Wescorp Energy Inc.
OTC Bulletin Board : WSCE

Wescorp Energy Inc.

May 16, 2006 09:20 ET

Wescorp Releases First Quarter 2006 Results Reporting Record Increases in Same and Sequential Quarter Sales

EDMONTON, ALBERTA--(CCNMatthews - May 16, 2006) - Wescorp Energy Inc. (OTCBB:WSCE) is pleased to announce it has filed its Form 10-QSB report for the fiscal first quarter period ending March 31, 2006.

Highlights from the report include:

- 74% higher first quarter revenue of $1,079,343 in 2006 versus $620,595 in 2005

- 69% sequential increase over fourth quarter 2005 revenue of $638,536

- 181% higher comprehensive income for the quarter of $520,526 versus a $645,793 loss in 2005

- 42% increase in investment asset value

- 18% increase in current asset and 17% increase in total asset values

- 54% increase in shareholder equity

"The first quarter of fiscal 2006 marked a turning point for our Company," stated Wescorp President and CEO Doug Biles. "Excluding costs not directly associated with revenue generating operations, our Flowstar division produced a small operating profit for the first time in that period. While revenue was strong and did not generate profit for Wescorp on a net basis, we expect Flowstar sales and profitability to get stronger throughout the year. Operating profits from increased sales should then start to contribute to self-sufficiency and expansion of the division. As such further sales professionals and higher inventory levels will be added to meet anticipated demand in Canada as we finalize details to launch our US Flowstar operations in the second quarter."

He went on to add, "On an overall basis, the Synenco stock we hold continues to add strength to our balance sheet increasing an additional 42% in value since our yearend 2005 report. As a liquid reserve those shares provide Wescorp a degree of financial flexibility we have not enjoyed before. Our Ellycrack joint-venture is progressing as expected with the completion of engineering for our pilot-plant and a focus on accelerating our time-to-market. We also realized an important addition to our Board with the appointment of Robert Nicolay after the reporting period ended who will be instrumental in developing key strategies and relationships as we go forward. In summary, our first quarter represents what should be the beginning of a breakout stage of growth we expect will continue for the foreseeable future."

The entire first quarter report can be accessed from the Wescorp website at www.wescorpenergy.com or the SEC website at http://sec.gov/Archives/edgar/data/1069489/000106299306001363/form10qsb.htm.

About Wescorp

Wescorp Energy Inc. is a venture capital firm specializing in acquiring energy production and transport technology. We make early strategic investments in oil and gas related businesses in aggressive growth sectors with large emerging markets that have yet to be fully exploited. Our focus is on technologies that improve the management, environmental and economic performance of conventional and unconventional field operations. Our Flowstar division produces advanced gas flow metering devices that deliver greater accuracy, lower overall costs and virtually no maintenance requirement. Our Ellycrack joint-venture is currently developing an advanced low-energy, low-cost upgrading technology based on converting kinetic energy to crack heavy-oil and tar-sands into lighter more valuable grades of crude. Wescorp shares currently trade on the OTCBB under the symbol "WSCE."

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.

Contact Information

  • Wescorp Energy Inc.
    Nino Plava
    Vice-President Investor Relations & Corporate Communications
    Office: (403) 206-3990 or Toll Free: (877) 247-1975
    Direct: (403) 262-0756 or Cell: (403) 999-9916 (FAX)
    Email: nplava@wescorpenergy.com
    Website: www.wescorpenergy.com