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2008 HIGHLIGHTS
* The Corporation had a positive working capital of $229,592 as at December 31, 2008 up from a working capital of $94,480 as at December 31, 2007.
* Drilled and tied in one producing oil well located at Provost 07-33-39-02W4, which West Isle is the operator and has a 30% working interest.
* Drilled and cased one well located at Provost 09-33-39-02W4, which West Isle is the operator and has a 30% working interest.
* Continued to negotiate with another industry Corporation to re-complete the Edmonton Sand zone in the Pembina 05-19-048-08W5.
* During the last quarter of 2008, the Corporation sold a copy of its Leader, Saskatchewan seismic data for $81,783.
* During the last quarter of 2008, the Corporation saw its royalty revenue increase in the Huxley coal bed methane wells.
SELECTED ANNUAL INFORMATION
YEAR ENDED
2008 2007 2006
FINANCIAL
Revenue (net of royalties) $ 912,221 $ 611,014 $ 546,901
Funds from 0perations* $ 225,660 $ (224,000) $ 142,563
Per share (basic) $ 0.06 $ (0.06) $ 0.04
Per share (diluted) $ 0.06 $ (0.06) $ 0.04
Net loss $ (99,738) $ (462,727) $ (219,444)
Per share (basic) $ (0.02) $ (0.11) $ (0.06)
Per share (diluted) $ (0.02) $ (0.10) $ (0.06)
Total assets $ 1,822,12 $ 1,823,407 $1,937,165
2008 2007 2006
OPERATING
Production
Oil & NGLs (Bbls per day) 10 10 11
Natural gas (Mcf per day) 156 129 76
Barrels of oil equivalent
(boe per day) 35 32 24
Average selling prices
Oil and NGLS ($ per Bbl) $ 95.21 $ 61.21 $ 63.20
Natural gas ($ per Mcf) $ 8.59 $ 5.42 $ 7.38
Barrels of oil equivalent
($ per boe) $ 58.57 $ 41.71 $ 53.15
SHARES OUTSTANDING
End of year
Basic 4,124,529 4,124,529 3,627,029
Diluted 4,124,529 4,124,529 3,627,029
Weighted average - end of year
Basic 4,124,529 3,907,194 3,428,181
Diluted 4,124,529 3,907,194 3,428,181
RESULTS OF OPERATIONS - 2008
The following is a brief summary of the reserve data as at December 31, 2008.
SUMMARY OF RESERVES
FORECAST VALUES
DECEMBER 31, 2008
------------------------------------------------------------------------
Company Gross Company Net
------------------------------------------------------------------------
Oil Oil
------------------------------------------------------------------------
Light & Light &
Medium Heavy Gas NGL Medium Heavy Gas NGL
------------------------------------------------------------------------
MSTB MSTB MMcf MSTB MSTB MSTB MMCF MSTB
Proven Producing 10.6 - 259.0 4.3 11.1 - 307.0 3.3
Proven Developed
(Non-Producing) - - - - - - - -
------------------------------------------------------------------------
Total Proven 10.6 - 259.0 4.3 11.1 - 307.0 3.3
------------------------------------------------------------------------
Probable 3.6 - 99.0 - 3.4 - 85.0 -
------------------------------------------------------------------------
Total Proven Plus
Probable 14.2 - 358.0 4.3 14.5 - 392.0 3.3
------------------------------------------------------------------------
TOTAL COMPANY INTERESTS (FORECAST VALUES)
CUMULATIVE CASH FLOW IN THOUS OF $ (CDN)
DECEMBER 31, 2008
-------------------------------------------------------------------------
Discounted
------------------------------------------
Undisc 5% 10% 15% 20%
-----------------------------------------------------
Proven Producing 2,447.0 2,065.0 1,781.0 1,564.0 1,393.0
Proven Developed
(Non-Producing) - - - - -
-----------------------------------------------------
Total Proven 2,447.0 2,065.0 1,781.0 1,564.0 1,393.0
-----------------------------------------------------
Probable 638.0 467.0 359.0 285.0 234.0
-----------------------------------------------------
Total Proven Plus
Probable 3,085.0 2,532.0 2,140.0 1,849.0 1,627.0
-----------------------------------------------------
CANCELLATION OF STOCK OPTIONS
Subsequent to the year end, the Corporation's Board of Directors by resolution and with the written consent of the stock option holders cancelled the 370,000 stock options granted on February 10, 2008, because the Corporation's Stock Option Plan was not approved by the shareholders and the proper regulatory application for approval was not completed.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require West Isle and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of West Isle. Although West Isle believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
The CNSX has neither approved nor disapproved the contents of this press release. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Robert D. McLeay, President and Chief Executive Office
TEL: (403) 263-1977
Email: bob@westisleenergy.com
Source: West Isle Energy Inc. (TSX-V: WEI) http://www.westisleenergy.com
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