August 23, 2010

Edgewater Exploration Ltd. Announces Exercise of Overallotment Option

Vancouver, British Columbia -- Edgewater Exploration Ltd. (TSX VENTURE:EDW) (the "Corporation") announces that further to its press release dated August 12, 2010 the Corporation has received notice from its lead agent Cormark Securities Inc., on behalf of a syndicate of agents that includes PI Financial Corp., Canaccord Genuity Corp., and Haywood Securities Inc. (collectively the "Agents") agreeing to exercise $413,000 of the overallotment option ("Overallotment Option") bringing the total Offering proceeds to $10,413,000. The Agents have also agreed to waive future exercise of the Overallotment Option. All other terms and conditions remain the same.

Closing of the Offering is anticipated to occur on or before August 31st, 2010 and is subject to receipt of applicable regulatory approvals including approval of the TSXV.

On behalf of the board of EDGEWATER EXPLORATION LTD.

George Salamis, President and CEO

"THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S.. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN, THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM."

On behalf of the board of EDGEWATER EXPLORATION LTD.

George Salamis, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in th epolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

For more information, please contact

Edgewater Exploration Ltd.
Ryan King
Vice-President
(778) 998-3700