Mr. Steven Johnson reports

WRANGLER WEST REPORTS 2012 FIRST QUARTER OPERATING AND FINANCIAL RESULTS

Wrangler West Energy Corp. has filed on SEDAR the company's unaudited financial statements and related management's discussion and analysis for the three months ended March 31, 2012, with comparative data for the three months ended March 31, 2011, and the year ended Dec. 31, 2011. All referenced documents may be viewed on SEDAR.

2012 first quarter highlights:

• $1.9-million of revenue;
• $300,000 of funds flow from operations;
• $500,000 in capital expenditures.

2012 first quarter review

For the 2012 first quarter, Wrangler West produced 818 barrels of oil equivalent per day, a 21-per-cent decrease compared with the same period one year ago. The lower production reflects the company's previously announced asset disposition and natural production declines from the corporate reserves base. Wrangler West's production profile remains 80 per cent natural gas.

In the 2012 first quarter, Wrangler West experienced a 10-year low in the AECO spot price for natural gas. Continued deterioration of natural gas prices forced the company's decision to minimize capital expenditures and reduce expenses wherever possible. Capital expenditures during the 2012 first quarter were focused on 3-D seismic and land acquisitions. Wrangler West's focus is to remain cash flow positive and maintain a conservative approach to capital spending. The company expects this austerity program to remain entrenched as it develops its inventory of drillable oil prospects.

Early 2012 industry conditions

Subsequent to the 2012 first quarter, natural gas prices have recovered modestly from their 10-year bottom in April, 2012. However, the current economics for natural gas exploration do not justify a drilling budget. Some producers have shut-in marginal production in response to shockingly low natural gas prices. Weather analysts have commented the 2012 summer could be hot and dry. If they are correct, the coming summer cooling season could be a welcome draw on natural gas storage levels, which are currently double their historical five-year average.

Early 2012 outlook

Wrangler West recently received regulatory approval to expand the water flood project at Riviere. This initiative was accomplished after the company acquired a 100-per-cent working interest in the Wabamun A crude oil pool. The company's plan is to inject into an existing horizontal well and it expects to commence the required workover of the well after spring breakup. The project is designed to achieve pressure support through the injection of produced water. This represents a long-term solution intended to enhance recovery from this oil pool.

Volatility throughout world financial markets continues to undermine investor confidence. Global events, like the worldwide debt crisis, integrate quickly and deeply into all financial markets and make it difficult to forecast and manage day-to-day business activities.

As the natural gas oversupply situation unfolds throughout the 2012 summer, Wrangler West is committed to maintaining a defensive position. Operational efficiencies can occur during the summer season due to lower expenses in the absence of adverse weather conditions. Looking toward the 2012 summer drilling season, oil field activity levels and equipment availability appear quite favourable for achieving competitive pricing, which could lead to the expansion of Wrangler West's exploration budget.

During 2012, Wrangler West expects to continue to focus on organic growth using the drill bit. It has prepared and organized three oil-prone opportunities on 15 sections of land. Drilling of each prospect will be conditional on well-by-well success. The company will be watching closely for improvement in natural gas prices as it conservatively manages both cash flow and the company's available credit facility.

      STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (in thousands of dollars, except per-share amounts)
                               
                                        Three months ended
                                                 March 31,
                                           2012       2011
Revenue                          
Petroleum and natural gas sales        $  1,932   $  3,401
Royalties                                  (306)      (500)
                                          1,626      2,901
Expenses                                                                                             
Operating                                 1,041      1,427
General and administrative                  277        307
Share-based payments                         25          -
Depletion and depreciation                1,212      1,493
(Gain) on sale of assets                      -         (2)
Results from operating activities          (929)      (324)
Finance                                                                                            
Interest and accretion                       48         77
(Loss) before income tax                   (977)      (401)
Deferred income tax benefit                (235)      (101)
Net (loss) and comprehensive (loss)    $   (742)  $   (300)
Net (loss) per share, basic and diluted  $  (0.11)  $  (0.05)

We seek Safe Harbor.