Last updated on April 21, 2014 at 9:29 EDT

Winstar Updates Production

April 11, 2013

CALGARY, April 11, 2013 /CNW/ - Winstar Resources Ltd. (“Winstar” or “the Company”) (TSX: WIX) is pleased to update its
Tunisian production.

The Company’s daily production is within its range of expectations, as
reported on March 13, 2013. During that past week, Winstar’s daily
production has ranged from 1,350 to 2,050 net barrels of oil equivalent
per day (“boepd”). Variability in daily production is reflective of
workover logistics and variations in natural gas nominations, at the
Chouech Essaida Concession, from STEG (the Tunisian National Utilities
Company).  The Company estimates its current stabilized production at
1,600 to 1,700 boepd.

This rate does not include incremental production expected from Chouech
Essaida Triassic Well # 11 (“CS #11″) which is now expected to be
completed before the end of April 2013. The successful recompletion of
CS #11 is anticipated to increase daily production to 1,800 to 1,900
boepd.  Current production also does not include, approximately 80
boepd from the Sanrhar Concession, which remains shut-in due to its
location and related logistical issues.   There continues to be no
estimated date, for the resumption of production at the Sanrhar

The installation of a surface pump at Chouech Essaida Silurian Well # 10
(‘CS Sil #10 “) was completed in early April 2013.  To date, pumping
actives have generated what is interpreted to be formation water which
invaded the Triassic reservoir, with some traces of gas, which is
consistent with the Company’s expectations.  Pumping is expected to
continue for several weeks, if not more, to hopefully establish oil
production from the virgin, or the not invaded, portion of the Triassic
TAGI Formation.

As reported originally on July 3, 2012, the Company has retained
FirstEnergy Capital LLP to explore and evaluate potential strategic
alternatives with a view to enhancing shareholder value.  This process
is ongoing.

Winstar’s 2012 Annual General Meeting
Shareholders are cordially invited to attend Winstar’s General Annual
Meeting on June 20, 2013 at 3pm (MDT), which will be held in the
Centennial Place Conference Center, located at the third floor 250- 5(th) Street SW Calgary, Alberta, Canada.  This event has been rescheduled
from May 9, 2013 to accommodate management schedules.

Reference herein to “boe” mean barrels of oil equivalent and is derived
by converting gas to oil in the ratio of six thousand cubic feet (Mcf)
of gas to one barrel (bbl) of oil. Boe may be misleading, particularly
if used in isolation.  A boe conversion ratio of 6 Mcf to 1 bbl is
based upon an energy conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. 
References herein to “boepd” means barrels of oil equivalent per day.

Forward-Looking Statements
This press release contains certain forward-looking statements. These
statements relate to future events or future performance of the
Company. When used in this press release, the words “may”, “would”,
“could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“predict”, “seek”, “propose”, “expect”, “potential”, “continue”, and
similar expressions, are intended to identify forward-looking
statements. These statements involve known and unknown risks,
uncertainties, and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect the Company’s
current views with respect to certain events, and are subject to
certain risks, uncertainties and assumptions. Many factors could cause
Winstar’s actual results, performance, or achievements to materially
differ from those described in this press release. Should one or more
of these risks or uncertainties materialize, or should assumptions
underlying forward-looking statements prove incorrect, actual results
may vary materially from those described in this press release as
intended, planned, anticipated, believed, estimated, or expected.
Specific forward-looking statements in this press release include,
among others, statements pertaining to the following: factors upon
which Winstar will decide whether or not to undertake a specific course
of action; and estimated volumes and timing of future production;
business plans for drilling, exploration and development; and other
expectations, beliefs, plans, goal, objectives, assumptions,
information and statements about possible future events, conditions,
results of operations or performance. The risks to which the Company is
subject include those of the oil and gas industry in general including
operational risks in exploring for, developing and producing crude oil
and natural gas; risks and uncertainties involving geology of oil and
gas deposits; volatility in global market prices for oil and natural
gas; general economic conditions; competition; risks related to
employment and labour relations; liabilities and risks, including
environmental liability and risks, inherent in oil and gas operations;
uncertainties as to the availability and cost of financing and changes
in capital markets; alternatives to and changing demand for petroleum
products; and changes in legislation and the regulatory environment,
including uncertainties with respect to the Kyoto Protocol.
Furthermore, statements relating to “reserves” or “resources” are
deemed to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions to the effect
that the resources and reserves described can be produced profitably in
the future. The forward-looking statements contained in this press
release are expressly qualified in their entirety by this cautionary
statement. These statements speak only as of the date of this press
release. The Company does not intend and does not assume any
obligation, to update these forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by law.

Winstar Resources Ltd. is a Calgary based junior oil and gas company,
which explores for, develops, produces, and sells crude oil, natural
gas liquids and natural gas in Tunisia and Romania. Winstar’s common
shares trade on the Toronto Stock Exchange under the symbol WIX.

SOURCE Winstar Resources Ltd.

Source: PR Newswire