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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 theRocheford27-1 Lodgepole Reef Prospect located in Stark County, NorthDakota.
Thenew prospect would mark the company's seventhLodgepole Reef propertylocated in North Dakota's Bakken Formation. TheLodgepole Prospect isthe third area that Western Standard is involvedwith in the BakkenFormation.
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 andgasexploration company. The company aims to secure and develop aportfolioof oil and gas properties throughout the Central and WesternUnitedStates of America.
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WILLISTON, N.D., Apr 16, 2008 (BUSINESS WIRE) --
WesternStandardEnergy Corp., (OTCBB:WSEG) (hereafter "Western Standard" or"theCompany"), an oil and gas exploration company, is pleased toannounceits second drilling permit from the Bureau of Land Management,adepartment of the U.S. Department of the Interior. The permitwasgranted to its operator partner, Coastal Petroleum, for a secondwellon the Starbuck East prospect in Valley County, Montana. Thepermitpertains to a well location at Federal 1-21, which is a step-outwellfrom the exploration well at Federal 1-19 drilled toapproximately1,000 feet in October, 2007, and currently remains on holdforcompletion and testing due to Federal land restrictions on accessandusage until July 1 based on environmental and wildlife obligations.
Thetimingof the permit came prior to the recent results of a USGeological Survey("USGS") report that assessed the Undiscovered OilResources in theWilliston Basin where Western Standard has a 50%interest in theStarbuck East Prospect, as well a 25% interest in aState Lease, bothareas combined to approximately 100,000 acres inValley County, Montana.This is in addition to the company's 8Lodgepole Reef prospects withinthe Williston Basin, in North Dakota.
Accordingto the reportreleased on April 10 by the USGS, "North Dakota andMontana have anestimated 3.0 to 4.3 billion barrels of undiscovered,technicallyrecoverable oil in an area known as the Bakken Formation."This estimateshows a significant leap from an estimate made by thegovernment agencyduring its last assessment of the area in 1995, whichshowed a potentialrecoverable 151 million barrels of oil.
"Uponsuccessfulcompletion of our exploration well at the Federal 1-19, weplan to drilla second well on the Starbuck East lease at Federal1-21," stated DanBauer, President and CEO of Western Standard Energy."With the recentassessment by the USGS on the potential for this area,we have plans forfurther land acquisitions and will continue to assessopportunities toexploit 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")
WesternStandardEnergy Corp. is an independent oil and gas explorationcompany. TheCompany aims to secure and develop a portfolio of oil andgas propertiesthroughout the Central and Western United States ofAmerica. The Companyis a publicly traded company and trades on the OTCBB under the tickersymbol: 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