Westcore Provides an Update on Riverside Oil & Gas Property

WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased
to provide an update on the Riverside property owned by Allstar Energy Limited
("Allstar"), a 100% owned subsidiary of 49 North Resources Inc ("FNR"). This
update is based upon information provided by FNR, which has released an
operational summary on all of its Allstar operations (see FNR news release dated
April 16, 2013). For a complete summary of Allstar operations, readers are
encouraged to refer to the foregoing news release by FNR. 


In December 2012, Allstar commenced a six well drilling program on the Riverside
property, which was based upon 3D seismic commissioned by Westcore (see the
Company's press release dated December 13, 2012). Three wells were drilled in
the vicinity of each of the 2 wells previously re-completed by Allstar. 


Completions of the first 2 wells (15-4 and 8-9) in the 6 well program commenced
in January 2013. These wells were initially completed in Success C, the lower
most portion of the Success formation. Given information garnered from the
re-completed wells, Allstar then moved up in the wellbore in 15-4 to perforate
and complete in Success A, the uppermost zone. A total of 15m of Success A was
perforated with initial indications being very encouraging, with initial 24 hour
pump rates showing production to be about 120 Bbl/d with an approximate 20% oil
cut. The final 48 hours of production testing showed the oil cut increasing
dramatically to 80-90% with 5-10% sand at roughly 90 Bbls/d.  


Westcore has been advised that Allstar intends on perforating the Success A zone
on the second of the 2 new wells (8-9) immediately following break-up), as the
same upper formation is believed to be present. Initial results and
interpretations suggest this upper zone appears to be a very close analogue to
production in the Mantario field to the north of Riverside. Additionally, the
oil from the upper zone is reported to be of higher quality than experienced in
the lower zone (13.9 API as opposed to 11.9 API). 


Prior to break-up, the third of 6 wells drilled at Riverside was also perforated
in Success C, the lower phase of the formation. Although no pump testing has
been performed on the well, field operations have noted that during recent
surface wellhead pressure monitoring, the well has now pushed oil to surface and
built 70 psi at the well head. This substantial amount of pressure indicates
that an over pressured fracture system that may have been perforated. Although
the percentage of oil versus water in this well bore is unknown at this time
management of Allstar is very encouraged to learn that the formation has enough
pressure to push fluid to surface.  


A decision has been made by Allstar not to equip 8-9 or the remaining 3 new
wells until results from the upper Success completions on the first two wells
are fully interpreted and understood. Seismic data shows similar formations in
the remaining well bores and Allstar management estimates production from these
wells to be very prospective. 


Recent results at the Riverside property have validated the interpretation of
the 3D seismic, helping define an oil reservoir from which Allstar's
re-completed wells are producing. This reservoir is thought to be associated
with a depression of the Madison Group Limestone at an unconformity allowing for
the accumulation of Success sediments. The heart of the Success has in excess of
45m of total vertical accumulation with 3 major zones within it; Success A,
Success B and Success C. All three zones are oil bearing, with only the lower
zone, Success C being extensively tested to date. The lower success zone should
prove to be very productive once water disposal and other field optimization is
put in place. 


From Allstar's interpretation, the reservoir consists of a quartz dominated
chert/kaolinite breccia along with interbedded sands. Oil appears to reside
within the sands as well as within the brecciated fracture planes of chert in
the lower parts of the sequence. The majority of the sand appears to be
constrained to Success A, with Koalinitic and chert content increasing with
depth into Success B and C. This bodes well for the continued development of the
Riverside field. As mentioned above, production has only just started from the
Success A in the first well and testing is planned for the Success A in the 8-9
well after break-up. The stratigraphy that has now been drill tested in parts of
the Riverside property has shown an extremely similar depositional setting to
the prolific Mantario field to the north. 


Based on current 3D seismic interpretation through the heart of the southwest
portion of the Riverside play, this large accumulation of Success sediments
covers over 2.5 square miles and is open in 3 directions. Internal mapping based
on the drilling and seismic to date has shown in excess of 25 drill targets (on
40 acre spacing) on the southwest portion of the property. 


The seismic in the northeast part of the Riverside play showed a very similar
depositional setting on top of the Madison unconformity. Westcore has been
advised by Allstar that drill results indicated that, although not as prolific,
a similar Success formation reservoir exists in the northeast portion of the
Riverside lands. Initial indications show an additional 10 targets (on 40 acre
spacing) in the northeast based on seismic and drilling results to date. This
number is expected to grow significantly as more holes are drilled in the area. 


Westcore has been advised by Allstar that prior to the onset of break-up, the
Riverside project had total field production of approximately 150 barrels per
day, stemming from three wells (two of which precede and are not subject to
Westcore's Farm-In Agreement with Allstar). All of Allstar's wells are currently
shut in, as the service trucks required to service the wells cannot access the
well sites until the road bans are removed which is anticipated to be at the end
of May.  


Once commercial production has been sustained, Westcore will be entitled to some
of the production from the new wells as per the Farm-In Agreement with Allstar
and the ownership formula prescribed thereunder (see Westcore's news release
dated July 25 2012). Westcore has spent approximately $850,000 to date on the
aforementioned 3D seismic survey. In exchange for the completion of the seismic,
Westcore will earn a 60% working interest on a pro rata basis of $850,000
applied against total drilling costs on the Riverside Lands in this program. In
addition, Westcore has been granted an ongoing right of first refusal to
participate in additional programs on the Riverside Lands, whereby Westcore will
fund 100% of drilling operations (to a maximum amount of $1 million) for a
further 60% working interest in such programs. 


All information regarding the Riverside property has been sourced from Allstar
Energy Limited.


Reader Advisory

Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. In particular, forward-looking information in this press release
includes, but is not limited to, the use of the net proceeds of the offering.
Although we believe that the expectations reflected in the forward-looking
information are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information. 


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including environmental
regulation; unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if and when
required; the availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market volatility;
competition for, among other things, capital, skilled personnel and supplies;
changes in tax laws; and the other risk factors disclosed under our profile on
SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.  


The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. We undertake no duty to update any of
the forward-looking information to conform such information to actual results or
to changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Westcore Energy Ltd.
Colin Taylor
Vice President Corporate Development
(306) 649-0600
www.westcoreenergy.ca
Westcore Energy (TSXV:WTR)
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