Total Revenue for the Second Quarter was up 100% over Q2, 2007

Calgary, Alberta CANADA, Sep 04, 2008 (Filing Services Canada via COMTEX) -- WEIFF | Quote | Chart | News | PowerRating -- West Isle Energy Inc. (WEI - TSX Venture), announces its results for the six month period ended June 30, 2008. This release should be read in conjunction with the audited financial statements for the year ended December 31, 2007, which can be accessed through "SEDAR.COM"

SELECTED QUARTERLY INFORMATION THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 FINANCIAL Revenue (net of royalties) $ 234,993 $ 126,811 $ 449,058 $ 242,068 Cash flow from operations (loss) $ 47,223 $ (27,043) $ 132,571 $ (9,527) Per share (basic) $ 0.00 $ 0.00 $ 0.04 $ 0.00 Per share (diluted) $ 0.00 $ 0.00 $ 0.04 $ 0.00 Net loss $ (48,405) $ (89,677) $ (34,573) $ (147,886) Per share (basic) $ (0.01) $ (0.02) $ (0.01) $ 0.04 Per share (diluted) $ (0.01) $ (0.02) $ (0.04) $ 0.04 Total Assets $ 2,246,712 $1,730,580 OPERATING Production Oil & NGLs (bbls per d ay) 9 7 9 7 Natural gas (mcf per day) 172 39 157 79 Barrels of oil equivalent (boe per day) 38 10 35 20 Average selling prices Oil and NGLS ($ per bbl) $ 98.52 $ 60.98 $ 95.66 $ 64.66 Natural gas ($ per mcf) $ 8.49 $ 8.08 $ 8.28 $ 6.65 Barrels of oil equivalent ($ per boe) $ 62.60 $ 52.70 $ 61.10 $ 48.43 SHARES OUTSTANDING End of period - Basic 4,124,529 3,724,529 4,124,529 3,724,529 - Diluted 4,124,529 3,724,529 4,124,529 3,724,529 Weighted average during period - Basic 4,124,529 3,678,724 4,124,529 3,678,724 - Diluted 4,124,529 3,678,724 4,124,529 3,678,724

FORWARD-LOOKING STATEMENTS

The information herein contains forward-looking statements and assumptions. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", continue", "estimate"," expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and other similar expressions. Such statements and assumptions also include those relating to guidance, results of operations and financial condition, capital spending, financing sources, commodity prices, costs of production and the magnitude of oil and gas reserves. By their nature, forward-looking statements are subject to numerous known and unknown risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those predicted. West Isle Energy Inc. is exposed to numerous operational, technical, financial and regulatory risks and uncertainties, many of which are beyond its control and may significantly affect anticipated future results.

Operations may be unsuccessful or delayed as a result of competition for services, supplies and equipment, mechanical and technical difficulties, ability to attract and retain employees on a cost-effective basis, commodity and marketing risk and seasonality. West Isle Energy Inc. is subject to significant drilling risks and uncertainties including the ability to find oil and natural gas reserves on an economic basis and the potential for technical problems that could lead to well blowouts and environmental damage. West Isle Energy Inc. is also exposed to risks relating to the inability to obtain timely regulatory approvals, surface access, access to third party gathering and processing facilities, transportation and other third party related operational risks. Furthermore, there are numerous uncertainties is estimating West Isle Energy Inc.'s reserve base due to the complexities in estimated future production, costs and timing of expenses and future capital. The financial risks West Isle Energy Inc. is exposed to include, but are not limited to, access to debt or equity markets and fluctuations in commodity prices, interest rates and the Canadian/US dollar exchange rate. West Isle Energy Inc. is subject to regulatory legislation; compliance with which may require significant expenditures and non-compliance with which may result in fines, penalties or production restrictions.

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. West Isle Energy Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

June 30, December 31, 2008 2007 Cash $ 134,371 $ 146,277 Accounts receivable and prepaid expenses 270,298 277,283 Marketable securities 655,074 272,179 Accounts payable and accrued liabilities (650,275) (601,259) Working capital $ 409,468 $ 94,480

HIGHLIGHTS

During the second quarter ended June 30, 2008, the Corporation:

* 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.

