Waldron Energy Corporation

Waldron Energy Corporation

February 17, 2011 07:00 ET

Waldron Energy Announces Successful Well Results

CALGARY, ALBERTA--(Marketwire - Feb. 17, 2011) - Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") is pleased to announce that its Strachan 7-29-37-8W5 well has been completed and has tested at 6.2 MMcf per day plus expected liquids of 30 – 40 bbls/mmcf out of the Ellerslie and Glauconite formations. The 100% interest well is expected to be on production by the end of March 2011. Additionally, the Corporation has drilled and logged the Ricinus 12-11-36-9W5 well (the "12-11 well") and will be casing the well as a 100% interest Ellerslie well. The 12-11 well is expected to finish completion operations within the next two weeks. Waldron is also currently deepening an existing wellbore at Strachan 14- 30 -37-8W5 (the"14-30 well") targeting the Ellerslie with an 83% working interest. The deepening and completion operations at the 14-30 well are expected to be finished by mid March 2011. All three wells are vertical wells and are expected to be placed on production by March 31, 2011.

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 liquids content and production from the 7-29-37-8W5 well; current production rates; expected casing date; and estimated number of days to complete the 12-11-36-9W5 well and the 14- 30 -37-8W5 deepening. 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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