and improved natural gas prices.

Wapiti Exploration Program

During the first quarter, Seaview successfully drilled and completed the 
Company's first Cardium horizontal well at Wapiti. This exploration well 
was drilled 8 km southwest of the Wapiti Cardium A oil pool and represents 
the first multi staged fraced horizontal Cardium well completed in the 
area. Seaview believes this well has successfully proven the presence of a 
significant light oil resource play.

Seaview has expanded the capital program in Wapiti by $10 million which 
will see a total of 4 horizontal wells (2.5 net) drilled in 2010, to 
further delineate the resource potential of the Company's landbase. The 
Company is planning to drill two Cardium oil horizontal wells (1.1 net) 
immediately after break-up. Results from the first exploratory horizontal 
well are being held confidential. Facilities are currently under 
construction with initial production expected early in the third quarter.

Seaview recently increased its land position by 7 sections (3.4 net) in 
Wapiti. Through an aggressive farm-in and acquisition strategy, the Company 
has now assembled a sizable land position with exposure to 18.5 sections 
(9.9 net) of highly prospective lands within the Cardium light oil resource 
fairway. 

Based on reserves data from the Energy Resources Conservation Board 
("ERCB"), the Wapiti Cardium A pool contains original oil in place ("OOIP") 
of 121 million barrels of oil and original gas in place ("OGIP") of 67 
billion cubic feet of solution gas over 14.3 gross sections. Seaview's 
horizontal well was drilled offsetting existing vertical wells indicating 
similar log and reservoir parameters to the Wapiti Cardium A pool. Based on 
the offsetting vertical wells and the reservoir encountered within the 1000 
meter horizontal section, Seaview believes its lands offer a comparable 
resource potential hosted within a lower permeability reservoir adjacent to 
the conventional pool. 

In addition to the Cardium oil project, Seaview has successfully drilled 
and completed 2 Cardium gas wells (0.64 net), which have recently been 
tied-in and are on production contributing 55 boe/d net.

Southeast Saskatchewan

Subsequent to the quarter end, Seaview announced and closed the disposition 
of its southeast Saskatchewan assets for gross proceeds of $33 million. The 
disposition closed on April 29, 2010 and the Company has initially used the 
proceeds to reduce bank debt. Concurrently, the Company's credit facility 
was confirmed at $52 million, post closing. Seaview's net debt was reduced 
to approximately $10 million at the time of closing, providing the Company 
with access to approximately $42 million of available credit to pursue the 
capital program and strategic acquisitions.

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 support cash flow, protect 
acquisition economics and finance ongoing capital expenditures. 

Seaview currently has approximately 1,430 boe/d (approximately 46% of 
estimated current production) hedged for the remainder of 2010;

- 7,778 GJ/d of natural gas hedged in puts and fixed contracts providing 
for a "net of cost" floor of $4.68/GJ ($4.94/mcf), which is a 13% premium 
to the current calendar AECO 2010 futures strip of $4.17/GJ, and a 27% 
premium to the current AECO strip price of $3.68/GJ;

- 200 bbl/d of crude oil hedged in put contracts for 2010 with a "net of 
cost" floor of CDN$75.00/bbl; 

- On a combined basis, Seaview has 8,570 mcfe/d, hedged at a "net of cost" 
floor price of $6.00/mcfe, which will provide for minimum revenue of $14.1 
million for the remainder of 2010.

EXPANDED 2010 CAPITAL BUDGET

Seaview's board of directors has approved an increase to the 2010 capital 
budget to $22.2 million, up from previous guidance of $11.5 million. As a 
result of the exploration success at Wapiti, the 2010 capital budget 
includes drilling a total of 4 horizontal wells in Wapiti to evaluate the 
long term growth potential of the Wapiti Cardium project.

For the remainder of 2010, Seaview is planning to drill 6 wells (3.6 net), 
as well as complete the equip and tie-in of 3 wells (2.25 net) with 
estimated behind pipe production capacity of 500 boe/d to be brought online 
over the balance of the year. Given the higher weighting of capital 
directed towards oil-weighted plays, Seaview expects to more than double 
exit crude oil and liquids production to 450 bbl/d compared to current 
crude oil and liquids production of 220 boe/d.

