Wild Stream Exploration Inc. Announces Significant Southwest Saskatchewan Property Acquisition and $89 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - April 25, 2011) -

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Wild Stream Exploration Inc. ("Wild Stream" or the "Company") (TSX VENTURE:WSX) is pleased to announce that Wild Stream has entered into an agreement to acquire focused, high working interest, operated producing oil and gas assets (the "Property Acquisition") in southwest Saskatchewan from an energy producer. The acquisition will add material production, reserves and undeveloped land in our core Shaunavon and Dodsland resource oil plays.

SUMMARY OF THE PROPERTY ACQUISITION

Wild Stream is acquiring 1,800 boepd (75% oil) of production for total consideration of approximately $175 million (subject to customary closing adjustments and approvals) consisting of $160 million of cash and the issuance of 1.3 million common shares of Wild Stream.

The properties to be acquired have a 75% average working interest, are 90% operated and have extensive associated infrastructure. Substantially all of the existing production is connected to underutilized oil and gas processing facilities that will allow further development with minimal related infrastructure expenditures.

The acquired properties have the following characteristics:

TRANSACTION METRICS

Net of the internally estimated land value of $30 million the transaction metrics are as follows:

National Bank Financial Inc. acted as Wild Stream's sole financial advisor with respect to the Property Acquisition.

EQUITY FINANCING

To fund the acquisition of the properties, Wild Stream has entered into an agreement, on a bought deal basis, with a syndicate of underwriters, led by National Bank Financial Inc. and including Peters & Co. Limited, FirstEnergy Capital Corp., Paradigm Capital Inc., CIBC World Markets Inc., GMP Securities L.P., Scotia Capital Inc. and Desjardins Securities Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale to the public, 7,700,000 subscription receipts of Wild Stream ("Subscription Receipts") at price of $11.55 per Subscription Receipt for gross proceeds of $88.9 million (the "Financing"). In addition, the Underwriters have been granted an over-allotment option, exercisable for a period of 30 days following closing of the Financing, to purchase a further 770,000 Subscription Receipts, at a price of $11.55 per Subscription Receipt for additional gross proceeds of $8.9 million.

The entire gross proceeds of the Financing (the "Escrowed Funds") shall be held in escrow pending completion of the Property Acquisition. Upon closing of the Property Acquisition, each holder of a Subscription Receipt shall receive one (1) Common Share without any further action or payment of any additional funds, and the Escrowed Funds shall be released to Wild Stream. If the Property Acquisition is not completed by June 30, 2011, the escrowed funds and any interest earned thereon will be returned to the holders of Subscription Receipts.

Closing of the Financing is subject to customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV"). Closing is expected to occur on or about May 17, 2011.

STRATEGIC RATIONALE

The Property Acquisition allows Wild Stream to continue the exploitation of underdeveloped Upper Shaunavon pools and to extend the boundaries of the Company's Lower Shaunavon and Dodsland Viking resource oil fairways.

The Property Acquisition adds in excess of 50 potential drilling locations in the Upper Shaunavon formation. Based on internal estimates the Property Acquisition has defined Upper Shaunavon oil pools with Discovered Petroleum Initially in Place ("DPIIP") in excess of 150 million barrels. To date these pools have recovered less than 10% of the DPIIP. Through the implementation of horizontal multi-frac technology and waterflood optimization, similar to Wild Stream's existing success in the Upper Shaunavon, it is feasible that recovery factors in excess of 20% can be achieved. Our cumulative unbooked inventory in the Upper Shaunavon formation has now increased to 130 net wells.

Recent drilling in close proximity to the Property Acquisition has indicated an extension of the Lower Shaunavon resource oil fairway on to a significant portion of these lands. Wild Stream has identified the potential for in excess of 60 Lower Shaunavon horizontal locations. The Property Acquisition lands adjoin the 15,000 net acres that Wild Stream acquired at the April 11, 2011 Saskatchewan crown land sale. Cumulatively, Wild Stream's net unbooked drilling inventory in the Lower Shaunavon has now increased to in excess of 200 wells.

In the Dodsland area the Property Acquisition includes an estimated 50 net drilling locations. The lands complement the 20,000 net acres acquired at the April 11, 2011 Saskatchewan crown land sale and the recent exploration success in the vicinity of those lands. Wild Stream's net unbooked drilling inventory has climbed to in excess of 250 wells in this area.

Wild Stream's multiyear inventory, proven execution abilities and commitment to prudent fiscal management should allow your company to see meaningful per share growth for the foreseeable future. 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. More particularly, this press release contains forward looking statements concerning the closing of the Property Acquisition and financing the use of proceeds for the Offering, the nature of the assets to be acquired pursuant to the Property Acquisition, the increase of Wild Stream's capital budget and 2011 exit guidance, Wild Stream's drilling plans, future growth plans, reserves and values attributable thereto and Wild Stream's growth strategy. In addition, the use of any of the words "guidance", "initial, "scheduled", "will", "prior to", "estimate", "anticipate", "believe", "potential", "should", "unaudited", "forecast", "future", "continue", "may", "expect", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, Wild Stream's growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company 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 reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations, a failure to realize the anticipated benefits of the Property Acquisition, a lack of availability of qualified personnel, a failure to obtain any required regulatory approvals, inability to access sufficient capital from internal or external sources, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in the Company's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.comor Wild Stream's website www.wildsr.com.

Certain estimates of DPIIP have been presented in this press release. All estimates of resources presented in this press release have an effective date of April 1, 2011 and represent estimates of oil resources determined by internal "qualified reserves evaluators" of Wild Stream as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The resource estimates prepared herein have not been evaluated or audited by an independent qualified reserves evaluator. DPIIP is defined in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") as the quantity of hydrocarbons that are estimated to be in place within a known accumulation, prior to production. There is no certainty that it will be economically viable or technically feasible to produce any portion of the DPIIP except for those portions already produced or identified in the December 31, 2010 Sproule Report as P+P Reserves. At this time all of the DPIIP that has not already been produced or classified as reserves would be classified as Unrecoverable DPIIP. None of the DPIIP can presently be classified as Contingent Resources, due to the fact that technical studies have not been performed in order to quantify such additional volumes or to define a project for the recovery of such resources. Unrecovered DPIIP is defined in the COGE Handbook as is that portion of DPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks.

Certain drilling and recompletion opportunities have been identified herein by management of the Company. Certain of the drilling opportunities identified have no associated reserves or resources which can presently be classified as recoverable. As such the initial rates of production identified do not represent estimates of future production associated with the drilling opportunities. The initial rates of production and the capital costs associated with drilling and recompletion identified herein are based on analogous public information received from other producers using similar technologies as Longview intends to use in the same or similar areas and formations which form part of the Property Acquisition. No resources will be recovered from the drilling opportunities identified which have no associated reserves unless commercial circumstances change and/or management of Wild Stream is able to successfully employ the application of unconventional or conventional technologies.

The forward-looking statements contained in this press release are made as of the date hereof and the Company 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.

Meaning of Boe: When used in this press release, Boe means a barrel of oil equivalent on the basis of 1 Boe to 6 thousand cubic feet of natural gas. Boe per day means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.