West Isle Energy Inc.
CNSX : WEI

December 20, 2011 13:24 ET

Appointment of Mr. Belseck as CFO of West Isle.

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2011) -

CORPORATE:

West Isle Energy Inc. ("West Isle") (CNSX:WEI) announces that the Board of Director's has formerly appointed Mr. Faron Belseck- as CFO of the corporation. Mr. Belseck had been serving in that position prior to formal appointment. Mr. Belseck is a Certified Management Accountant having served as Controller and CFO in various former oil and gas and technology companies.

FINANCIAL:

West Isle Energy Inc. notifies shareholders and investors that the formerly announced "Best efforts financing by D&D securities out of Toronto to fund the Company's Colombian operations never came to fruition and has been dropped. West Isle is currently in negotiations with a London based investment firm to provide funding for the Colombian operations. The investment firm has now completed their Due Diligence on the Colombian Property. Further news may be forthcoming early in the New Year.

There is no guarantee that the transaction or the financing will conclude or on what terms and investors are cautioned against making important decisions based on such information.

A flow through share offering is being proposed to cover the cost of drilling the Evi wells as described below, and to recomplete an existing Provost oil well.

OPERATIONS:

West Isle has participated in the drilling of one new oil well in EVI Alberta and one Slave Point oil re-completion. Two further oil wells are proposed for early 2012 and West Isle has a 3.1% working interest in the wells.

West Isle has recompleted its Drayton Valley 5-19-48-8W5M Edmonton sand well by perforating and fracking the Edmonton zone. Little recovery was obtained on test and the well is in the process of being swabbed in an attempt to encourage it to flow.

West Isle has sold a package of very small working interests in 115 oil and gas wells in Albert and Saskatchewan to two parties-- one of which is a related party to West Isle. Mr. and Mrs. Mcleay, (Mr. Mcleay is the company president) participated for 50% in the purchase. Funds were used to drill the Evi well as mentioned above and to clear up trade payables. The sales price was $86,000 which was the highest of 5 bids received, and West Isle had an engineering value on it of $63,000. The properties had paid out long ago and the sale greatly simplifies the accounting at West Isle.

For more information about West Isle visit the Corporation's website www.westisleenergy.com or either the Listings Disclosure Hall at www.cnsx.ca or on SEDAR at www.sedar.com.

This release includes certain statements that may be deemed "forward looking statements". All statements in this release, other than statements of historical facts, which address future activities including the closing of the financing, exploration drilling and activity, and events or developments that the Corporation intends, plans, anticipates, believes, estimates or expects are forward looking statements. Actual results may differ materially. Although the Corporation believes such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market conditions and difficulties of raising funds in this economic environment, availability and costing of exploration contractors; exploration success; continued availability of capital government regulations, laws and charges; environmental developments; exploitation economics; and generally the economic, market, financial and business conditions in the present volatile and uncertain economic period. Investors are cautioned that any statements are not guarantees of future performance and actual results or developments may differ materially from those stated in the forward looking statements. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by West Isle Energy Inc. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

The CNSX Exchange accepts no responsibility for the adequacy or accuracy of this release.

Contact Information

  • West Isle Energy Inc.
    Robert D. McLeay
    President & CEO
    (403) 263 1977
    (877) 559 9506 (FAX)
    Cell: (403) 585-2479
    bob@westisleenergy.com