Seaview has a recently approved $52 million line of credit, with current 
estimated net debt of approximately $10 million. Accordingly the Company 
has approximately $42 million of available credit to capitalize the 
Company's development and exploration program, and pursue strategic 
acquisition opportunities.

Combined with the Company's growing prospect inventory and solid financial 
position, Seaview is well positioned to continue its track record of growth 
in cash-flow, production and reserves on a per share basis.

OUTLOOK; UPWARD REVISION TO 2010 GUIDANCE

Including the impact of the recent Wapiti oil success and expanded capital 
budget, Seaview is well positioned to continue its growth strategy for 
2010. Seaview's Peace River Arch core area featuring high quality, 
long-life reserves, combined with the emerging Cardium light oil resource 
play, provide the Company with a significant drilling inventory.

As a result of the recent corporate success, Seaview provides the following 
upwardly revised guidance for 2010:

- Forecast 2010 average daily production estimate of more than 3,100 boe/d 
compared to 2009 annual average production of 2,321 boe/d resulting in an 
estimated forecast production growth of 34% per share (based on 65.48 
million Class A shares outstanding);

- Upward revision to 2010 estimated exit production to more than 3,450 
boe/d including over 450 bbl/d of crude oil and natural gas liquids;

- Upward revision to forecasted 2010 capital budget to $22.2 million;

- Seaview has a $52 million line of credit, with current estimated net debt 
of approximately $10 million;

- Seaview has more than $42 million of available credit facilities to 
capitalize the Company's development and exploration programs and pursue 
strategic acquisition opportunities;

- Seaview's Peace River Arch core area features a solid production capacity 
of more than 3,200 boe/d currently, Company owned infrastructure and a 
prospective land base consisting of 141,236 gross acres (59,319 net) of 
land, including over 26,000 net acres of undeveloped land;

- Seaview has established significant positions in resource plays providing 
for longer-term growth potential in a diverse portfolio of assets targeting 
both light oil and natural gas plays, including:

-- In Wapiti, the Company has assembled a sizable land position with 
exposure to 18.5 sections of land (9.9 net) targeting a Cardium light oil 
resource play. Seaview plans to increase capital spending by $10 million 
over the balance of 2010 to drill a total of 4 horizontal multi-frac wells 
(2.5 net) to delineate the resource potential of the Company's land 
position;

-- In Pouce Coupe, the Company holds interests in 20 sections of land (3.5 
net) targeting a Doig-Montney natural gas resource play. Seaview's land 
position is on trend with successful industry development activities 
further reducing the risk of full development when economics are more 
viable; and

-- In Harlech, Seaview holds a 25% working interest in 9 contiguous 
sections of land (2.25 net) targeting multi-zone Cretaceous and Nordegg gas 
resource potential. The Harlech area offers exposure to liquids rich 
natural gas reservoirs.

- Strong commodity hedging program providing for downside protection on 46% 
of 2010 forecasted average production generating a minimum $14.1 million 
gross revenue for the remainder of 2010; and

- 65.48 million Class A shares and 1.0 million Class B shares outstanding.

RELEASE OF FIRST QUARTER FINANCIALS

Seaview has filed its financial results for the period ended March 31, 2010 
including the unaudited interim consolidated financial statements and 
related management's discussion and analysis ("MD&A"). These filings will 
be available in their entirety at www.seaviewenergy.com and www.sedar.com 
or by contacting the Company directly. 

ANNUAL GENERAL MEETING

Seaview's Annual General Meeting is scheduled for 3:30 pm on Wednesday, 
June 2, 2010 in the Angus/Northcote Room at the Bow Valley Conference 
Centre, Suite 300, 205 - 5th Ave SW, Calgary, Alberta.

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.

Estimated values contained in this press release do not represent fair 
market value.

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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Seaview Energy Inc.
Michael Wuetherick
President & CEO
(403) 770-2961
or
Seaview Energy Inc.
Stephanie Bunch
Vice President, Finance & CFO
(403) 770-9503
info@seaviewenergy.com
www.seaviewenergy.com

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.