Mr. Leo Berezan reports

WESCAN ENERGY CLOSES $1.3 MILLION CONVERTIBLE DEBENTURE FINANCING

Wescan Energy Corp. has closed its previously announced non-brokered private placement of unsecured convertible debentures for aggregate gross proceeds of $1.3-million. The offering was fully subscribed.

The debentures bear interest at 10 per cent per annum, calculated and payable quarterly in cash, mature two years from the date of issuance, and are convertible at the option of the holder at any time prior to maturity into common shares of the company at a conversion price of 25 cents per share. No finders' fees or commissions were paid in connection with the offering. The debentures and any common shares issued on conversion are subject to a statutory hold period expiring four months and one day from the date of issuance. The offering was completed pursuant to the conditional acceptance of the TSX Venture Exchange and remains subject to the exchange's final acceptance.

Certain directors, officers and other insiders of the company, and persons related to or associated with them, subscribed for an aggregate of $1.3-million principal amount of debentures. Such participation constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the debentures issued to, nor the consideration paid by, related parties exceeded 25 per cent of the company's market capitalization.

The net proceeds of the offering have been applied to finance the drilling, completion, equipping and tie-in of the company's Wescan 105 Provost 15-21-38-3 multilateral horizontal well, with any balance applied to general working capital.

"We are grateful to the shareholders and supporters who stepped up to fund this well and we are pleased to have been able to put their capital to work immediately," said Leo Berezan, chief executive officer and chairman of Wescan. "The well has been drilled and completed, and pressure testing is currently under way. Once pressure testing is finished, the company's focus will be on equipping and tying in the well and bringing it on production."

About Wescan Energy Corp.

Wescan Energy is a junior oil and gas exploration and production company headquartered in Calgary, Alta., with operations focused in the Provost area of east-central Alberta. The company's common shares trade on the TSX Venture Exchange under the symbol WCE. Further information is available on the company's website and under the company's profile on SEDAR+.

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