Asset Value Holds Despite Pricing Weakness

Asset Value Holds Despite Pricing Weakness

Calgary, Alberta CANADA, November 03, 2008 /FSC/ - Western Canada Energy Inc. (WCE - TSX Venture),

(Calgary) Western Canada Energy Ltd.'s (the "Corporation") ("WCE"-TSX Venture) third party engineering consultants, Fekete & Associates, have conducted a mechanical update of the Corporation's oil and natural gas reserves dated October 20, 2008. This update shows total value for proven plus probable reserves of $25,674,690 (discounted at 10%) using Fekete's September 30, 2008 pricing forecast including an oil price of $98.10 per barrel and a gas price of $7.40 per mcf. Total value in this update compares favorably to the evaluation of the Corporation's reserves dated July 1, 2008 of $30,216,000 (discounted at 10%) and using an oil price of $128.15 per barrel and a gas price of $11.35 per mcf. This comparison shows a decline of only 14% in reserve value while the pricing forecast for oil and natural gas has declined by 23% and 35% respectively. WCE's current total debt of $6.55 million and outstanding share total of 27,968,474 results in a computed net asset value per share of $0.69.

For further information please contact:  Daniel P. O'Neill, Chief Executive Officer, or R. W. Shepherd, President, Chief Financial Officer and Corporate Secretary, Western Canada Energy Ltd., Telephone (403) 266-0955, email: info@wcenergy.ca

*BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

**The estimated values disclosed do not represent fair market value.

Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.


The TSX Venture Exchange Has Neither Approved nor Disapproved the Information Contained Herein and Does Not Accept Responsibility for the Adequacy or Accuracy of This Release.


Source: Western Canada Energy Ltd. (WCE - TSX-V) http://www.wcenergy.ca
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