Business
Western Canada Energy Ltd. Sells Interest in Wembley Property
CALGARY, May 22 /CNW/ - Effective May 1, 2008, Western Canada Energy Ltd. (the "Company") has dis...
About this update from Wescan Energy Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 22 /CNW/ - Effective May 1, 2008, Western Canada Energy Ltd.\n(the "Company") has disposed of its 26.25% interest in a non-producing oil and\nnatural gas property in the Wembley area on the Peace River Arch in\nnorthwestern Alberta. This disposition yielded net proceeds to the Company of\nC$1,300,000. Company interest proven plus probable reserves associated with\nthe property as evaluated at March 31, 2008 in accordance with National\nInstrument 51-101 (NI 51-101) by Fekete Associates Inc., ("Fekete"), an\nindependent qualified reserves evaluator, totalled 15,300 barrels of oil and\n16 million cubic feet of natural gas. These reserves were valued at\nC$1,010,300 before tax using Fekete forecasted prices and a discount factor of\n10%.\n\n\nWestern Canada Energy Ltd. is a junior oil and natural gas exploration\ncompany focused primarily on production and exploration prospects throughout\nthe Alberta and British Columbia portions of the Western Canadian Sedimentary\nBasin. The Company is listed on the TSX Venture Exchange and trades under the\nsymbol "WCE". Our website is www.wcenergy.ca.\n\n\nCertain statements contained in this news release may constitute\nforward-looking statements. The use of any of the words "anticipate",\n"continue", "estimate", "expect", "may", "will", "project", "should",\n"believe", and similar expressions are intended to identify forward-looking\nstatements. These statements involve known and unknown risks, uncertainties\nand other factors that may cause actual results or events to differ materially\nfrom those anticipated in such forward-looking statements. The Company\nbelieves the expectations reflected in those forward-looking statements are\nreasonable but no assurance can be given that these expectations will prove to\nbe correct and such forward-looking statements included in this report should\nnot be unduly relied upon. These statements speak only as of the date of this\npresentation. The Corporation does not undertake any obligation to publicly\nupdate or revise any forward-looking statements.\n\n\nTHE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE\n\n\nINFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE\n\n\nADEQUACY OR ...