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Western Standard Energy Corp. Announces Spudding of First Well on Starbuck Prospect in Montana

Posted on: Tuesday, 23 October 2007, 12:01 CDT

Western Standard Energy Corp., (the "Company") (OTCBB:WSEG), an oil and gas exploration company, today announced the spudding of its first well on the Starbuck Prospect in Valley County Shallow Gas Assembly in the state of Montana with partner Coastal Petroleum Company. The Starbuck prospect is a shallow multiple zone natural gas field on trend with approximately 34,000 feet of closure.

Pursuant to its Farmout Agreement with Coastal Petroleum Company, Western Standard has paid $384,000 to cover the cost of the test well and associated lease rentals, in return for 100% of the working interest before payout of the test well and 80% of the working interest of the test well after payout.

The well is being drilled to a depth of approximately 2,400 feet. According to technical data, the drilling zone shows indications for gas reservoirs in the 1.5 -- 3 BCF range. It is expected that the drill program will take several weeks, at which point the well will be logged to determine its productive potential.

Dan Bauer, CEO of Western Standard Energy, states: "We are very excited to be drilling the first well on the Starbuck Prospect with Coastal Petroleum. We believe this field has the potential to develop into a significant gas production unit and we expect this program to be the first of many in the area."

Phillip Ware, President and Chief Executive Officer of Coastal Petroleum commented, "We are very pleased to be drilling our first well with Western Standard Energy. We look forward to sharing results of this program with all shareholders upon the completion and testing of the well."

About Western Standard Energy Corp.

Western Standard Energy Corp. is a publicly traded independent oil and gas exploration company with headquarters in London, England. Currently, Western Standard has a Farmout Agreement with Coastal Petroleum Company, for leases on approximately forty-two thousand (42,000) acres in Valley County Shallow Gas Assembly in the state of Montana. Western Standard aims to secure and develop a portfolio of oil and gas properties throughout the Central and Western United States of America. Western Standard Energy Corp. is a publicly traded company and trades on the NASD OTC BB under the ticker symbol: WSEG.

Western Standard Energy Corp.

Dan Bauer, President

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include that we hope that the Starbuck Prospect will demonstrate similar characteristics to successful wells in the region, the Company's belief that we can participate in the exploration of those properties; the future development potential of our license in the Valley County Montana Project, that we hope to secure and develop a portfolio of oil and gas properties throughout the Central and Western United States of America; and that we intend on drilling our first test well in the immediate future to begin the process of proving out the prospect. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.

Source: Business Wire

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