Winstar Reports Record Second Quarter Results



    CALGARY, Aug. 14 /CNW/ - Winstar Resources Ltd. ("Winstar" or the
"Company") (TSX:WIX) is pleased to announce its operating and financial
results for the second quarter and the first six months of 2008.
    Winstar, a junior oil and gas company focused on Tunisia with assets in
Romania, Hungary and Canada, generated record Second Quarter 08 sales
(1,986 boepd), production (1,719 boepd) and funds from operations
($11.83 million). For the first six months of 2008 the Company reports record
funds from operations ($19.1 million) and flat production year over year, in
which Canadian and Hungarian natural declines were replaced with incremental
Tunisian oil and gas sales (2007;1,854 boepd as compared to 1,803 boepd in
2008).

    
    HIGHLIGHTS Second Quarter 2008
    -------------------------------------------------------------------------
    CDN $ thousands
    (three months ended                                          Compared to
     June 30, 2008)                         Results                Q2 2007
    -------------------------------------------------------------------------
    Sales                                 1,986 boepd               Up 24%
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    Production                            1,719 boepd                Up 6%
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    Funds from operations(1)(4)    $11,829 or $0.35 per share      Up 228%
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    Earnings/(Loss) (1)(2)        ($780) or ($0.02) per share       Up 39%
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    Netback per boe(3)                       $65.42                Up 164%
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    Notes:
    1.  Per share amounts obtained by dividing by June 30, 2008 outstanding
        shares.
    2.  Winstar reports a net loss of $780,000 or ($0.03) per share) for the
        three months ended June 30, 2008, utilizing the successful efforts
        accounting policy which expenses and therefore reduces earnings for
        exploration expenses (including geological and geophysical costs).
        During the quarter, the Company incurred $7.2 million of exploration
        expenses relating primarily to 3D and 2D seismic acquisition costs in
        Tunisia, Hungary and Romania. Net income before exploration expense
        was $6.4 million or $0.19 per share for the three months ended
        June 30, 2008.
    3.  Funds from operations netback per boe.
    4.  Funds from operations is a non-GAAP measure discussed in more detail
        at the end of this press release. The components of the Company's
        funds from operations are as follows:


    -------------------------------------------------------------------------
    CDN $ thousands                 Three Months Ended      Six Months Ended
    -------------------------------------------------------------------------
    June 30,                           2008       2007       2008       2007
    -------------------------------------------------------------------------
    Net Revenue (revenues
     including interest income
     less net royalties)            $18,511     $8,502    $29,628    $21,229
    -------------------------------------------------------------------------
    Less
    -------------------------------------------------------------------------
      Operating                      $3,525     $2,340     $5,727     $5,041
    -------------------------------------------------------------------------
      General and administration
       (excluding non-cash G&A)      $1,587     $1,219     $3,006     $2,281
    -------------------------------------------------------------------------
      Foreign exchange loss/(gain)     ($35)       $30        $61        ($1)
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      Other (income)/expense           ($11)      $151       ($64)      $158
    -------------------------------------------------------------------------
      Current tax provision          $1,616     $1,155     $1,778     $2,055
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds from operations           $11,829     $3,607    $19,120    $11,695
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Operating and Financial Summary

    HIGHLIGHTS
    -------------------------------------------------------------------------
    CDN $ thousands except      Three Months Ended       Six Months Ended
     for per share amounts            June 30,                June 30,
                             ------------------------------------------------
                                                 %                       %
                                2008    2007  Change    2008    2007  Change
    -------------------------------------------------------------------------
    Sales and Prices
    -------------------------------------------------------------------------
    Natural gas sales (Mcf/d)  2,112   2,933     (28)  2,802   4,392     (36)
    -------------------------------------------------------------------------
    Oil and NGL sales (boepd)  1,634   1,109      47   1,346   1,327      (1)
    -------------------------------------------------------------------------
    Average daily sales
     6:1 (boepd)               1,986   1,598      24   1,813   2,059     (12)
    -------------------------------------------------------------------------
    Average natural gas
     price ($/Mcf)             11.16    8.43      32    9.44    8.64       9
    -------------------------------------------------------------------------
    Average oil and NGL
     price ($/bbl)            119.03   72.66      64  110.58   69.42      59
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Financial ($)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Oil and gas revenue       19,847   9,585     107  31,911  23,540      36
    -------------------------------------------------------------------------
    Funds from operations     11,829   3,607     228  19,120  11,695      63
    -------------------------------------------------------------------------
    Per share - basic           0.35    0.13     177    0.56    0.38      47
    -------------------------------------------------------------------------
              - Diluted         0.34    0.13     171    0.55    0.38      45
    -------------------------------------------------------------------------
    Net (loss)/income           (780) (1,288)     39     588   3,232     (82)
    -------------------------------------------------------------------------
    Per share - basic and
     diluted                   (0.02)  (0.04)     49    0.02    0.11     (85)
    -------------------------------------------------------------------------
    Working capital at
     period end               23,044   1,156   1,893  23,044   1,156   1,893
    -------------------------------------------------------------------------
    Long term debt at
     period end                    -       -       -       -       -       -
    -------------------------------------------------------------------------
    Shareholders' equity
     at period end            94,904  69,094      37  94,904  69,094      37
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Common Shares (thousands)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average during
     the period - Basic       34,048  28,741      18  34,074  28,742      19
                           --------------------------------------------------
                - Diluted     34,727  28,741      21  34,744  29,041      20
    -------------------------------------------------------------------------
    Outstanding
     at period end            34,079  28,740      19  34,079  28,740      19
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Production and Sales

