Wild Stream Exploration Inc.
TSX VENTURE : WSX

December 09, 2010 11:37 ET

Wild Stream Exploration Inc. Announces Shaunavon Exploration Success and Land Sale Results

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - Wild Stream Exploration Inc. ("Wild Stream") (TSX VENTURE:WSX) Wild Stream is pleased to announce a successful exploration program and land sale purchase in its core area of Shaunavon, in southwest Saskatchewan.

Wild Stream drilled two exploration wells in the Shaunavon area ahead of the December 6, 2010 crown land sale. Both wells showed positive oil production results. Based on the success of the exploration wells, Wild Stream was active at the December 6, 2010 land sale and purchased approximately 45 net sections of land in the area of the exploration success for a total consideration of $20.2 million.

Based on our internal estimates, the lands have greater than 60 net risked horizontal oil drilling locations of which approximately 10 will be drilled in 2011. The success of the land sale has resulted in Wild Stream increasing its 2010 capital program budget guidance to a total of $120 million.

As a result of the land sale Wild Stream's total net acreage position in our core Shaunavon area has expanded by 75% to greater than 100 net sections.

Wild Stream continues to be a pure play resource oil company. We have a defined resource oil drilling inventory that includes in excess of 460 net horizontal oil locations representing in excess of $600 million of potential capital expenditures. This multi-year inventory sets the stage for continued growth for 2011 and beyond. 

We remain committed to increasing shareholder value through a combination of exploration, strategic acquisitions and subsequent exploitation while maintaining a conservative approach to balance sheet management.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements concerning the expansion of its capital budget and potential increases in drilling activity. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Wild Stream, including expectations and assumptions concerning future drilling locations, the success of future drilling and development activities and, the performance of new wells. Although Wild Stream believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forwardlooking statements because Wild Stream can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this document are made as of the date hereof and Wild Stream undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Wild Stream Exploration Inc.
    Mr. Neil Roszell
    President and Chief Executive Officer
    403-767-1250
    403-232-8083 (FAX)
    or
    Wild Stream Exploration Inc.
    Mr. Jerry Sapieha, CA
    Vice President, Finance and Chief Financial Officer
    403-767-1265
    403-232-8083 (FAX)