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WSEG.OBB
Western Standard Energy To Buy North Dakota Prospect
Apr 20, 2008 (financialwire.net via COMTEX News Network) --
April18, 2008 (FinancialWire) Oil and gas explorer Western Standard EnergyCorp., (OTCBB: WSEG) has signed a memorandum of intent to acquire theRocheford 27-1 Lodgepole Reef Prospect located in Stark County, NorthDakota.
The new prospect would mark the company's seventhLodgepole Reef property located in North Dakota's Bakken Formation. TheLodgepole Prospect is the third area that Western Standard is involvedwith in the Bakken Formation.
Accompanying this play areWestern Standard's Starbuck East and State Lease Prospects in Montana,also located on the Bakken Formation.
Williston, NorthDakota-based Western Standard Energy is an independent oil and gasexploration company. The company aims to secure and develop a portfolioof oil and gas properties throughout the Central and Western UnitedStates of America.
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WILLISTON, N.D., Apr 16, 2008 (BUSINESS WIRE) --
WesternStandard Energy Corp., (OTCBB:WSEG) (hereafter "Western Standard" or"the Company"), an oil and gas exploration company, is pleased toannounce its second drilling permit from the Bureau of Land Management,a department of the U.S. Department of the Interior. The permit wasgranted to its operator partner, Coastal Petroleum, for a second wellon the Starbuck East prospect in Valley County, Montana. The permitpertains to a well location at Federal 1-21, which is a step-out wellfrom the exploration well at Federal 1-19 drilled to approximately1,000 feet in October, 2007, and currently remains on hold forcompletion and testing due to Federal land restrictions on access andusage until July 1 based on environmental and wildlife obligations.
Thetiming of the permit came prior to the recent results of a USGeological Survey ("USGS") report that assessed the Undiscovered OilResources in the Williston Basin where Western Standard has a 50%interest in the Starbuck East Prospect, as well a 25% interest in aState Lease, both areas combined to approximately 100,000 acres inValley County, Montana. This is in addition to the company's 8Lodgepole Reef prospects within the Williston Basin, in North Dakota.
Accordingto the report released on April 10 by the USGS, "North Dakota andMontana have an estimated 3.0 to 4.3 billion barrels of undiscovered,technically recoverable oil in an area known as the Bakken Formation."This estimate shows a significant leap from an estimate made by thegovernment agency during its last assessment of the area in 1995, whichshowed a potential recoverable 151 million barrels of oil.
"Uponsuccessful completion of our exploration well at the Federal 1-19, weplan to drill a second well on the Starbuck East lease at Federal1-21," stated Dan Bauer, President and CEO of Western Standard Energy."With the recent assessment by the USGS on the potential for this area,we have plans for further land acquisitions and will continue to assessopportunities to exploit the production potential of our currentprospects."
The results of the assessment can be downloaded from the US Geological Survey website at: https://pubs.usgs.gov/fs/2008/3021/.
About Western Standard Energy Corp. (the "Company")
WesternStandard Energy Corp. is an independent oil and gas explorationcompany. The Company aims to secure and develop a portfolio of oil andgas properties throughout the Central and Western United States ofAmerica. The Company is a publicly traded company and trades on the OTCBB under the ticker symbol: WSEG. Shareholders are invited to contactcorporate communications toll free at (888) 956-7843 for furtherinformation or to visit our website at www.western-standard.com.
Western Standard Energy Corp.
Dan Bauer, President
C) 2008 fina
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