    Production does not necessarily equate to sales. In Tunisia, the majority
of Winstar oil production is exported. Exported oil is stored as inventory
until a tanker is arranged. Sales are recorded when oil is loaded into the
tanker. Sales vary from production depending upon the available space and
timing of tanker sales.
    During the second quarter of 2008, the company had sales volumes in
excess of production as a result of an opening crude oil inventory of
27,138 bbls as at April 1, 2008. As at June 30, 2008 the company carried only
2,000 bbls of crude oil inventory. During the first six months of 2008, the
company had sales volumes which were approximately the same as production
volumes.

    
    -------------------------------------------------------------------------
    June 30                      Three Months Ended       Six Months Ended
    -------------------------------------------------------------------------
         boepd                  2008    2007       %    2008    2007       %
    -------------------------------------------------------------------------
    Production                 1,719   1,627       6   1,803   1,854      (2)
    -------------------------------------------------------------------------
    Sales                      1,986   1,616      24   1,813   2,048     (11)
    -------------------------------------------------------------------------
    

    Production by Country/Area and Product

    Company produced an average of 1,803 boepd during the first six months of
2008, comprised of 74% oil and liquids and 26% natural gas, as compared to an
average of 1,854 boepd, comprised of 61% oil and liquids and 39% natural gas,
during the equivalent period in 2007.
    Improved performance in Tunisia of an incremental 242 boepd during the
first half of 2008 effectively offset natural declines of 95 boepd and
199 boepd from Canada and Hungary respectively as compared to the first six
months of 2007.

    
                      For the six months ended June 30
                      --------------------------------

    -------------------------------------------------------------------------
                                    2008                       2007
    -------------------------------------------------------------------------
                        Oil and                    Oil and
                         liquid      Gas    Total   liquid      Gas    Total
                         (bbl/d)  (mcf/d)  (boepd)  (bbl/d)  (mcf/d)  (boepd)
    -------------------------------------------------------------------------
    Canada                  133    1,177      329      159    1,592      424
    -------------------------------------------------------------------------
    Hungary                   -    1,005      168        -    2,200      367
    -------------------------------------------------------------------------
    Tunisia
    -------------------------------------------------------------------------
      Chouech Essaida       751        -      751      689        -      689
    -------------------------------------------------------------------------
      Sabria                343      610      445      185      422      255
    -------------------------------------------------------------------------
      Zinnia/Sanrhar        111        -      111       89      178      119
    -------------------------------------------------------------------------
    Tunisia Total         1,205      610    1,307      963      600    1,063
    -------------------------------------------------------------------------
    Total                 1,338    2,792    1,803    1,122    4,392    1,854
    -------------------------------------------------------------------------


    Operating Netback

    The following tables outline the netbacks by country for the three and six
month periods ended June 30, 2008 and 2007.