FINANCIAL HIGHLIGHTS

The Corporation had positive working capital of $406,810 as at June 30, 2008, an increase of $312,330 from a positive working capital $94,480 as of December 31, 2007. West Isle's working capital was $66,603 as at June 30, 2007.

During the six months ended June 30, 2008, management and directors purchased no shares (management and directors purchased 97,500 shares at $0.40 and $0.45 per share for a total of $43,250 for the period ending June 30, 2007).

SELECTED QUARTERLY FINANCIAL INFORMATION 2008 Q2 Q1 VOLUMES Natural gas (mcf/d) 172 142.1 Oil and NGL (bbl/d) 9 8.0 Combined (boe/d) 38 31.7 Gross natural gas and oil revenues $ 216,554 $ 170,978 Royalty revenue $ 83,240 $ 62,932 $ 299,795 $ 233,910 Royalty expense Crown royalties $ 43,950 $ 18,755 Less ARTC $ - $ (2,659) Freehold and overriding royalties $ 20,851 $ 3,749 $ 64,801 $ 19,845 Net natural gas, oil and royalty revenue $ 234,993 $ 214,066 Net income (loss) for the period $ (48,403) $ 13,832 Total Assets $ 2,246,712 $ 1,998,011 Loss per share $ (0.01) $ - Average prices Oil and NGL ($/bbl) $ 98.52 $ 92.34 Natural gas ($/mcf) $ 8.49 $ 8.03 Average net crown royalty rate 20.3% 11.0% 2007 Q4 Q3 Q2 Q1 VOLUMES Natural gas (mcf/d) 144.9 209.0 77.0 82.0 Oil and NGL (bbl/d) 13.5 13.5 6.6 7.5 Combined (boe/d) 37.0 48.0 19.0 21.0 Gross natural gas and oil revenues $ 152,208 $ 151,571 $ 93,269 $ 84,916 Royalty revenue $ 84,533 $ 84,533 $ 47,338 $ 41,383 $ 236,742 $ 236,104 $ 140,607 $ 126,299 Royalty expense Crown royalties $ 24,428 $ 30,765 $ 12,068 $ 9,479 Less ARTC $ - $ - $ - $ - Freehold and overriding royalties $ 12,452 $ (1,094) $ 1,728 $ 1,563 $ 36,881 $ 29,671 $ 13,796 $ 11,042 Net natural gas, oil and royalty revenue $ 199,861 $ 206,433 $ 126,811 $ 115,257 Net income (loss) for the period $ (80,529) $ (200,790) $ (89,677) $ (58,209) Total Assets $ 1,823,408 $ 2,128,409 $ 1,730,580 $ 1,771,702 Loss per share $ 0.02 $ 0.05 $ 0.02 $ 0.02 Average prices Oil and NGL ($/bbl) $ 54.17 $ 64.49 $ 60.98 $ 67.93 Natural gas ($/mcf) $ 6.55 $ 3.72 $ 8.08 $ 5.29 Average net crown royalty rate 16.1% 13.5% 13.0% 13.0% 2006 Q4 Q3 VOLUMES Natural gas (mcf/d) 134.0 59.0 Oil and NGL (bbl/d) 10.0 13.0 Combined (boe/d) 32.0 23.0 Gross natural gas and oil revenues $ 140,084 $ 112,157 Royalty revenue $ 34,312 $ 31,260 $ 174,396 $ 143,417 Royalty expense Crown royalties $ 20,815 $ 12,131 Less ARTC $ (3,014) $ (3,612) Freehold and overriding royalties $ 3,292 $ 4,173 $ 21,093 $ 12,692 Net natural gas, oil and royalty revenue $ 153,303 $ 130,725 Net income (loss) for the period $ (107,348) $ (15,040) Total Assets $ 1,937,165 $ 1,784,481 Loss per share $ 0.03 $ - Average prices Oil and NGL ($/bbl) $ 52.47 $ 63.76 Natural gas ($/mcf) $ 7.47 $ 6.62 Average net crown royalty rate 15.1% 11.3%

OPERATIONS

The Corporation conducts some of its operations jointly with others and uses a contract operator at its Sylvan Lake, Alberta property and the Drayton Valley/Pembina, Alberta property. West Isle operates the Provost Alberta project and the Inga South project near Fort St John, British Columbia project.

