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CALGARY, ALBERTA--(Marketwire - Feb. 21, 2012) -
NOT FOR DISSEMINATION IN THE USA
West Isle Energy Inc. ("West Isle") (CNSX:WEI) announces that the Company has signed an engagement agreement with Mr. Kim Wojcinski of Gig Harbor, Washington.
This agreement is to provide corporate services regarding West Isles' Colombian project-including and without limitation, assistance and advice on financing, financial and business development strategies, corporate structure, acquisitions, mergers, consolidations, and joint ventures. In consideration for the performance under the agreement West Isle shall pay Mr. Wojcinski or his designee a fee of 10% of financing or other related transactions if those introduced by Mr. Wojcinski proceed to fruition. No compensation will be paid without performance.
Mr. Wojcinski is a private individual based out of Gig Harbor, Washington. He has been involved with corporate transactions valued to $100million, which have included acquisitions and divestitures of oil & gas and EV Battery technology, financings in Alberta, British Colombia, USA and internationally. Mr. Wojcinski, a contractor, will serve as vice president of corporate development for West Isle Energy Inc. effective immediately. His primary role is to assist in financing West Isles' Colombian venture. Mr. Wojcinski currently serves as vice president of a private oil and gas company out of Waco Texas and is involved in the development and funding of that company. Existing operations within West Isle remain unchanged. The addition of his services are complimentary to WEI and do not restrict the Company in any way in its pursuit of corporate financings or mergers and acquisitions.
Colombia: West Isle continues to evaluate and plan for the development of its Colombian prospect while it seeks out financing to complete the first phases of exploration and development. This would be exploratory drilling which would follow the drilling of five development wells on the light oil La Isabela prospect.
A large prospect on the eastern edge of the block has been recently identified. It appears on surface mapping and on existing seismic after re-processing and reinterpretation. This prospect-Bonanza East-lies up dip from, and is similar in profile to, the ECOPETROL's adjacent Bonanza field, which came on stream in the late 1960's. Bonanza has produced 17mm barrels of oil to date and still produces in excess of 2,000 bopd from 25 wells.
Alberta: West Isle farmed out its recompletion of the 5-19-48-8W5M Edmonton sands gas well and has finished perforating, fracing and testing the well. Unfortunately it is uneconomic and the zones appear wet. The addition of a rental compressor to the Company's 5- 30 -48-8W5M Edmonton gas well is under consideration. However low gas prices are hindering any gas related expenditures.
West Isle has been served two AFE's for drilling in EVI Alberta. These are the 11 and 12th Slave Point Granite Wash oil wells in this series and West Isle's share of future drilling and completion is approximately $90,000. Financing will have to come out of a proposed private placement of Flow-Through and common shares in the Company.
Staff: Tanya Kwan, results oriented Financial and Certified Production Accountant with over twelve years' experience in the oil and gas industry has joined West Isle as its accountant and will be a great asset to the Company.
For more information about West Isle vis it the Corporation's website www.westisleenergy.com or the Listings Disclosure Hall at www.cnsx.ca or on SEDAR at www.sedar.com.
This release includes certain statements that may be deemed "forward looking statements". All statements in this release, other than statements of historical facts, which address future activities including the closing of the financing, exploration drilling and activity, and events or developments that the Corporation intends, plans, anticipates, believes, estimates or expects are forward looking statements. Actual results may differ materially. Although the Corporation believes such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market conditions and difficulties of raising funds in this economic environment, availability and costing of exploration contractors; exploration success; continued availability of capital government regulations, laws and charges; environmental developments; exploitation economics; and generally the economic, market, financial and business conditions in the present volatile and uncertain economic period. Investors are cautioned that any statements are not guarantees of future performance and actual results or developments may differ materially from those stated in the forward looking statements. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by West Isle Energy Inc. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.