Winstar Provides Update on Tunisian Operations



    CALGARY, June 23 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the
Company") (TSX: WIX) is pleased to announce the following updates with respect
to its ongoing operational activities in southern Tunisia:

    
    -   the execution of a long term drilling rig contract with an
        international oilfield service & equipment company;

    -   the completion of a 401 km(2) 3D Seismic Acquisition Program;

    -   the commencement of work on the 80 km gas pipeline from
        Chouech Essaida to El Borma; and

    -   an update on drilling and production activities in the
        Chouech Essaida Concession.
    

    Drilling Rigs: Winstar has signed a long term contract with an
international oilfield service & equipment company for the provision of a
1500 horsepower rig to be used for the Company's various drilling projects in
Tunisia. This new rig will be shipped from Houston in mid to late July and
should be ready to spud its first well in Tunisia by late September of this
year. The rig will come equipped with a full complement of crew and equipment
and will be capable of drilling (i) through the Triassic and down to the
Silurian targets in the Chouech Essaida and Ech Chouech concessions in
southern Tunisia and (ii) the multi-lateral horizontal wells in the Sabria
concession. In addition to the above rig, Winstar, as operator of the Sabria
concession, and its partner, l'Entreprise Tunisienne d'Activitiés Petrolières
("ETAP"), have also entered into a long term contract with a Tunisian based
drilling contractor for a 1500 horsepower rig to be deployed for drilling a
multi-well horizontal drilling program in the Sabria field. Winstar expects
that this rig will be available to spud its first well at Sabria by the end of
2008.
    3D Seismic Acquisition Program: On June 10, 2008, Winstar completed the
acquisition of 401 square kilometres of 3D seismic data covering the entirety
of the Chouech Essaida and Ech Chouech concessions. Some minor remaining field
work is being completed and the final field data files are being assembled and
transmitted to the selected seismic processing centers in Tunis, Paris and
London for processing and subsequent interpretation. Preliminary
interpretation results are expected for yearend 2008 with the first Triassic,
Devonian and Silurian drilling locations to be selected in early 2009.
    Chouech Essaida to El Borma Gas Pipeline Installation: Winstar has
sourced and ordered 80 km of 6" (152mm) diameter pipe for a pipeline that will
transport associated natural gas from the Company's Central Production
Facility at Chouech Essaida to the sales and delivery point at El Borma in
Southern Tunisia. Twenty kilometres of required pipe has already been
delivered to the field site and the remaining sixty kilometres of pipe is
scheduled to be delivered by the end of this July. The Company expects that
welding and installation of the pipeline will commence in early July and the
pipeline will be in service by January, 2009. The pipeline will have an
estimated delivery capacity of approximately 15 million standard cubic feet
per day (425 thousand cubic meters) of natural gas.
    Drilling of Chouech Essaida No. 9 Development Well: This low risk
development well is expected to spud in the first week of July, 2008. It
directly offsets the Chouech Essaida No. 1 well that is currently flowing at a
rate of 315 barrels of oil per day (bopd). Assuming a successful result, this
well should come on production at the beginning of October, 2008. The well's
objective is to produce "behind-pipe" zones identified in the adjacent Chouech
Essaida No. 1 well.
    Chouech Essaida No. 8 Well Production: This well has been producing from
the upper zone since late March, 2008. Although the originally reported test
results demonstrated a capability of 119 bopd, the Company is pleased to
announce that the production from this well has steadily improved and is
currently flowing at a rate of 260 bopd (41m(3)/d) of low sulfur, 41 degree
API crude and as of June 18th, had produced a total of 19,000 barrels
(3,020m(3)) of oil. Current plans are to recomplete this well during the third
quarter of this year by installing the necessary wellbore equipment that will
permit the simultaneous production of the current zone and an additional
productive zone that tested at a rate of 391 bopd (62m(3)/d) during the
original completion and test in March of this year.
    Winstar believes it is well on its way to executing its business plan in
Tunisia. The Company has successfully acquired the means to:

    
    1.  determine where to drill exploration and development locations that
        the Company believes will have a higher likelihood of success by
        acquiring the 3D seismic program;

    2.  exert more control over the drilling schedule by having two capable
        drilling rigs under long term contract; and

    3.  convert drilling successes to production and cash flow in a timely
        manner by having the necessary pipelines and facilities in place to
        process and transport the production to market.
    

    Forward-Looking Statements

    This press release contains forward-looking statements. These statements
relate to future events or future performance of Winstar. When used in this
press release, the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "predict", "seek", "propose", "expect",
"potential", "continue", and similar expressions, are intended to identify
forward-looking statements. These statements involve known and unknown risks,
uncertainties, and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
Such statements reflect the Company's current views with respect to certain
events, and are subject to certain risks, uncertainties and assumptions. Many
factors could cause the Company's actual results, performance, or achievements
to materially differ from those described in this press release. Should one or
more of these risks or uncertainties materialize, or should assumptions
underlying forward-looking statements prove incorrect, actual results may vary
materially from those described in this press release as intended, planned,
anticipated, believed, estimated, or expected. Specific forward-looking
statements in this press release include, among others, statements pertaining
to the following: factors upon which Winstar will decide whether or not to
undertake a specific course of action; and estimated volumes and timing of
future production; business plans for drilling, exploration and development;
and other expectations, beliefs, plans, goal, objectives, assumptions,
information and statements about possible future events, conditions, results
of operations or performance. The risks to which Winstar is subject include
those of the oil and gas industry in general including operational risks in
exploring for, developing and producing crude oil and natural gas; risks and
uncertainties involving geology of oil and gas deposits; volatility in global
market prices for oil and natural gas; general economic conditions;
competition; liabilities and risks, including environmental liability and
risks, inherent in oil and gas operations; uncertainties as to the
availability and cost of financing and changes in capital markets;
alternatives to and changing demand for petroleum products; and changes in
legislation and the regulatory environment, including uncertainties with
respect to the Kyoto Protocol. Furthermore, statements relating to "reserves"
or "resources" are deemed to be forward-looking statements, as they involve
the implied assessment, based on certain estimates and assumptions that the
resources and reserves described can be produced profitably in the future. The
forward-looking statements contained in this press release are expressly
qualified in their entirety by this cautionary statement. These statements
speak only as of the date of this press release. The Company does not intend
and does not assume any obligation, to update these forward-looking statements
to reflect new information, subsequent events or otherwise, expect as required
by law.

    Winstar Resources Ltd. is a Calgary-based junior oil and gas company,
which explores for, develops, produces, and sells crude oil, natural gas
liquids and natural gas in Tunisia, Alberta and Hungary with a large
undeveloped land position in Romania. Winstar's common shares trade on the
Toronto Stock Exchange under the symbol WIX.





For further information:

For further information: Mr. David Monachello, President, Phone (403)
513-4200, Email dmonachello@winstar.ca; or Mr. Charles de Mestral, Chief
Executive Officer, Phone: Toll-free (Canada and USA) 1-800-875-1217 (Note: Mr.
de Mestral is based in Europe, in a time zone eight hours ahead of Calgary
time), Email: cdemestral@winstar-resources.ch

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Winstar Resources Ltd.

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