2009-09-21-2009-09-03-2009-09-03

Acquired 33,000 net acres in Ferrier/Whitecourt area of AB, gaining 273 BOE/d.

Winstar Resources Ltd., Calgary, (Toronto: WIX) has sold substantially all of its Canadian assets to an unidentified private Canadian buyer for US$8.67 million (C$9.5 million). The assets include more than 33,000 net acres in the Ferrier/Whitecourt area of Alberta. Production is 273 barrels of oil equivalent per day (60% gas). The assets include C$15.4 million in tax pools. Winstar estimates the deal value of C$17.09 per barrel proved, C$10.46 per barrel proved plus probable and C$34,800 per flowing barrel. Following the transaction, Winstar will focus its attention on properties in Hungary, Romania and Tunisia through the end of 2010 although it retains varying interests in six gross sections of land with three wells that can produce near Sturgeon Lake in north-central Alberta.