Producing Properties

Drayton Valley, Alberta: West Isle has working interests varying from 16.66% to 100% in seven (7) sections (4,480 gross acres - 1,990 net acres). The Corporation drilled four (4) wells on these lands.

West Isle has a 61% working interest in the 100/05-19-48-08W5 which produces from the Edmonton sands. This well was recompleted during the second quarter of 2007 and has produced sporadically since start-up. A further recompletion is planned for the Edmonton zones as soon as the Corporation can obtain approval from a 25% WI partner.

The Corporation also has a 45% working interest in a well located in 05-30-48-08W5 which also produces from the Edmonton sand formation. This well was drilled and completed during the first quarter of 2007, tied in during the second quarter and placed on producing during the third quarter of 2007. This well produces at an average rate of 190 mcf per day (85mcf per day to the Corporation).

These two wells were drilled by West Isle and other working interest owners and are now contract operated.

West Isle, during the first and second quarter, participated in the completion and tie-in of a well located at 100/16-24-48-08W5 with an industry partner. This well was placed on production during the month of December 2007 and produces from the Edmonton sand formation. This well produces at an average rate of 210 mcf per day (21 mcf per day net to the Corporation) and it also has natural gas liquid production.

During the second quarter ending June 30, 2008, the Corporation continued to complete the reclamation of the well located at 10-24-48-08W5.

Combined production from the Pembina 05-30 and 16-24 wells average 107 mcf per day net to West Isle. The Corporation lands lie in the middle of the recently developed Edmonton/Paskapoo gas field. West Isle is attempting to acquire further lands in the area and has various proposals under consideration and/or review. A holding has been proposed for section 30-48-8W5M which would allow 4 wells per section.

Sylvan Lake, Alberta: The Corporation has a 100% working interest in a Rock Creek production gas well at 15-23-37-04W5M and related facilities plus pipeline tie in to 02-10-38-04W5M. The 15-23 production has averaged 30 mcf per day for the six month period ended June 30, 2008.

During the second quarter of the period ending June 30, 2008, the Corporation completed the reclamation on a well located at 06-23-37-04W5 which has owned and operated by West Isle 100%.

West Isle is paid a $0.075 per mcf pipeline fee for production of gas from 02-06-23-37-04W5M, 06-14-37-04W5M and 13-11-037-04W5M.

Crystal/Pembina, Alberta: The Corporation has an 18.75% working interest in a producing Viking gas well located at 02-04-47-03W4M and facilities. This well is operated by an industry partner and West Isle takes their gas in kind. The well produced an average of 90 mcf per day gross or 17 mcf per day net to the Corporation plus natural gas liquids.

Enchant, Alberta: West Isle has a 14.1% working interest in an Upper Mannville production gas well located at 16-07-13-16W4M and a similar interest in a Lithic Channel well drilled at 02-07-13-16W4M in December of 2007. The 02-07 well was completed and tied in and produced an average of 60 mcf per day gross or 12 mcf per day net to West Isle. The 16-07 well averaged 75 mcf per day gross or 11 mcf per day net to the Corporation for the period ended June 30, 2008. The operator is reviewing recompletions for both these wells.

Ghost Pine, Alberta: The Corporation has a 2.29% net profits interest in a producing Upper Mannville gas well at 06-27-32-22W4M.

Huxley, Alberta: West Isle has a 1.88% net profits/royalty interest in a producing Viking gas well at 04-27-34-24W4M, a producing Lower Mannville gas well at 01-22-35-24W4M and also in a Basal Mannville gas well at 12-34-34-24W4M. West Isle has a 2.5% net profits/royalty interest in 18 producing coal bed methane gas wells in Township 34, Range 24 W4M and drilling/tie-ins are continuing.

