ELW

ELKWATER RESOURCES LTD. ("Elkwater" or the "Company") (TSX VENTURE:ELW)
announces that it has filed its audited Financial Statements and related
Management's Discussion and Analysis, and its reserve data and other oil and gas
information required under National Instrument 51-101 for the year ended
December 31, 2010. All of these filings can be accessed on SEDAR at
www.sedar.com.


As previously announced, subsequent to year end the Company closed an
acquisition of producing oil and gas assets ("Acquired Properties") primarily
located in the Lashburn and Suffield areas of Saskatchewan and the Pembina and
Ewing Lake areas of Alberta. The acquisition had an effective date of December
1, 2010 and closed on March 9, 2011. These Acquired Properties are not included
in the National Instrument 51-101 filings but are included in the following
table that summarizes the total Company Interest reserves and present values of
future net revenues, effective December 31, 2010, before income taxes,
discounted at 10% per year, as prepared by GLJ Petroleum Consultants using their
January 1, 2011 Price Forecast. 


Total Company Interest, Post Acquisition, Including Acquired Properties 



                                                    Reserves  Present Value 
                                                       (MBOE)           (M$)
----------------------------------------------------------------------------
Proved Producing                                         560         12,662 
Total Proved                                             741         13,858 
Total Proved plus Probable                             1,130         19,348 
----------------------------------------------------------------------------



The acquisition increases the Company's production to an estimated net 280
boepd, comprised of approximately 165 bopd oil and NGLs and 115 boepd natural
gas, and approximately one half of the production is operated. Post closing of
the acquisition, the Company's debt/working capital deficiency is estimated at
$3.75 million. Elkwater currently has 14,138,965 shares outstanding.


This press release should be read in conjunction with the National Instrument
Forms 51-101F1, F2 and F3 and the Company's audited financials and MD&A for the
year ended December 31, 2010, and the Company's press releases of January 14 and
March 17, 2011. 


This press release contains "forward-looking information", within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements with respect to: reserve estimates;
estimates regarding current or future production and revenue; estimates of debt
and working capital deficiency; and the future financial and operating
performance of the Company's assets. 


Forward-looking information is frequently characterized by words such as
"expect", "schedule", "estimate", "approximate", "intend", "anticipate",
"believe", and other similar words. These statements are only predictions and
are subject to known and unknown risks, uncertainties and other factors that may
cause the actual results to be materially different from those expressed or
implied by such forward-looking information, including but not limited to:
general business, economic, competitive, political and social risks and
uncertainties; risks relating to oil and gas exploration and exploitation
activities; oil and gas prices; acquisition risks; risks relating to greater
resources, and delays in obtaining regulatory approvals. Although the Company
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with applicable
securities laws.


Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio 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.

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