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Westfire Energy Exceeds Production Targets - Fourth Quarter Update

WestFire Energy Ltd. (TSX: WFE) has experienced a triumphant fourth quarter in which they exceeded their exit production targets, drilled 22 wells with a 100% success rate, and continued to generate substantial cash-flow from their liquid weighted asset acquisitions, as well as much more.

WestFire is pleased to provide more details in the following update:

Operations Update

• WestFire exited 2011 with field estimated production of 9,300 boepd, of which 65% was oil and liquids. In addition, WestFire had 12 (9.0 net) Viking horizontal oil wells awaiting completion at year-end.

• WestFire produced a quarterly record average production of 8,618 boepd in the fourth quarter for an increase of 208% over the same period in the prior year or a 46% increase on a per diluted share basis. Fourth quarter production was impacted by a major battery expansion at Redwater Alberta which required the shut-in of approximately 1,200 boepd for 15 days in November.

• Fourth quarter Viking production averaged 3,041 boepd and exited the year at 3,755 boepd with an additional 12 (9.0 net) Viking horizontal wells awaiting completion at year-end.

• With WestFire’s high netback light oil production from the Viking and its liquids-rich natural gas production from the Swan Hills formation at Kaybob South, the Company expects that its operating netback (before hedging) is approximately $57.00 per boe based on current commodity prices.

• 22 (19.0 net) wells were drilled in the fourth quarter, bringing the year to date total to 115 (103.3 net) wells, all with a 100% success rate.

• During the fourth quarter, the Company completed the balance of its 20 well Viking vertical core hole program to better define reservoir characteristics on its extensive Viking land holdings at Redwater, Alberta and Plato, Saskatchewan. This program was successful in identifying areas of higher quality reservoir adding significant horizontal drilling inventory in the areas studied.

• Of the 115 (103.3 net) development wells drilled during 2011, 89 (77.5 net) were Viking horizontal oil wells at its core operating areas of Redwater (51/50.0 gross/net), Provost (8/8.0 gross/net), Lucky Hills (21/10.5 gross/net) and Plato (9/9.0 gross/net).

• WestFire currently has three rigs operating; two at Redwater and one at Plato. These rigs are scheduled to drill 40 (35.5 net) Viking horizontal light oil wells during the first quarter of 2012.

For full version which includes Acquisitions Update & Financial Results click on the pdf file above.

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