Corbett Creek, Alberta: The Corporation has a 0.35% gross overriding royalty ("GORR") in approximately 18 producing coal bed methane gas wells plus a similar interest in two (2) producing Mannville gas wells. Recent drilling has proven up further acreage and increased production.

Hummingbird, Saskatchewan: West Isle has a 0.48% GORR in the Hummingbird oil field.

Evi, Alberta: The Corporation has a 3.1% working interest in four (4) oil wells which includes two (2) Slave Point completions and (2) two Granite Wash producers. Additional acreage was purchased during 2006 for future drilling and a 3D seismic program is proposed to expand the area of interest.

Burlington Joint Ventures: West Isle has various working interests (oil) in Burlington Joint Ventures 83, 84, 85 and 86. Burlington drilled three (3) horizontal oil wells in Saskatchewan over part of the lands covered under Joint Venture 83 and the Corporation has elected to participate to its 2.7% working interest. West Isle has various interests in 71 oil wells jointly with Burlington and West Isle expects further drilling on the Burlington lands over the next year.

Manitou, Saskatchewan: The Corporation has a 0.48% working interest in 20 producing oil wells in Manitou.

Hanna/Provost, Alberta: West Isle has a 60% working interest in 1280 acres of freehold leases. The Corporation is examining further land acquisitions in the area. Seismic was acquired, reprocessed and evaluated and a drilling target was identified. Additional lands are under investigation. During the first and second quarter of 2008, the Corporation drilled, completed and tied-in a producing oil well located at 07-33-39-02W4M. This well was placed on production in the later part of June, 2008. This well produced at an average of 6 bbls of oil per day (1.8 bbl per day net to the Corporation). The 07-33 is currently producing at 12 bopd (3.6 bopd net to West Isle). The Corporation has a 30% working interest in this well after being carried for drilling to casing point.

West Isle along with other industry partners drilled and cased a well located 09-33-39-2W4M and the Corporation has a 30% working interest in this well. The 9-33 is designated as a water disposal well to accommodate production from 7-33 and future wells on the Corporation's properties in Provost.

Non-Producing Properties

Inga South, Fort St John area, British Columbia: The Corporation has a 25% carried interest in 640 acres of crown lands over which West Isle had identified a drillable target for Charlie Lake oil and/or gas. West Isle intends to acquire further lands and expand its seismic control over this prospect prior to drilling. West Isle plans to acquire lands on new seismically defined plays in Northeastern British Columbia.

FINANCIAL INFORMATION

Production Summary THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Total Production Oil and Liquids (bbls) 848 597 1,573 1,269 Natural Gas (mcf) 15,681 7,038 28,615 14,460 Total BOE 3,460 1,770 6,342 3,679 Daily Production Oil and Lqiuids (bbls/day) 9 7 9 7 Natural Gas (mcf/day) 172 39 157 79 Total BOE/day 38 10 35 20

Pricing Summary THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Oil and Liquids ($/bbl) $ 92.34 $ 60.98 $ 98.52 $ 64.66 Natural Gas ($/mcf) $ 8.03 $ 8.08 $ 8.49 $ 6.65 Total ($/BOE) $ 59.31 $ 52.70 $ 62.60 $ 48.43

Total Revenue THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Oil and natural gas liquids $ 83,358 $ 36,395 $ 150,487 $ 82,060 Natural gas $ 133,196 $ 56,874 $ 237,045 $ 96,125 Total $ 216,554 $ 93,269 $ 387,532 $ 178,185

Working Interest Revenues THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Oil and natural gas liquids $ 83,358 $ 36,395 $ 150,487 $ 82,060 Natural gas $ 133,196 $ 56,874 $ 237,045 $ 96,125 Total $ 216,554 $ 93,269 $ 387,532 $ 178,185 Interest Income THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Total interest income $ 1,395 $ - $ 1,395 $ 996

Total working interest revenue including interest income for the six month period ended June 30, 2008 were $388,927 up 216 % from $179,618 for the corresponding period in 2007. Total working interest revenue for the second quarter ended June 30, 2008 were $217,939 up from $93,269 for the corresponding period of 2007. This represents an increase of 234% over the corresponding period ended 2007. The increase is due to higher oil, liquid and natural gas prices along with increased production volumes.