    -------------------------------------------------------------------------
                                                  Three months ended June 30,
    -------------------------------------------------------------------------
    $ Per sales boe                                                     2008
    -------------------------------------------------------------------------
                                        Canada   Hungary   Tunisia     Total
    -------------------------------------------------------------------------
    Realized sales price                 87.09     61.35    117.32    109.80
    -------------------------------------------------------------------------
    International royalty income             -         -      5.91      4.68
    -------------------------------------------------------------------------
    Royalties                           (14.79)    (8.80)   (12.70)   (12.85)
    -------------------------------------------------------------------------
    Operating expense                   (25.22)   (38.74)   (17.18)   (19.50)
    -------------------------------------------------------------------------
    General and administration          (11.64)    (6.48)    (4.67)    (8.78)
    -------------------------------------------------------------------------
    Current tax expense                      -     (2.63)   (11.14)    (8.94)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating netback                    35.45      4.69     77.54     64.41
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest income                       4.30      1.62      0.02      0.79
    -------------------------------------------------------------------------
    Interest expense                         -         -         -         -
    -------------------------------------------------------------------------
    Foreign exchange gain/(loss)         (0.16)     0.12      0.27      0.19
    -------------------------------------------------------------------------
    Other (income)/expense                0.20         -      0.01      0.04
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds from operations netback        39.79      6.43     77.84     65.42
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                                  Three months ended June 30,
    -------------------------------------------------------------------------
    $ Per sales boe                                                     2007
    -------------------------------------------------------------------------
                                        Canada   Hungary   Tunisia     Total
    -------------------------------------------------------------------------
    Realized sales price                 50.31     60.84     73.13     65.91
    -------------------------------------------------------------------------
    International royalty income             -         -      3.07      1.96
    -------------------------------------------------------------------------
    Royalties                            (6.00)    (7.49)   (11.44)    (9.62)
    -------------------------------------------------------------------------
    Operating expense                   (22.64)   (23.57)   (12.27)   (16.09)
    -------------------------------------------------------------------------
    General and administration           (9.32)    (7.27)    (2.29)    (8.38)
    -------------------------------------------------------------------------
    Current tax expense                      -         -    (12.41)    (7.94)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating netback                    12.34     22.51     37.79     25.84
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest income                          -      1.49      0.11      0.21
    -------------------------------------------------------------------------
    Interest expense                     (1.24)        -         -     (0.33)
    -------------------------------------------------------------------------
    Foreign exchange gain/(loss)             -     (0.02)    (0.31)    (0.20)
    -------------------------------------------------------------------------
    Other (income)/expense               (2.78)        -      0.04     (0.71)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds from operations netback         8.32     23.98     37.62     24.81
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                    Six months ended June 30,
    -------------------------------------------------------------------------
    $ Per sales boe                                                     2008
    -------------------------------------------------------------------------
                                        Canada   Hungary   Tunisia     Total
    -------------------------------------------------------------------------
    Realized sales price                 75.86     48.95    107.94     96.69
    -------------------------------------------------------------------------
    International royalty income             -         -      6.60      4.80
    -------------------------------------------------------------------------
    Royalties                           (13.31)    (7.62)   (13.40)   (12.85)
    -------------------------------------------------------------------------
    Operating expense                   (25.59)   (19.98)   (14.97)   (17.35)
    -------------------------------------------------------------------------
    General and administration          (12.40)    (5.53)    (4.31)    (9.11)
    -------------------------------------------------------------------------
    Current tax expense                      -     (0.74)    (7.32)    (5.39)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating netback                    24.56     15.07     74.54     56.79
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest income                       5.26      1.12      0.10      1.13
    -------------------------------------------------------------------------
    Interest expense                         -         -         -         -
    -------------------------------------------------------------------------
    Foreign exchange gain/(loss)         (0.08)     0.01     (0.24)    (0.18)
    -------------------------------------------------------------------------
    Other (income)/expense                0.95         -      0.03      0.19
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds from operations netback        30.69     16.21     74.44     57.93
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                                    Six months ended June 30,
    -------------------------------------------------------------------------
    $ Per sales boe                                                     2007
    -------------------------------------------------------------------------
                                        Canada   Hungary   Tunisia     Total
    -------------------------------------------------------------------------
    Realized sales price                 50.02     57.97     69.07     63.16
    -------------------------------------------------------------------------
    International royalty income             -         -      2.44      1.50
    -------------------------------------------------------------------------
    Royalties                            (7.47)    (7.88)    (7.87)    (7.79)
    -------------------------------------------------------------------------
    Operating expense                   (18.69)    (8.89)   (13.14)   (13.53)
    -------------------------------------------------------------------------
    General and administration           (8.70)    (3.30)    (1.54)    (6.12)
    -------------------------------------------------------------------------
    Current tax expense                      -         -     (8.95)    (5.51)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating netback                    15.16     37.89     40.01     31.72
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Interest income                          -      0.31      0.04      0.08
    -------------------------------------------------------------------------
    Interest expense                     (0.69)        -     (0.01)    (0.15)
    -------------------------------------------------------------------------
    Foreign exchange gain/(loss)             -      0.09     (0.02)     0.01
    -------------------------------------------------------------------------
    Other (income)/expense               (1.39)        -      0.02     (0.28)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds from operations netback        13.08     38.30     40.04     31.38
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Capital Program (including exploration activities)

