West Isle Announces a Private Placement of Flow-through and Common Shares

NOT FOR DISSEMINATION IN THE USA.

West Isle Energy Inc. ("West Isle") (CNSX:WEI) announces that the Company is
offering a Private Placement of Flow Through and common shares. The offering
consists of; A) $150,000 consisting of 1,000,000 Flow-Through Common Shares at
$0.15 per shares and B) $240,000 consisting of 2,000,000 Common Shares at $0.12
per share.


Issue Details: The closing of the issue will be March 31 2012 or any other such
time the company may deem appropriate. 


Flow Through use of Funds

Funds will be used to finance up to two Evi Slave Point Oil wells, Wells
numbered 11 and 12 in the Evi program Development. These wells have been delayed
to the coming winter season and are scheduled to be drilled over the fall/winter
2012/2013. 


Evi oil drilling, if successful, will substantially increase the company's cash
flow and revenue for the 2012/2013 production years.


Provost Alberta: West Isle has a 30% working interest in a shut in oil well that
needs a work-over and some expenses may be incurred on the Provost project. The
well is currently shut in but produced at 7 bopd in early 2011. A Recent
engineering review has identified the production problems with the oil well and
has provided a solution to fix those problems. West Isle also owns a 30% WI in
drilled but not completed water disposal well in Provost. The completion of this
well would greatly enhance our oil production in the area. The injection well
would provide west Isle an outside source of revenue income from third parties
using its water disposal facility. 


Non Flow-through use of Funds:

Funds will be used for the work in Colombia with respect but not limited to
evaluation, marketing and fundraising with the Fenix block Farm-in(ii) and to
free up funds for ongoing operations within West Isle.


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. 


(ii)There is no guarantee the company will be successful in financing the
Colombian venture and may end up losing the opportunity to participate in the
evaluation and development of the block. 


Drayton Valley Alberta; West Isle has a shut in gas well at 5- 30-48-8w5m which
it plans to equip with a small rental compressor in early 2012. This well also
contains a yet to-be-completed gas zone on logs. Adding compression would
enhance the Company's production in Drayton Valley; maintain its leases in good
standing and maintain the Company's cash flow. Low gas prices may preclude this
operation from proceeding.  


Non Flow Through funds will also be used for completion and equipping of the EVI
wells, work-overs on existing oil wells and or for the general account of West
isle. With falling gas prices West Isle intends to use the funds to enhance its
exiting production and to add additional oil production. However, there are no
guarantees that the Company will be able to accomplish these goals.


For more information about West Isle visit 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.


Trading symbol: WEI on the CNSX.
West Isle Energy Inc. (CSE:WEI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024