CALGARY, May 22 /CNW/ - Effective May 1, 2008, Western Canada Energy Ltd. (the "Company") has disposed of its 26.25% interest in a non-producing oil and natural gas property in the Wembley area on the Peace River Arch in northwestern Alberta. This disposition yielded net proceeds to the Company of C$1,300,000. Company interest proven plus probable reserves associated with the property as evaluated at March 31, 2008 in accordance with National Instrument 51-101 (NI 51-101) by Fekete Associates Inc., ("Fekete"), an independent qualified reserves evaluator, totalled 15,300 barrels of oil and 16 million cubic feet of natural gas. These reserves were valued at C$1,010,300 before tax using Fekete forecasted prices and a discount factor of 10%.
Western Canada Energy Ltd. is a junior oil and natural gas exploration company focused primarily on production and exploration prospects throughout the Alberta and British Columbia portions of the Western Canadian Sedimentary Basin. The Company is listed on the TSX Venture Exchange and trades under the symbol "WCE". Our website is www.wcenergy.ca.
Certain statements contained in this news release may 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 Company 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.
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