WaveForm Energy Ltd.

WaveForm Energy Ltd.

January 10, 2005 16:47 ET

WaveForm Energy to Commence Trading and Spuds First Well


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WAVEFORM ENERGY LTD.

TSX VENTURE SYMBOL: WE.A
TSX VENTURE SYMBOL: WE.B

JANUARY 10, 2005 - 16:47 ET

WaveForm Energy to Commence Trading and Spuds First
Well

CALGARY, ALBERTA--(CCNMatthews - Jan. 10, 2005) - WaveForm Energy Ltd.
(TSX VENTURE:WE.A) (TSX VENTURE:WE.B) ("WaveForm") is pleased to
announce the completion of its prospectus financing that successfully
raised an aggregate amount of $10,632,000. In the closings for the
prospectus financing, a total 10,632 Units were subscribed for at a
price of $1,000 per Unit. WaveForm also announces that the TSX Venture
Exchange has issued a bulletin to list all the securities of WaveForm
for trading commencing on Tuesday, January 11, 2005 under the symbols
WE.A and WE.B for the Class A Shares and the Class B Shares,
respectively.

WaveForm announces the spudding of its first well on January 6, 2005 in
southeast Saskatchewan in WaveForm's Torquay-Tableland play. The well is
a horizontal test into the Bakken Formation and drilling is expected to
be completed by the first week of February, 2005.

The company also announces that the Board of Directors approved the
granting of stock options to officers, directors, employees and
consultants of the company. Options to purchase 1,720,000 Class A Shares
of WaveForm at an exercise price of $0.40 per share were issued by the
company. The options are for a term of five years with vesting
provisions.

WaveForm is a junior oil and gas company focused on the acquisition,
exploration, exploitation and development of oil and natural gas in
western Canada with a particular emphasis on exploration in the Bakken
Formation in the Torquay-Tableland area of southeastern Saskatchewan
where WaveForm has substantial interests in 45 Sections of Crown and
Freehold lands.

ADVISORY: Certain information regarding WaveForm Energy Ltd. including
management's assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with oil and gas exploration,
production, marketing and transportation such as loss of market,
volatility of prices, currency fluctuations, imprecision of reserve
estimates, environment risks, competition from other producers and
ability to assess sufficient capital from internal and external source.
As a consequence, actual results may differ materially from those
anticipated in the forward-looking statements.



18,807,867 Class A Shares
935,616 Class B Shares


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    WaveForm Energy Ltd.
    Donald K. Rae
    President and Chief Executive Officer
    (403) 538-2121
    (403) 538-2122 (FAX)
    Email: don@waveformenergy.com
    or
    WaveForm Energy Ltd.
    Michael V. Little
    Manager of Business Development
    (403) 538-2121 or Cellular: (403) 990-3685
    (403) 538-2122 (FAX)
    Email: mike@waveformenergy.com
    or
    WaveForm Energy Ltd.
    Petro Canada Tower
    Suite 3000, 150 - 6th Avenue S.W.
    Calgary, Alberta T2P 3Y7
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.