Oil and liquids revenues for the six month period ended June 30, 2008 were $150,487 or a 183% increase from $82,060 for the corresponding period in 2007. For the quarter ended June 30, 2008, oil and liquids revenues were $83,358 up from $36,395 for the same quarter in 2007. Volumes for oil and liquids for the six month period ended June 30, 2007 and 2007 were 1,573 and 1,269 barrels ("bbls"), respectively. For the quarter ended June 30, 2008 and 2007, oil and liquids volumes were 846 and 672 bbls respectively. The average price per bbl received for oil and liquids for the six month period ended June 30, 2008 was $95.66, up from an average price per bbl of $64.66 received for the same period ended June 30, 2007. For the three months period ended June 30, 2008, the average price per bbl received for oil and liquids was $98.52, higher than the $64.66 average price received for the corresponding period in 2007.

Natural gas revenues for the six month period ended June 30, 2008 were $237,045 on sales volumes of 28,615 mcf up 246% from sales of $96,125 on sales volumes of 14,460 mcf for the corresponding period in 2006. Natural gas prices averaged $8.28 per mcf for the six month period ended June 30, 2008 and $6.55 in 2007, respectively. For the second quarter, natural gas revenues were $133,196 and $96,125 for June 30, 2008 and 2007 respectively. Natural gas prices averaged $8.46 per mcf up from $6.82 per mcf for the quarter ended June 30, 2008 and 2007 respectively.

On a barrel of oil equivalent boe's ("boe") for the six period ended June 30, 2008, oil, natural gas and liquids sales volumes were 6,342 boe up from 3,679 boe for the same period in 2007. Volumes for the quarter were 3,679 and 3,460 for the period ended June 30, 2008 compared to June 30, 2007. The average prices per boe received for the six month period ended June 30, 2008 and 2007 were $61.10 and $48.43, respectively. The higher price per boe is mainly due to higher oil and natural gas prices. For the quarter ended June 30, 2008 and 2007, prices per boe averaged $62.10 and $52.70 respectively.

Overriding Royalty Revenue THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Total Overriding royalty revenue $ 83,240 $ 47,337 $ 146,173 $ 88,721

Royalty revenue for the six month period ended June 30, 2008 was $146,173 up 164% from $88,721 in 2007. For the quarter ended June 30, 2008 and 2007, royalty revenues were $83,240 and $47,337, respectively. The increase for the year is due in part to higher commodity prices and new wells brought on by the operator.

Royalty Expenses THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Crown $ 43,950 $ 12,068 $ 60,045 $ 21,547 Overriding and Freehold $ 20,851 $ 1,728 $ 24,601 $ 3,291 Total $ 64,801 $ 13,796 $ 84,646 $ 24,838 $/BOE $ 18.73 $ 7.64 $ 13.77 $ 6.75

Crown royalties for the six month period ended June 30, 2008 were $60,045 up 278% from $21,547 for the period ended 2007. Total royalties for the second quarter period ended June 30, 2008 were $84,646 up 340% from $24,838 for the same period in 2007; however, during the second quarter, royalties were $64,801 and $13,796 for 2008 and 2007, respectively. Alberta Royalty Tax Credits ("ARTC") was discontinued effective January 1, 2007.

The average price per boe for royalties for the six month period ended June 30, 2008 was $13.77 compared to $6.75 for 2007. The average price per boe for royalties for the second quarter ended June 30, 2008 was $18.73 compared to $7.64 for the same period ended June 30, 2007.

Production Expenses THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Total Operating Expense $ 45,714 $ 31,528 $ 89,978 $ 73,200 $/BOE $ 13.21 $ 17.81 $ 14.19 $ 19.90

Production expenses for the six month period ended June 30, 2008 were $89,897 or $14.19 per boe up from the $73,200 or $19.90 per boe incurred for the corresponding period of 2007. For the quarter ended June 30, 2008 and 2007, production expenses were $45,714 or $13.21 per boe compared to $89,978 or $17.81 per boe. The increase in production expenses was due to higher industry prices for services providers and additional wells being brought on production.

