Western Standard Energy Corp. Acquires Bakken Acreage in North Dakota

Monday July 14, 9:00 am ET

WILLISTON, N.D.--(BUSINESS WIRE)--Western Standard Energy Corp., (OTC BB: WSEG.OB), an independent oil and gas exploration company, is pleased to announce it has acquired acreage for one of the four Bakken prospects optioned in Stark County, North Dakota, further to its Letter of Intent (LOI) with Oil For America, LLC (OFA) of May 6, 2008. Under the terms of the LOI, Western Standard has a 100% working interest, subject only to landowner's royalties and a 20% back in working interest to OFA, after payout.

Depth of the Bakken objective, within the Williston Basin, is approximately 11,000 feet, with drilling operations that include horizontal lateral extensions of 4,000 to 8,000 feet at an estimated cost between $4.5 and $5.0 million. Successful Bakken wells in the area have resulted in production rates of approximately 300-800 barrels of oil per day, with an estimated ultimate recovery (EUR) of between 300,000-800,000 barrels of oil over the life of each well, and an expected life span of around ten years.

According to the US Geological Survey ("USGS") North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation. A U.S. Geological Survey assessment, released in April 2008, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil. New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.

Major and independent oil producers actively developing their acreage in the Bakken formation include ConocoPhillips, Devon Energy, EOG, and Northern Oil and Gas, among others.

About Western Standard Energy Corp.

Western Standard Energy Corp. is an independent oil and gas exploration company, traded on the OTC BB under the ticker symbol WSEG. Western Standard has secured and is developing a portfolio of oil and gas properties throughout Montana and North Dakota.. Shareholders are invited to contact corporate communications toll free at (888) 956-7843 for further information.

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 Western Standard Energy Corp, ('Company') will acquire or develop any Bakken prospects, or that it will be able to generate any production revenues from its prospects; that drilling operations will cost between $4.5 and $5.0 million; and that if drilling operations are successful that a Bakken well will result in production rates of approximately 300-800 barrels of oil per day, with an estimated ultimate recovery (EUR) of between 300,000-800,000 barrels of oil over the life of each well, and/or have an expected productive life span of around ten years. 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 that 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.


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