Wescorp Energy Inc.
OTC Bulletin Board : WSCE

Wescorp Energy Inc.

August 14, 2006 14:40 ET

Wescorp Continues Strong Growth With Second Quarter 2006 Results

EDMONTON, ALBERTA--(CCNMatthews - Aug. 14, 2006) - Wescorp Energy Inc. (OTCBB:WSCE) is pleased to announce it has filed its Form 10-QSB report for the fiscal second quarter period ending June 30, 2006.

Highlights from the report compared to corresponding 3 and 6-month periods for fiscal 2005 include:

- 127% higher second quarter revenue of $981,447 versus $431,428 in 2005

- 96% higher 6-month revenue totaling $2,060,790 versus $1,052,022 for the same period 2005

- 66% increase in comprehensive income for the 6-months ending of $2,644,208

- 39% increase in the value of investment assets from year-end 2005 to $3,991,699

- 16% increase in current assets and 14% increase in total assets from year-end 2005

- 19% increase in shareholder equity from year-end 2005

Commenting on the results, Wescorp President & CEO Doug Biles stated, "The second quarter of 2006 continues to demonstrate strength within our Flowstar division that we expect to continue to grow through the remainder of this year in current markets. To date we have nearly surpassed all sales realized for fiscal 2005 confirming that this should be a breakout year for the division. With the pending launch our U.S. operations we expect that growth to further accelerate as we capitalize on sales opportunities that await us in that market in 2007."

Adding further, "Our agreement with Ellycrack AS in June to lend us and transfer the Viscositor test-plant from Norway to Canada should accelerate our final development efforts for the upgrader technology as well. Once we confirm it meets all applicable safety and environmental standards to affect the transfer, we can commence our schedule of continuous testing for subsequent commercial introduction of the technology which we expect to conclude by year-end. Overall we had another good quarter which continues to build on the material momentum we first started to realize at the end of last year."

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/1069489/000106299306002390/form10qsb.htm.

About Wescorp

Wescorp Energy Inc. (www.wescorpenergy.com) specializes in acquiring and developing 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 Technologies Inc. division (www.flowstardcr.com) produces advanced natural gas and gas liquids measuring devices based on a patented turbine-based Digital Chart Recorder (DCR) metering system. DCR meters are self-contained energy-efficient units with integrated flow computers that are more accurate, easy to install and cost-effective than conventional flow-metering systems. They install directly near the well-head and do not require external power, metering loops, heated shelters or alcohol injectors to protect them from weather condition to -50 degrees C.

Our Ellycrack joint-venture (www.ellycrack.com) is currently developing an advanced low-energy, low-cost upgrading technology based on converting kinetic energy to crack heavy-oil and tar-sands bitumen into lighter more valuable grades of synthetic crude.

Wescorp shares currently trade on the NASD-OTCBB Exchange 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: 1-877-247-1975
    Direct: (403) 262-0756 or Cell: (403) 999-9916
    Email: nplava@wescorpenergy.com