Thursday June 26, 9:00 am ET
WILLISTON, N.D.--(BUSINESS WIRE)--Western Standard Energy Corp., (OTC BB: WSEG.OB) (hereafter "Western Standard" or "the Company"), an oil and gas exploration company, is pleased to announce an additional drilling permit from the Bureau of Land Management, a department of the U.S. Department of the Interior. The permit was granted to its operating partner, Coastal Petroleum, for a third well on the Starbuck East prospect in Valley County, Montana. The permit pertains to a well location at Federal 1-13, which is a step-out well from the exploration well at Federal 1-19 drilled to approximately 1,000 feet in October, 2007, which currently remains on hold for completion and testing due to Federal land restrictions on access and usage until July 15 based on environmental and wildlife obligations.
The permit's issuance came prior to the recent results of a US Geological Survey ("USGS") report that assessed the Undiscovered Biogenic Gas Resources in the North-Central Montana Province where Western Standard has a 50% interest in the Starbuck East Prospect, an area of approximately 42,000 acres in Valley County, Montana.
According to the USGS report produced in May and released in June of 2008, "Application of a geology-based assessment methodology by the U.S. Geological Survey resulted in an estimated mean of 6,192 billion cubic feet of shallow biogenic (continuous) undiscovered gas in the North-Central Montana Province". The assessment has confirmed the potential for almost 4 trillion cubic feet of gas (TCF) from both the Judith River (around 500' depth) and the Eagle Sandstone (around 1,100' depth) formations.
Dan Bauer, President and CEO of Western Standard Energy stated: "Western Standard's immediate plans include testing both the Judith River and Eagle zones for productivity upon completion of the Federal 1-19 in the next month. We are pleased with the USGS assessment as it reinforces our intentions to explore and develop within the North-Central Montana region.
"The results of the assessment can be downloaded from the US Geological Survey website at: http://pubs.usgs.gov/fs/2008/3036/
The Company released an Operational Update on Starbuck East in May of 2008, which can be viewed at the Company website.
About Western Standard Energy Corp. (the "Company")
Western Standard Energy Corp. is an independent oil and gas exploration company. The Company has secured and is developing a portfolio of oil and gas properties in Montana and North Dakota, in the United States. The Company is a publicly traded company and trades on the OTC BB under the ticker symbol: WSEG. Shareholders are invited to contact corporate communications toll free at (888) 956-7843 for further information or to visit our website at www.western-standard.com.
Western Standard Energy Corp.
Dan Bauer, President
Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include that the Company will complete Federal 1-19, that it will drill Federal 1-21 and Federal 1-13, that the Company will complete further land acquisitions, and that there is up to 6,192 billion cubic feet of biogenic gas in the State of MT, or up to 4 trillion cubic feet of gas in the Judith River and Eagle formations as referenced in the recent USGS assessment. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. Readers should also refer to the risk disclosures outlined in the Company's quarterly reports on Form 10-QSB, annual reports on Form 10-KSB and the Company's other disclosure documents filed from time-to-time with the Securities and Exchange Commission available at www.sec.gov.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms?in this document, such as "estimated technically recoverable oil " that the SEC's guidelines may prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
info@redchip.com
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