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File: WesCan - PR Termination of Acquistion Mar.2.2015 .doc


  
    
Suite 2500,  520  - 5th Ave. S.W.
Calgary, AB. T2P 3R7
T 403.265.9464
F 403.266.1510 
www.wescanenergycorp.com
                      
 NEWS RELEASE
 WesCan Energy Cancels Acquisition of Oil and Gas Properties in Central Alberta

  For Immediate Release                March 2, 2015 
 
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
--->   

March 2, 2015 - Calgary, Alberta - WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Company") wishes to announce that
---> it has cancelled the transaction for the purchase of certain producing oil and gas assets in central Alberta (the "Ac
--->quisition") as previously announced on November 18, 2014 under the Agreement of Purchase and Sale, (the "Agreement) da
--->ted November 6, 2014.

The Company has decided that as a result of the recent decline in oil prices in addition to both a material change in 
--->the production profile attributable to the assets and the related environmental liabilities, present and future, that 
--->it was in the best interest of the Company to terminate the Agreement. The result of such declining oil prices has imp
--->acted the overall value of the related reserves, the net present values and all reserve price decks previously used in
---> determining values of the assets. It was further realized, that there would be a significant impact to sustaining pos
--->itive field netbacks and cashflows as was initially anticipated in a much higher commodity price environment. The Vend
--->or has also recognized the challenges of lower oil prices and has accepted the Company's notice of termination.   

Management is of the opinion that over the next few months, commodity prices will begin to stabilize and provide more 
--->certainty to performance valuations and future expectations of growth in pursuit of achieving a reliable platform for 
--->advancing the Company forward. The Company is optimistic that future acquisition opportunities, in light of lower comm
--->odity prices combined with the expectation of lower costs of field related services, is forthcoming and therefore, pos
--->ition the Company to benefit from a depressed pricing regime. Meanwhile, the Company is continuing to identify and eva
--->luate other potential acquisition targets and will provide future updates as they become available.     


FOR FURTHER INFORMATION, PLEASE CONTACT:

Greg T. Busby, President & CEO                                            
WESCAN ENERGY CORP.  
 Tel: (403) 265-9464   


Reader Advisory:
Certain statements included in this news release constitute forward-looking statements or forward looking information 
--->under applicable securities legislation. Such forward looking statements or information are provided for the purpose o
--->f providing information about management's current expectations and plans relating to the future. Readers are cautione
--->d that reliance on such information may not be appropriate for other purposes. Forward looking statements or informati
--->on typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "p
--->ropose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking sta
--->tements or information in this news release include, but are not limited to the proposed Acquisition. Forward looking 
--->statements or information are based on current expectations, estimates and projections that involve a number of risks 
--->and uncertainties which could cause actual results to differ materially from those anticipated by WesCan and described
---> in the forward looking statements or information. These risks and uncertainties include, but are not limited to, the 
--->failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., ope
--->rational risks in development, exploration and production; delays or changes in plans with respect to exploration or d
--->evelopment projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and pr
--->ojections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and
---> exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to expl
--->oration or development projects or capital expenditures.

These risks and uncertainties which may cause actual results to differ materially from the forward looking statements 
--->or information include, among other things, changes to the terms of the Agreement, failure to complete the Acquisition
---> in a timely manner (or at all). The actual results, performance or achievement could differ materially from those exp
--->ressed in or implied by these forward-looking statements. Readers are cautioned that the foregoing list is not exhaust
--->ive of all possible risks and uncertainties. Additional information on these and other factors that could affect WesCa
--->n's operations or financial results are included in reports on file with applicable securities regulatory authorities 
--->and may be accessed through the SEDAR website (www.sedar.com). The forward looking statements or information contained
---> in this news release are made as of the date hereof and WesCan undertakes no obligation to update publicly or revise 
--->any forward looking statements or information, whether as a result of new information, future events or otherwise unle
--->ss required by applicable securities laws. The forward-looking statements or information contained in this news releas
--->e are expressly qualified by this cautionary statement.

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 NEWS RELEASE.