Abandonment Expenses

During the second quarter the Corporation continued reclamations on two of their wells and costs incurred during that period were $18,746 (2007 - $nil).

MARKETABLE SECURITIES

Marketable securities that are available for sale consists of 115,300 shares at a cost of $196,061 and a market value of $655,074 as at June 30, 2008 ($272,179 for June 30, 2007).

GENERAL AND ADMINISTRATION THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Total General and Administrative $ 124,704 $ 122,326 $ 209,158 $ 179,390 $/BOE $ 36.05 $ 69.11 $ 32.98 $ 48.76

General and administrative expenses net of overhead recoveries of $209,158 were incurred for the six month period ended June 30, 2008. This increased approximately 15% from $179,390 incurred for the same period ended 2007. For the second quarter, general and administrative expenses of $120,704 were incurred which increased from the $122,326 incurred for the corresponding quarter of 2007 due to increased costs for goods and services.

The general and administration details are shown on "Schedule B - Supplementary Information" attached.

Audit and accounting for the period ended June 30, 2008 additional auditing and accounting expenses were $46,443 compared to $25,685 for the same period ended June 30, 2007. This represents an increase of 181% for the corresponding periods. For the second quarter, auditing and accounting expenses were $32,280 compared to $16,124 to the same quarter ended June 30, 2007.

Regulatory and compliance was $16,845 for the six month period ended June 30, 2008, down 35% from $25,902 for the same period ended June 30, 2007.

Management compensation and consultants increased 29% to $116,663 for the six month period ended June 30, 2008 from $90,555 for period ended June 30, 2007. For the second quarter management compensation and consultants was $67,024 compared to $50,765 for the corresponding period which represents a 32% increase. The increased labor costs and the use of consultants were the largest contributors to this increase.

Office rent and taxes increased approximately 8% to $12,900 for the six month period ended June 30, 2008 from $12,000 for the corresponding period of 2007. For the second quarter, office rent and taxes was $6,450 compared to $8,000 for the same quarter of 2007. Increases were due to higher rent being paid for office space.

Other expenses which include overhead recoveries for the six month period ended June 30, 2008 totaled $16,308 compared to $25,249 for the corresponding period ended June 30, 2007. For the second quarter ended June 30, 2008 other expenses were $6,017 compared to $23,887 for the same period ended June 30, 2007. The overhead recoveries for the six month period ended June 30, 2008 and 2007 increased, however, there were other expenses including: office supplies, travel, business promotion, and insurance remained fairly constant.

For the six month period ended June 30, 2008, general and administrative expenses represented $5.50 per boe compared to $2.97 per boe for the same period ending June 30, 2007. For the second quarter, general and administration expenses represented $6.01 per boe compared to $8.13 per boe for the corresponding period in 2007.

AMORTIZATION, DEPLETION AND ACCRETION THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Depreciation and depletion $ 87,750 $ 58,977 $ 151,178 $ 131,049 Accretion of asset retirement obligations $ 3,666 $ 3,655 $ 7,121 $ 7,310 Total $ 91,416 $ 62,631 $ 158,300 $ 138,359 $/BOE $ 25.36 $ 33.32 $ 23.84 $ 35.62

For the six month period ended June 30, 2008, amortization, depletion and accretion was $158,300. Amortization, depletion and accretion for the same period in 2006 was $138,359. For the second quarter ended June 30, 2008, amortization, depletion and accretion was $91,416 compared to $62,631 for the same period ended 2007. The increase is due to increased sales volumes and increased capital expenditures.

Amortization, depletion and accretion for the six months end June 30, 2008 represented $23.84 per boe compared to $35.62 per boe for the period ended June 30, 2007. Amortization, depletion and amortization for the second quarter ended June 30, 2008 and 2007 respectively was $25.36 and $33.32.

LIQUIDITY

The Corporation conducts its operations jointly with other corporations and has commenced operating in Drayton Valley. To alleviate the timing of receipts of revenues from operations, the Corporation takes its gas-in-kind in non-operated properties.

Aside from regular trade accounts payable and accrued liabilities, the Corporation has no debt.

