WaveForm Energy Ltd.
TSX VENTURE : WE.A
TSX VENTURE : WE.B

WaveForm Energy Ltd.

June 04, 2007 16:22 ET

WaveForm Energy Announces Quarterly Results

CALGARY, ALBERTA--(Marketwire - June 4, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

WaveForm Energy Ltd. (TSX VENTURE:WE.A) (TSX VENTURE:WE.B) ("WaveForm" or the "Company") is pleased to announce that it has filed its Financial Statements and Management's Discussion and Analysis for the three month period ended March 31, 2007 on SEDAR at www.sedar.com. Highlights for the first quarter are set out below.

First Quarter 2007 Highlights

- Restructured management team and Board of Directors

- Completed Private Placement for proceeds of $4 million

- Raised additional funds of $1.5 million through conversion of warrants date

- Entered into agreement to acquire Stone Castle Exploration which was completed after the quarter

- Extended senior secured loan facility term to December 31, 2007

- Repaid $2 million of senior secured loan facility; paid off $1.6 million debt of Stone Castle by increasing secured loan by $1 million to $9 million after the quarter

- Entered into a farm out agreement with a major partner to explore the Company's Tableland properties

- Generated oil and gas revenues of $1,045,200, and net income of $395,334 resulting principally from future income tax reduction on flow through obligations

- Averaged sales production of 220 boe/d of oil and gas for the period

- Current average sales production of approximately 300 boe/d after payout of a Ferrier well.

About WaveForm Energy

WaveForm is a newly recapitalized junior oil and gas company focused on exploration and development of oil and natural gas in Alberta and Saskatchewan.

READER ADVISORY

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

BOEs 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.

82,219,131 Class A Shares

935,616 Class B Shares

The TSXV has neither approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

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