West Isle Energy Inc. Announces Closing of Acquisition
Calgary, Alberta CANADA, Aug 20, 2009 (Filing Services Canada via COMTEX) --
Companies: Eagle Rock Exploration Ltd (EGKRF), Eagle Rock Exploration Ltd (ERX), West Isle Energy Inc (WEIFF)
West Isle Energy Inc. (WEI - CNQ), (WEI - CSNX), announces that is has closed the previously announced (August 10, 2009) arm's length Purchase and Sale Agreement with Eagle Rock Exploration Ltd. (TSXV: ERX) to acquire for itself (25%) and other working interest partners approximately 350 Mcfpd of natural gas production (35 boepd) and 2,560 acres of Alberta Crown leases in the Conrad area of southern Alberta for a cash consideration of $1,225,000. The acquisition comprises five, long-life gas wells producing from the 2WS and Barons Sand and there are future locations for 11 infill wells. West Isle acquired 25% of the acquisition and will act as operator. To fund the purchase West Isle disposed of some of its marketable securities. The transaction has an effective date of July 1, 2009.
West Isle is an Alberta based company, debt free and engaged in the exploration of oil and gas in western Canada with producing properties in Drayton Valley; Provost and Sylvan Lake areas of Alberta. West Isle has non-operated working interests in producing oil and gas wells in Evi, Enchant and Crystal/Pembina, all in Alberta and interests in oil wells in Manitou, Saskatchewan. West Isle also has royalty income from producing oil and gas wells and coal bed methane (CBM) wells in both Alberta and Saskatchewan and interests in a crown lease in the Fort Saint John /Inga South area of British Columbia.
West Isle has 4,124,529 common shares issued and outstanding.
For more information about West Isle visit the Corporation's website www.westisleenergy.com or either the Listings Disclosure Hall at www.cnsx.ca or on SEDAR at www.sedar.com.
boe presentation - For the purposes of calculating unit costs, natural gas is converted to a barrel of oil equivalent (boe) using ten thousand cubic feet equal to one boe unless otherwise stated. A boe is a very approximate comparative measure that, in some cases, could be misleading, particularly if used in isolation. Certain information set forth in this document, including management's assessment of each of the Corporation's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
"The CNSX Exchange neither endorses nor accepts responsibility for the adequacy or accuracy of this release."
For further information, please contact:
West Isle Energy Inc.
Robert D. McLeay, President & CEO
Telephone: (403) 263 1977
Telefax: (250) 656 4104
Cell: (403) 585-2479
Email: bob@westisleenergy.com
Source: West Isle Energy Inc. (CNSX: WEI) http://www.westisleenergy.com
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Companies: Eagle Rock Exploration Ltd (EGKRF), Eagle Rock Exploration Ltd (ERX), West Isle Energy Inc (WEIFF)
Related terms: acquisition, alberta, british columbia, canada, ceo, coal, commodity, currency, debt, email, energy, gasoline, natural gas, oil, oil and gas, president, prices, saskatchewan, securities