EQUITY

Pursuant to the closing of a private placement on December 29, 2006, 15,996 non-flow-through share purchase warrants were issued to the agent of the placement. These warrants entitle the agent to purchase one share at an exercise price of $0.60 until close of business on December 29, 2008.

As at June 30, 2008 West Isle had the following securities outstanding: 4,124,529 common shares and 437,500 stock options. The weighted average shares outstanding during 2007 were 3,724,529.

As at August 29, 2008, the Corporation had the following securities outstanding: 4,124,529 common shares and 437,500 stock options.

Issued and outstanding common shares June 30, 2008 December 31, 2007 Shares Amount Shares Amount Balance, beginning of period 4,124,529 $3,299,007 3,627,029 $3,171,747 Purchase of assets -- -- 400,000 120,000 Options exercised -- -- 97,500 43,250 Tax effect of flow-through share renunciations -- -- -- (35,990) Balance, end of period 4,124,529 $3,299,007 4,124,529 $3,299,007 Contributed surplus -- 61,913 -- 53,069 Balance, end of period 4,124,529 $3,360,920 4,124,529 $3,352,076 Contributed surplus June 30, 2008 December 31, 2007 Balance, beginning of year $53,069 $53,069 Stock based compensation expense 8,844 - Balance, end of year $61,913 $53,069

OUTSTANDING STOCK OPTIONS

On October 23, 2006, 80,000 options were granted to certain directors, officers and consultants at an exercise price of $0.40. The options vested immediately and expire two years from the grant date. During the six month period ended June 30, 2008, the Board of Directors on February 11, 2008 granted 370,000 options to directors, officers and certain consultants of the Corporation at an exercise price of $0.20. The options vest immediately and have a term of two years. The fair value of the options issued was $17,686, using the assumptions of a risk free rate of 3.1%, an expected life of two years, expected volatility of 50% and expected dividends of nil. The fair value of the options will be expensed over the vesting period less any cancelled amounts that had not yet vested.

Exercise Price Exercise Price Per Expiry Date Number of Options Per Option Option 80,000 $0.40 $32,000 October 23, 2008 370,000 $0.20 $74,000 February 11, 2010

The following table summarizes the changes in the number of stock options outstanding during the year.

June 30, 2008 December 31, 2007 No. of Weighted No. of Weighted Options Average Options Average Exercise Exercise Price Price Outstanding, beginning of year 67,500 $0.40 342,500 $0.44 Granted 370,000 $0.20 -- -- Exercised -- -- (97,500) $0.44 Forfeited -- -- (177,500) $0.45 Outstanding, end of year 437,500 $0.23 67,500 $0.40

Warrants

On September 10, 2007, the Corporation purchased assets for 400,000 common shares at $0.30 per share and issued 200,000 warrants. These warrants entitle the holder to purchase one share at a price of $0.60 until close of business on September 10, 2008. Based on the Black-Scholes valuation model the fair value of the warrants is nil

Pursuant to the closing of private placement on December 29, 2006, 15,996 non-flow-through share purchase warrants were issued to the agent of the placement. These warrants entitle the agent to purchase one share at a price of $0.60 until close of business on December 29, 2008.

CONTRACTUAL OBLIGATIONS

The Corporation has an operating lease for its office premises through to 2008 and the amount under this commitment is $18,250 which includes rent, estimated operating costs and property taxes. The term of the lease commenced on November 15, 2006 is one year with an option to renew to the end of November 2008.

SUBSEQUENT EVENTS

There were no subsequent events.

OUTLOOK

The Corporation is planning the following for the fall of 2008.

Reviewing the possibility of a further recompletion in the Drayton Valley area.

The operator of Enchant is also reviewing further recompletions.

Conducting 3D seismic programs at Evi and Provost to expand the area or interest or to drill newly defined prospect.

BUSINESS RISKS AND UNCERTAINTIES

West Isle advises readers that this Report contains a number of forward-looking statements that involve a number of risks and uncertainties. Such information, although considered reasonable by West Isle at the time, may ultimately prove incorrect, too optimistic or too pessimistic, and actual results may differ materially from those anticipated in the statements. For this purpose, any statements contacted within this Report that are not statements of historical fact may be deemed forward looking.

