West Isle Energy Inc.

April 20, 2011 18:11 ET

West Isle Energy Inc. Announces Non-Brokered Private Placement and Operations Update

CALGARY, ALBERTA--(Marketwire - April 20, 2011) -


West Isle Energy Inc. ("West Isle") (CNSX:WEI) announces that it has completed an arm's length, non-brokered private placement financing of $199,950 by the issuance of 1,333,000 units ("Non-brokered Units") at $.15 each where each Non-brokered Unit is comprised of one Common Share and one half of a warrant ("Non-brokered Warrant") and a full Non-brokered Warrant entitles the holder to purchase one additional Common Share at the price of $0.25 each. The exercise period for the Non-brokered Warrants is 18 months from the date of issuance, subject to a shortened expiry period in the event the Common Shares of West Isle trade at or above $0.40 each for more than 20 consecutive days. The proceeds will be used to pay outstanding accounts of the Corporation and costs to complete the Reto acquisition referred to in the Corporation's news release of April 18, 2012.

Operations Update:

Provost Alberta- West Isle as operator has re-equipped its oil wellat 102/07-033-39-2W4M and it is now on-stream. Production is 7 barrels of oilper day and West Isle has a 30%WI. The well was shut in for the past two yearsuntil contracts and joint venture issues could be resolved in order to enhance theprofitability of the well. West Isle plans to complete its offsetting Water disposal well at 9-33 and to shoot a 3D seismic survey over this discovery prior to drilling further wells.

Evi, Alberta- West Isle hasparticipated in the drilling and casing of an eighth oil well in the Evi area of northern Alberta. The new well was successfullycompleted and tested and placed on production effectiveMarch 2011. This is the eighth oil well for WEI et al in Evi and the second Eviwell placed on stream this quarter. Previous West Isle et alEviwells are producing from the GraniteWash or Slave Point formations and initial production ranges from 30bopd to250bopd. West Isle has a 3.1% working interest in this project.

For more information about West Isle visit the website www.westisleenergy.com, 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 the 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. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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