Welton Energy Corporation
TSX : WLT
TSX : WLT.DB

Welton Energy Corporation

November 01, 2007 18:31 ET

Welton Energy Corporation: Effect of Recently Announced Alberta Royalty Changes

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Welton Energy Corporation (TSX:WLT)(TSX:WLT.DB). The Alberta government has recently announced proposed changes to royalties payable on all Crown mineral rights. These proposals, if enacted as stated on January 1, 2009, will have effects on the Company's net operating income. The nature and extent of these royalty changes cannot be fully determined, as complete information has not yet been released by the government, and these changes are dependent on prices, mix of oil and gas production, and production rates, as well as depth of wells.

Currently, approximately 55% of our production is in the province of Saskatchewan, and therefore not subject to the Alberta royalty changes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common shares in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933, as amended or the securities laws of any state, and may not be offered or sold in the United States, or to a U.S. person, unless an exemption from the registration requirement is available.

Cautionary Statements

Certain information set forth in this document contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of the preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Welton's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 Welton will derive therefrom. Welton disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A barrel of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent. A boe conversion may be misleading, particularly if used in isolation, as it is based on an energy equivalency conversion method primarily applicable at the burner tip and may not represent a value equivalency at the wellhead.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Welton Energy Corporation
    Donald A. Engle
    President & Chief Executive Officer
    (403) 215-4747
    or
    Welton Energy Corporation
    Giles Twogood
    Acting Vice President, Finance
    (403) 215-4750
    Website: www.weltonenergy.com