In common with all public oil and gas companies, and especially smaller companies, West Isle is subject to considerable market volatility affecting the prices received for its production, foreign exchange and interest rates, the availability and cost of capital financing, and market liquidity for its common shares. Furthermore, high energy prices can lead to increased energy supplies, reduced economic activity, and increased conservation efforts, which then can then result in lower energy prices. West Isle does not participate in hedging of oil and gas prices, foreign exchange or interest rates, as it considers such activities to be highly risky and a distraction from its primary areas of focus.

The oil and gas business is also subject to a number of operational risks and uncertainties relating to such matters as exploration and development success, technical drilling and production performance and equipment failure including blowouts and fires, reserve recovery rates and timing, availability of third-party natural gas transportation, environmental damage and competition with much larger and better-financed companies for scarce land, people and financial resources. To manage these risks and uncertainties, West Isle relies upon the expertise and creativity of its human resources, the development of strategic relationships with industry partners, modern exploration, engineering and business technology, professional environmental sensitivity assessments, and public liability, property damage and business interruption insurance.

Furthermore, the oil and gas industry is subject to extensive regulatory environments and fiscal regimes, both in Canada and internationally, which are subject to changes and beyond the control of the Corporation. The Corporation takes a proactive approach with respect to environment and safety. An operational emergency and response plan and safety policy are in place and the Corporation is in compliance with current environmental legislation.

West Isle would like to thank our investors for their support as the Corporation looks forward to a profitable year as it brings additional reserves on stream.

SCHEDULE B: SUPPLEMENTARY INFORMATION

1. Analysis of Expenditures and Deferred Costs

A detailed summary of the revenues and expenses can be found in the Management, Discussion and Analysis attached to this report.

2. Related Party Transactions

During the six month period ended June 30, 2008 a corporation controlled by the President and director of the Corporation received $75,000 (2007 - $74,000) in compensation for management fees and directly received $10,674 (2007 - $2,037) in other compensation for expenses incurred.

The Chief Financial Officer received compensation of $29,240 (2007 - $4,518) for the six month period ended June 30, 2008.

These services are in the normal course of business and are recorded at the exchange amount which is the amount of consideration established and agreed to by the related parties.

3. Securities

a) Summary of Securities Issued During the Period

See Note 7 of the Notes to the unaudited financial statements for the period ended June 30, 2008.

b) Summary of Options Granted During the Period

See Note 4 of the Notes to the unaudited financial statements for the period ended June 30, 2008.

4. General and Administrative Expenses

THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 JUNE 30 JUNE 30 2008 2007 2008 2007 Audit, accounting and legal fees $ 32,280 $ 15,907 $ 46,443 $ 25,685 Regulatory reporting and compliance $ 12,932 $ 21,478 $ 16,843 $ 25,902 Personnel compensation and consultants $ 67,024 $ 53,055 $ 116,663 $ 90,555 Office rent and taxes $ 6,450 $ 8,000 $ 12,900 $ 12,000 Other including overhead recoveries $ 6,017 $ 23,887 $ 16,308 $ 25,249 Total expenses $ 124,703 $ 122,327 $ 209,157 $ 179,391

Other

boe means barrels of oil equivalent. A barrel of oil equivalent is determined by converting a volume of natural gas to barrels using the ration of six (6) mcf to one (1) barrel. Boes may be misleading, particularly if used in isolation the boe conversion ration of six (6) mcf: one (1) bbl is based on an energy equivalency methods primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

For further information contact:

Robert McLeay, P. Geol. Phone: (403) 263-1977

President & CEO Fax: (403) 270-1877

Home Page: www.westisleenergy.com E-mail: bob@ westisleenergy.com

The TSX Venture Exchange has not reviewed this release and the TSXV does not accept responsibility for the adequacy or accuracy of this release.

WEST ISLE trades under the symbol WEI

Source: West Isle Energy Inc. (TSX-V: WEI | Quote | Chart | News | PowerRating) http://www.westisleenergy.com

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