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File: WesCan Energy Corp. Announces Acquistion of Oil & Gas Properties Apr.27.2015.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 Announces Proposed Acquisition  of Oil and Gas Properties in East-Central Alberta

  For Immediate Release        April 27, 2015 
 
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
--->   

April 27, 2015 - Calgary, Alberta - WesCan Energy Corp. (TSXV:WCE) ("WesCan" or the "Corporation") is pleased to annou
--->nced that it has entered into a binding Offer to Purchase Agreement on April 21, 2015 with an arm's length company, th
--->e company of which is subject to a Receivership Order issued by the Court of Queen's Bench of Alberta in the Receivers
--->hip Proceedings on May 9, 2014, and through its court-appointed Receiver, Alvarez & Marsal, the ("Vendor") to purchase
---> the medium- light oil and associated gas properties in east-central Alberta (the "Acquisition") that is currently pro
--->ducing approximately 85 BOE/d (95% oil and NGLs, 5% natural gas) for an aggregate purchase price of $1,240,000. The pu
--->rchase price shall be payable in cash, and is subject to customary closing conditions and adjustments including receip
--->t of all regulatory approvals and the approval of the TSX Venture Exchange. WesCan expects to fund the cash portion of
---> the purchase price through a combination of existing cash, equity and/or debt financing, the details of which will be
---> announced in a subsequent news release. Closing of the Acquisition is expected to occur on or about May 15, 2015 with
---> an effective date being the same as the closing date.

Under the Acquisition, WesCan will purchase the 100% working interests of the Vendor in the Provost, Alberta area loca
--->ted at east-central Alberta. The Provost property consists primarily of 100% working interests in the producing assets
--->, in addition to 100% ownership of key producing infrastructure, including batteries and pipelines. Management has als
--->o identified approximately 8 re-activations of existing shut-in wells and approximately 10-15 low-risk development dri
--->lling locations that are  supported within a defined area of 3D seismic. The related production comes from established
--->, multiple-zones ranging between 700-950 metres complemented with a contiguous land base of approximately 3,800 net ac
--->res. 

Production relating to the assets is approximately 85 BOE/d, composed of approximately 95% oil and liquids. On this ba
--->sis, WesCan is paying approximately $15,000 per flowing barrel of production. Based on the most current engineering re
--->port of December 31, 2012 and the mechanical update as at December 31, 2013 as provided by the Vendor, WesCan's intern
--->al estimates of gross estimated proved plus probable reserves is approximately 620,000 barrels of oil equivalent (95% 
--->oil and liquids). Upon closing of the Acquisition, WesCan expects to provide further guidance with respect to the esti
--->mated reserves within ninety days of closing together with its business acquisition report and in conjunction with the
---> Corporation's year-end, March 31 material. An independent, third-party engineering evaluators report will be complete
--->d by the Corporation's engineering firm, McDaniel and Associates Consultants Ltd.         

The Acquisition is accretive to WesCan shareholders on all key metrics and provides a stable production base with upsi
--->de through re-activations of existing shut-in wells, infill drilling locations, optimization opportunities and waterfl
--->ood potential. The Acquisition also fits well with WesCan's overall strategy of sustainable production growth as the a
--->ssets will contribute to the Corporation's creation of building of a balanced portfolio of development, exploitation a
--->nd exploration opportunities in a focused geographical area to advance sizeable growth, increase reserves and cashflow
--->, including the potential for future strategic acquisition opportunities. 


Notes to the above Reserve estimates: 
McDaniel utilized their December 31, 2013 forecast prices and costs for the mechanical update. 

It should not be assumed that the estimates of the present value of future net revenues before tax represent the fair 
--->market value of the reserves. There can be no assurance that the forecast price and cost assumptions contained in the 
--->McDaniel reports will be consistent with actual prices and costs and variances could be material.

 
 
 
 
 
 
FOR FURTHER INFORMATION, PLEASE CONTACT:

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


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.

 Forward Looking and Cautionary Statements

Certain statements contained in this press release may constitute forward-looking statements.  These statements relate
---> to the reserves and resources attributable to the Acquisition.  All statements other than statements of historical fa
--->ct may be forward-looking statements. Forward{‐ ‐}looking statements are necessarily based upon assumptions and 
--->judgments with respect to the future. In some cases, forward{‐ ‐}looking statements can be identified by termino
--->logy such  as  "may",  "will",  "should",  "expect",  "projects",  "plans",  "anticipates"  and  similar  expressions.
--->  These statements represent management's expectations or beliefs concerning, among other things, future operating res
--->ults and various components thereof affecting the economic performance of WesCan. Undue reliance should not be placed 
--->on these forward{‐ ‐}looking statements which are based upon management's assumptions and are subject to known a
--->nd unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance a
--->nd financial results in future periods to differ materially from any projections of future performance or results expr
--->essed or implied by such forward{‐ ‐}looking statements.  Accordingly,  readers  are cautioned  that  events  or
--->  circumstances  could  cause  results  to  differ  materially  from  those  predicted.  These statements speak only a
--->s of the date specified in the statements.

The Corporation's actual results could differ materially from those anticipated in the forward looking statements cont
--->ained throughout this news release as a result of the material risk factors set forth below:

volatility in market prices for oil and natural gas;
liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas reserves;
uncertainties associated with the Corporation's ability to obtain additional financing on satisfactory terms;  
geological, technical, drilling and processing problems; and
general business and market conditions.
These factors should not be construed as exhaustive.  Unless required by law, the Corporation does not undertake any o
--->bligation to publicly update or revise any forward looking statements, whether as a result of new information, future 
--->events or otherwise.

BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ra
--->tio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in
---> isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the
---> burner tip and does not represent a value equivalency at the wellhead.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is like
--->ly that the actual remaining quantities recovered will exceed the estimated proved reserves.

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equa
--->lly likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved
---> plus probable reserves.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is un
--->likely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus p
--->ossible reserves.

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities o
--->r, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of dri
--->lling a well) to put the reserves on production. The developed category may be subdivided into producing and non-produ
--->cing.

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at th
--->e time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on pr
--->oduction, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been o
--->n production but are shut-in and the date of resumption of production is unknown.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expendit
--->ure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must f
--->ully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.