NEWS RELEASEWaldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") announces that its horizontal Strachan 2-29-37-8W5 well (the "2-29 well") has been drilled with completion operations ongoing. The 2-29 well was drilled to a measured depth of 4,064 meters in the Glauconite Formation with the length of the horizontal being 1,072 meters. The entire 1,072 meter horizontal leg encountered very good reservoir with 22 meters of vertical net pay, with approximately 400 meters of 12-15% porosity, 500 meters of 9-12% porosity and 150 meters of 6-9% porosity. Waldron initiated a ten-interval fracture stimulation program with the first two intervals being successfully stimulated. Subsequently, a crack occurred in the heel of the frac string and the remaining seven intervals were not stimulated. Currently, the 2-29 well is flowing up the 4 1/2 inch frac string on continuous production, at approximately 3.0 MMcf/d of liquids rich natural gas while recovering the frac oil with 31 MPa of down-hole pressure. The Corporation is planning on patching the frac string, at a budgeted cost of
.5 million, and will then continue to fracture stimulate the remaining intervals. The Corporation anticipates the timeframe to engineer and install the patch to be approximately 30 days with completion operations to follow.