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Winstar Reports Tunisian Operational Results

Source: www.gulfoilandgas.com 4/6/2009, Location: Africa

Winstar Resources Ltd. releases an operational update on the gas sales pipeline and compression facility from its southern Tunisian Chouech Essaida and Ech Chouech Concessions as well as an update on the most recent production rates recorded from its re-entry and drilling operation at the Sabria N3H well on the Sabria Concession in Central Tunisia.

Gas Sales Project
The Company announces the successful start-up of the 80 kilometre gas sales pipeline and associated compression and gas sales measurement facilities. This project represents the largest and most ambitious facility investment by the Company to date. The new gas pipeline enables the sale of the associated gas from the Chouech Essaida and Ech Chouech concessions. Initial gas sales are approximately 1.0 million of cubic feet per day (mmscf/d) which is expected to increase to 2.0 to 2.5 mmscf/d or (330 to 415 boepd) by the end of April as the system and existing wells are fully commissioned. The gas is sold to the Tunisian National Electrical and Gas Utility (STEG), at their receiving point near the El Borma oilfield located approximately 80 kilometres north of Chouech Essaida at the Southern terminus of the Tunisian National Gas Transmission system. Gas prices are regulated by the National Hydrocarbon Law of Tunisia and are established related to the nine month trailing average price of low sulphur heating fuel delivered within the Mediterranean region. The current natural gas price (April 2009), expected from this project is approximately $Cdn12.50/mcf. Winstar owns and operates a 100% working interest in the Chouech Essaida and Ech Chouech Concessions located in the Sahara desert of Southern Tunisia.

Sabria N3H Well
The stabilized flow rates from the Sabria N3H well, (since the first of April 2009), through a wellhead choke of 13/64 inches, and recorded at a test separator at the Sabria Central Production Facility some 4 kilometers from the well-head, is 195 to 200 boepd. The stabilized daily flow rate over that 5 day interval consists of 130 to 135 barrels of (40 to 42 API degree) oil per day with 400 to 420 thousand cubic feet per day of natural gas (65 to 70 boepd) plus 55 to 60 barrels of water per day with a flowing well head pressure of approximately 1,045 pounds per square inch. Operational plans concerning the optimization of the well are under discussion with Winstar’s 55% partner, Enterprise Tunisienne D’Activités Petrolières (ETAP), the Tunisian National Oil Company. Winstar operates and owns a 45% working interest in the Sabria N3H well and the Sabria Concession in Central Tunisia.

BOE
References herein to boe mean barrels of oil equivalent derived by converting gas to oil in the ratio of 6,000 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 upon an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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