SOURCE: Wysak Petroleum Inc.

March 17, 2005 09:00 ET

Wysak Petroleum Reports on Current Status

SEATTLE, WA -- (MARKET WIRE) -- March 17, 2005 -- Wysak Petroleum (OTC: WYSK) secured its first two federal government leases in western Wyoming. Both leases are located in active oil- and natural gas-rich basins. The first 600-acre lease is centered in the Green River Basin region. This is one of the most active fossil fuel areas in the state of Wyoming. Major exploration and development firms operate all around Wysak's Green River lease. Operators include Exxon Mobile, Duke Energy, and Williams Gas.

The second lease is found in the northern section of Wyoming in the Bighorn River Basin. The Bighorn Lease is a 776-acre land parcel nestled along the western edge of the Basin.

Wysak secured two additional leases in the CoalBed Methane play area of Wyoming's Powder River Basin. Numerous large petroleum and exploration firms operate here as well; they include Devon energy and Western Gas among others.

About Wyoming Oil & Gas and CoalBed Methane(CBM)

In 2002, Wyoming ranked second in the U.S. in proved reserves of natural gas and seventh in proved reserves of crude oil. Collectively over 26,000 wells produced 54.7 million barrels of oil and 1.75 trillion cubic feet of natural gas. Proved reserves of natural gas were at an all-time high of 18.4 trillion cubic feet, while proved reserves of crude oil were 489 million barrels.

Reserves of CBM in the Powder River Basin are estimated at 31.8 trillion cubic feet. Nearly 100 wells are being drilled each week, and the gas companies say the entire 8 million-acre basin could have 50,000 to 100,000 producing wells before they are finished. This is the largest onshore natural gas play in North America within the last ten years.

About Wysak Petroleum

Wysak is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air alternative energy producing technologies. Wysak trades in the U.S. under the symbol "WYSK."

This material includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the companies believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in their businesses are set forth in the filings with the Securities Commissions.

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