WEI West Isle Energy Inc.

CORPORATE: 

West Isle Energy Inc. ("West Isle") (CNSX:WEI) announces that the Board of
Director's has formerly appointed Mr. Faron Belseck- as CFO of the corporation.
Mr. Belseck had been serving in that position prior to formal appointment. Mr.
Belseck is a Certified Management Accountant having served as Controller and CFO
in various former oil and gas and technology companies.


FINANCIAL:

West Isle Energy Inc. notifies shareholders and investors that the formerly
announced "Best efforts financing by D&D securities out of Toronto to fund the
Company's Colombian operations never came to fruition and has been dropped. West
Isle is currently in negotiations with a London based investment firm to provide
funding for the Colombian operations. The investment firm has now completed
their Due Diligence on the Colombian Property. Further news may be forthcoming
early in the New Year.


There is no guarantee that the transaction or the financing will conclude or on
what terms and investors are cautioned against making important decisions based
on such information. 


A flow through share offering is being proposed to cover the cost of drilling
the Evi wells as described below, and to recomplete an existing Provost oil
well.


OPERATIONS: 

West Isle has participated in the drilling of one new oil well in EVI Alberta
and one Slave Point oil re-completion. Two further oil wells are proposed for
early 2012 and West Isle has a 3.1% working interest in the wells. 


West Isle has recompleted its Drayton Valley 5-19-48-8W5M Edmonton sand well by
perforating and fracking the Edmonton zone. Little recovery was obtained on test
and the well is in the process of being swabbed in an attempt to encourage it to
flow. 


West Isle has sold a package of very small working interests in 115 oil and gas
wells in Albert and Saskatchewan to two parties-- one of which is a related
party to West Isle. Mr. and Mrs. Mcleay, (Mr. Mcleay is the company president)
participated for 50% in the purchase. Funds were used to drill the Evi well as
mentioned above and to clear up trade payables. The sales price was $86,000
which was the highest of 5 bids received, and West Isle had an engineering value
on it of $63,000. The properties had paid out long ago and the sale greatly
simplifies the accounting at West Isle. 


For more information about West Isle visit the Corporation's website
www.westisleenergy.com or either 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.

West Isle Energy Inc. (CSE:WEI)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

West Isle Energy Inc. (CSE:WEI)
Historical Stock Chart
Von Nov 2023 bis Nov 2024