Waldron Energy Corporation

Waldron Energy Corporation

June 28, 2011 07:00 ET

Waldron Energy Announces Operational Update

CALGARY, ALBERTA--(Marketwire - June 28, 2011) - Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") announces that its Strachan 2-29-37-8W5 horizontal well (the "2-29 well") has been successfully repaired and fracture stimulated. The well is currently flowing from the Glauconite Formation at rates up to 8 MMscf/d on cleanup. The well is 100% owned by Waldron.

The results of the 2-29 horizontal well were previously press released and in the original attempt to fracture stimulate the well, a crack occurred in the liner. The crack in the liner has been successfully repaired as budgeted and six additional stages of the fracture were placed. The 2-29 well is tied in and Waldron expects that it will be able to produce at unrestricted rates as early as July 30th when the Corporation's natural gas handling capability at Strachan is expected to be increased to 15 MMscf/d.

Waldron previously released that it drilled the Ricinus 4-12-36-9W5 vertical drill well (the "4-12 well") as a successful Viking/Ellerslie well. As weather permits, the Corporation is planning to move the drilling rig from the 4-12 well to its Ferrybank 1-6-43-27W4 location (the "1-6 well") which is a horizontal well targeting the Falher Formation. The 1-6 and 4-12 wells are expected to be completed and tied in within the next thirty to forty days.

Investor Information

Waldron is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are currently listed on the Toronto Stock Exchange under the trading symbol "WDN." Additional information regarding Waldron is available under the Corporation's profile at www.sedar.com or at the Corporation's website, www.waldronenergy.ca.

Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.

Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to the 2-29 well, the 4-12 well and the 1-6 well, including cleanup rates; expectation of production at unrestricted rates of up to 15 MMcf/d; the timing of operations; and geological targets. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties, and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Waldron believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Waldron does not undertake any obligation to publicly update or revise any forward-looking statements.

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