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Winstar Updates Drilling Plans in Southern Tunisia

Source: www.gulfoilandgas.com 9/14/2010, Location: Africa

Winstar will drill a Triassic development well called CS#13 within the 100% owned and operated Chouech Essaida Triassic oil field in southern Tunisia. This well will be the first to be drilled this fall and will spud in late September as soon as the previously announced contracted rig can be mobilized to the drilling site. Winstar anticipates CS#13 will take approximately 30 days to drill and complete and is expected to result in incremental production and cash flow, similar to the recent development well, CS #11 (currently producing 500 barrels of oil per day with no water). Winstar anticipates production start-up of CS #13 during December 2010.

The second new well this fall will be Chouech Essaida Silurian 1 (CS Sil#1), replacing in the Company’s drilling plans the previously announced re-entry and deepening operation at the Ech Chouech Sud 1 (ECS #1) well. CS Sil#1 will be the Company’s first exploratory well to test the potential of the Silurian Acacus Formation (“Silurian”) on its lands in Southern Tunisia. Based on recent analogous discoveries and further geological studies, the Company anticipates that CS Sil#1 has the highest probability of finding Silurian oil within its two southern-most concessions, Chouech Essaida and Ech Chouech. An oil discovery can potentially be put on production immediately whereas a gas/condensate discovery would have to wait until the gas transportation infrastructure evolves sufficiently in Southern Tunisia to move the gas to market. The CS Sil#1 location is situated in the north-east part of the Chouech Essaida concession and is characterized by the following:

a) Imaged by 3D seismic, this Silurian anomaly represents the typical four way closed type of structure and is also most proximal to other oil producing Acacus fields in Southern Tunisia.

b) Projected to encounter the Silurian approximately 270 meters shallower than ECS#1, which further enhances the possibility of making an oil discovery.

c) Coincident with the Silurian objective, the CS Sil #1 location has a shallower Triassic exploration target that directly offsets Winstar’s Chouech Essaida Triassic oilfield.

d) This new 4’400 meter well is expected to spud in November of this year and take approximately 2 months to drill.

Additional information is available on the Company’s website (www.winstar.ca) in the September, 2010 presentation available in the “What’s New” section.

Tunisian production update

During the first two months of Q3, 2010 Winstar produced an average of 2,100 boepd (90% crude oil and condensate and 10% natural gas) from its assets in Tunisia compared with 1,716 boepd in Q2, 2010.

The Triassic development well CS#8 continues to be suspended. Since July 28, 2010, CS#8 has been successfully cleared of debris in the wellbore and its upper zone has been re-perforated. The Company subsequently installed a jet pumping system to re-establish oil production and anticipates that this new system will be operational in the near future. The Company will provide further operational updates as appropriate.

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