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File: WesCan PR - Closes Oil & Gas Properties May 25, 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 Closing of Acquisition  of Oil and Gas Properties in East-Central Alberta

  For Immediate Release           May 26, 2015 
 
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
--->   

May 26, 2015 - Calgary, Alberta - WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Corporation") is pleased to announ
--->ce that it has closed its previously announced asset acquisition, (the "Acquisition") of producing, conventional mediu
--->m-light oil and gas assets located in east-central Alberta.  The Acquisition is pursuant to a Purchase Agreement, (the
---> "Agreement") dated April 21, 2015 with an arm's length company, Alston Energy Inc., (the "Vendor") and was subject to
---> a Receivership Order issued by the Court of Queen's Bench of Alberta in the Receivership Proceedings on May 9, 2014 t
--->hrough its court-appointed Receiver, Alvarez & Marsal, (the "Receiver"). The total cash consideration for the Acquisit
--->ion was $1.240 million with an effective date of May 25, 2015. The Acquisition was funded through a combination of exi
--->sting cash and a series of short-term, promissory notes, (the "Notes") of approximately of $1.1 million. The Notes hav
--->e a 7% interest coupon and are convertible into the Corporation's common shares on an equivalent basis and priced in c
--->ontext with the market at the time of conversion, if exercised. The Notes are convertible at the option of the lender.
---> In the event that common shares are issued upon such election, any shares issued under conversion shall be subject to
---> applicable securities laws and the policies of the TSX Venture Exchange, ("TSXV").

All conditions have been satisfied under the Agreement, including all requisite documentation filed with the TSXV purs
--->uant to the Corporation's "fundamental acquisition" submission including receipt of final approval of TSXV. The Corpor
--->ation is now proceeding with its application with the Alberta Energy Regulator, ("AER") to have all wells and related 
--->facilities being acquired under the Acquisition, transferred to WesCan.  

Under the Acquisition, the assets acquired will establish a "core" area for WesCan and will comprise of 100% operated,
---> low-decline crude oil and associated gas production. Current production is approximately 105 barrels of oil equivalen
--->t per day, (95% oil and natural gas liquids, 5% natural gas) and will generate immediate cashflow. The Provost propert
--->y consists of primarily 100 % working interests in the producing assets in addition to 100% ownership of key producing
---> infrastructure, including batteries and related pipelines. Management has also identified approximately eight shut-in
---> wells that require re-activations on the property due to certain mechanical failures and limited working capital of t
--->he Receiver. It is expected that once the re-activations are completed, the added production from the affected wells w
--->ill add approximately 65-75 barrels of oil equivalent per day. Management has also identified 9-15 low-risk, horizonta
--->l development drilling locations that are supported within a defined area of 3-D seismic.     

The assets are well known to the management of WesCan who previously managed and operated the properties under CanRock
---> Energy Corp. prior to its sale to Vendor in 2012. Management will now focus its attention on the future development a
--->nd exploitation of the property and is confident that the underlying reserves can now be realized with the intended di
--->sciplines and experience of capturing the material growth potential the property has to offer.         

The Acquisition is accretive to WesCan's shareholders on all key metrics and provides a stable production base with up
--->side through re-activations of existing shut-in wells, infill drilling locations, optimization opportunities and water
--->flood potential. The Acquisition also fits well with the Corporation's overall objective of sustainable production gro
--->wth. These assets will contribute to the Corporation's desire to build a balanced portfolio of development, exploitati
--->on and exploration opportunities in a focused, geographical area.

About WesCan Energy Corp.

WesCan Energy Corp. is a dynamic, publicly traded junior oil producer targeting oil-based opportunities in Western Can
--->ada. The Corporation is focused on strategic acquisitions within its core area(s), in addition to developing and explo
--->iting for incremental production and reserves.  The Corporation currently has 21,753,991 common shares outstanding and
---> is listed on the TSX-V under trading symbol, "WCE".

 
 
 
 
 
 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.  The
--->se statements represent management's expectations or beliefs concerning, among other things, future operating results 
--->and various components thereof affecting the economic performance of WesCan. Undue reliance should not be placed on th
--->ese forward{‐ ‐}looking statements which are based upon management's assumptions and are subject to known and un
--->known risks and uncertainties, including the business risks discussed above, which may cause actual performance and fi
--->nancial results in future periods to differ materially from any projections of future performance or results expressed
---> or implied by such forward{‐ ‐}looking statements.  Accordingly, readers are cautioned that events or circumsta
--->nces could cause results to differ materially from those predicted.  These statements speak only as of the date specif
--->ied 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.