VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 03/13/13

WELLSTAR ENERGY CORP. (TSX VENTURE:WSE.H)(FRANKFURT:W6V1) ("WellStar", or the "Company") is pleased to announce that Netherland, Sewell & Associates, Inc. ("Netherland Sewell"), a qualified reserves evaluator, has prepared a National Instrument 51-101 compliant report dated January 24, 2013 and prepared as of October 31, 2012 (the "Report") estimating reserves and future net revenues for certain non-operated oil and gas properties consisting of approximately 18,271 gross (7,273 net) contiguous acres in Dunn County, North Dakota (the "Assets").

Further to the Company's press releases of October 24, 2012 and February 22, 2013, the Company has entered into a purchase and sale agreement relating to the acquisition of an interest in the Assets (the "Acquisition"). Closing of the Acquisition is subject to, among other things, the Company securing satisfactory financing and obtaining approval of the TSX Venture Exchange, including review of a title opinion with respect to the Assets. There can be no assurance that the Acquisition will be completed as proposed or at all and trading in the Company's shares should be considered highly speculative.

The Report has been prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and assuming development of the Assets in respect of which the estimate is made will occur, without regard to the likely availability to the Company of funding required for such development.

The Report estimates, as of October 31, 2012, the Company's total proven reserves (P1) at 2,112.1 Mbbl (thousands of barrels) and 761.5 MMcf (millions of cubic feet) with future net revenues of US$49.0 million before income tax (net of all drilling and completion costs), discounted at 10% annually. In addition, the Report indicated probable reserves (P2) of 4,348.5 Mbbl and 1,200.6 MMcf with future net revenue of US$71.64 million net to the Company, discounted at 10% annually. The Company's possible reserves (P3) for the Assets are estimated to be 3,516.8 Mbbl and 996.8 MMcf with future net revenue of US$56.55 million, discounted at 10% annually. In summary, the Report indicates total recoverable reserves (PI, P2 and P3) of 9,977.4 Mbbl and 2,958.9 MMcf with future net revenue of US$177.2 million net to the Company, discounted at 10% annually.

The estimated net reserves of the Assets and future net revenues before income tax (net of drilling and completion costs) to the Company (assuming completion of the Acquisition) based on the P1, P2 and P3 assumptions are highlighted in the table below:

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                         Reserves                Future Net Revenue Before  
                                                       Income Taxes         
                                                      (Millions US$)        
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             Light/Medium Oil       Gas                Discount Rate        
                  (Mbbl)           (MMcf)                                   
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Category       Gross      Net    Gross     Net      0%      5%    10%    15%
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 Proved      1,005.3    804.0    480.2   384.1   58.98   36.93  27.04  21.57
 Developed                                                                  
 Producing                                                                  
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 Proved       1635.2  1,308.2    471.7   377.4   67.62   37.33  21.97  13.10
 Undeveloped                                                                
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 Total       2,640.5  2,112.1    951.9   761.5  126.59   74.26  49.00  34.67
 Proved                                                                     
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 Probable    5,419.7  4,348.5  1,497.0 1,200.6  239.36  125.10  71.64  42.48
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 Proved +    8,060.2  6,460.7  2,448.9 1,962.1  365.96  199.36 120.64  77.14
 Probable                                                                   
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 Possible    4,374.2  3,516.8  1,240.8   996.8  217.32  102.64  56.55  33.55
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 Proved +                                                                   
 Probable + 12,434.4  9,977.4  3,689.7 2,958.9  583.28  302.00 177.20 110.69
 Possible                                                                   
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The reserves shown above are estimates only and should not be construed as exact quantities. Proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable; probable reserves are those additional reserves which are less certain to be recovered than proved reserves. Possible reserves are those additional reserves which are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

WellStar's President, Andrew H. Rees stated, "We are very pleased to be able to announce the net present value ("NPV") of the Company's proposed acquisition assets as presented by Netherland Sewell. With a NPV of reserves at a10% discount rate of approximately US$177 million, management feels the market will now have the information necessary to value the Company and build comparables to its peers."

A complete copy of the Report can be found on the Company's website at www.wellstarenergy.com.

ON BEHALF OF THE BOARD

Andrew H. Rees, President and Chief Executive Officer

Prospective resources are those quantities of reserves estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that it will be commercially viable to produce any portion of the prospective resources.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not 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 the Company. Readers are cautioned not to place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
WellStar Energy Corp.
Andrew H. Rees
President and Chief Executive Officer
(604) 669-6463
www.wellstarenergy.com