Calgary, Alberta--(Newsfile Corp. - August 27, 2015) - WELLSTAR ENERGY CORP. (TSXV: WSE) ("WellStar", or the "Company") announced today it has commenced work at its McTaggart property in southern Saskatchewan.
WellStar's wholly owned subsidiary Nexxtep Resources Ltd. (Nexxtep), is proceeding with a planned recompletion of the Winnipeg Sand formation at the Company's McTaggart property in southern Saskatchewan. The Company intends to fracture stimulate a portion of the original Winnipeg Sand formation which was completed in spring 2000. The well produced over 70 Mstb until it was suspended in mid-2006, in order to recomplete the wellbore in the up hole Red River formation. Initial oil production rates from the Winnipeg Sand completion exceeded 200 Bopd in mid-2000. Nexxtep holds a majority interest in this well and is the Operator."
WellStar President and CEO Andrew H. Rees stated "Our key focus since closing the acquisition of Nexxtep in the spring of this year, has been to evaluate opportunities within our existing asset base. This recompletion program affords us the ability to increase production at low cost, low risk and potentially timely payout within the context of the current oil price environment."
The Company would also like to announce that the TSX Venture Exchange has granted it an extension to complete a previously announced non-brokered private placement to September 15, 2015 (see news release dated May 1, 2015)
For further information please contact Andrew H Rees at (403) 919-7900.
ON BEHALF OF THE BOARD
(signed) "Andrew H. Rees"
Andrew H. Rees
President and Chief Executive Officer
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.
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.
