2009-09-25-2009-08-11-2009-09-02

Purchased 33,600 net acres in Ferrier/Whitecourt region of AB, gaining 273 BOE/d.

Winstar Resources Ltd., Calgary, (Toronto: WIX) has sold substantially all of its Canadian assets to an undisclosed private Canadian company for C$9.5 million in cash. The deal values production at C$34,800 per flowing barrel of oil equivalent, proved reserves at C$17.09 per barrel equivalent and provide and probable reserves at C$10.46 per barrel equivalent, according to Winstar. The assets include mineral rights of 68,047 gross (33,628 net) acres in the Sturgeon Lake, Whitecourt, Ferrier, Edson, Strachan, Herronton and Taber areas of Alberta. The Ferrier/Whitecourt assets represent 80% of the undeveloped land. Production as of the second quarter was 288 barrels equivalent per day (60% gas). Winstar retains its assets in Tunisia, Hungary and Romania. The company expects to have at least C$7 million in positive working capital and production from its Tunisian assets of approximately 2,000 barrels equivalent per day.