    -------------------------------------------------------------------------
    CDN $ thousands              Three months ended       Six months ended
    -------------------------------------------------------------------------
    June 30,                    2008    2007       %    2008    2007       %
    -------------------------------------------------------------------------
    Tunisia                   10,219   4,100     149  19,724  12,423      59
    -------------------------------------------------------------------------
    Canada                       613   2,436     (75)  2,205   6,520     (66)
    -------------------------------------------------------------------------
    Hungary                      524     (96)    100   1,308     (96)    100
    -------------------------------------------------------------------------
    Romania(1)                   663     N/A     N/A     663     N/A     N/A
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total                     12,019   6,440      87  23,900  18,847      27
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Note:
    (1) Winstar commenced investing in Romania in April 2008.
    


    Winstar continued to deliver record financial results in the second
quarter of 2008 while focusing its operational activities on laying the
foundation for significant growth into 2009 and beyond.
    The Company took a major step during the quarter to make the most of its
tremendous potential in Tunisia by acquiring $8 million worth of 3D seismic
data on more than 400 square kilometers at Chouech Essaida and Ech Chouech.
This seismic is currently being processed, and by Q1 2009 is anticipated to
delineate new drilling locations within the existing Triassic and Devonian oil
fields, plus identify deeper high impact Silurian targets. Winstar is
confident this investment will pay dividends to shareholders for years to
come.
    Winstar also used the second quarter to design a remedial program for its
existing 100%-owned 80 kilometer oil sales line from Chouech Essaida to El
Borma, which is expected (Q4 2008) to allow both gas and oil to be transported
simultaneously. Also in July, work began on a new 100%-owned 80 kilometer gas
sales line from Chouech Essaida to El Borma with the delivery of the first
20 kilometers of six-inch diameter pipe, and the spudding of a development
well; namely, Chouech Essaida No. 9.
    Winstar is focusing approximately 80% of its approved 2008 capital budget
in Tunisia. Capital expenditures for 2008 are expected to be between $45MM and
$50MM dependent on program success and the advancement of current
opportunities. Winstar expects to fund the program using working capital and
cash flow. This budget range is indicative of the inventory of opportunities
within the Company.

    Outlook

    With more than half of 2008 now behind us, management is pleased with
Winstar's performance to date. Winstar believes it has assembled the necessary
equipment and construction materials to execute its record $45 to $50 million
capital program for 2008, which is being funded through cash flow and the
working capital surplus. Although the Company was unable to add production in
the second quarter, due mostly to equipment availability challenges, the
Company is confident it has set the stage for another record performance in
the second half of 2008 and into 2009. During the third quarter of 2008, the
Company anticipates production to be consistent with the first six months, as
significant incremental production additions are delayed until the fourth
quarter. At this time, the Company notes that first half 2008 significant
delays in equipment have marginally decreased Winstar's annual production
guidance to 2,000 - 2,200 boepd.
    In order to mitigate the risk associated with equipment availability, the
Company has contracted two large 1,500 hp rigs capable of drilling the
Triassic and Silurian targets in the Chouech Essaida and Ech Chouech
concessions, as well as the multilateral horizontal wells in the Sabria
concession. One of these rigs landed in Tunisia in early August and is
expected to spud its first well at Sabria during the third quarter. In
addition, the Company currently has a medium sized rig capable of drilling
development wells in the Chouech Essaida concession.
    During the second quarter, the Company commenced two significant capital
programs in Tunisia: the acquisition of 3D seismic data over Chouech Essaida
and Ech Chouech ($7.4 million) and the construction of a new 80 km gas sales
line from Chouech Essaida to El Borma ($1.6 million). Both projects
strategically position Winstar for production deliverability and exploration
growth and are fundamental to the Company's four year business plan.
    The four year plan is based upon, among other parameters, historical
decline rates plus finding and development costs. One of the most significant
observations is that the company believes it has the potential to increase its
current production levels by 3 to 5 times, funded primarily from projected
cash flows and existing working capital surplus, exploiting only its current
undeveloped land base. Additional opportunities to enhance shareholder value
may require the company to utilize outside financing options including, but
not limited to, the issuance of new equity or the utilization of undrawn
credit facilities.
    The Company's outlook is bright. Winstar realizes it will be an ongoing
challenge to find skilled personnel to manage its ambitious drilling program.
The rapid and largely unexpected increase in oil prices experienced recently
is changing the oil industry dramatically in terms of increasing costs and
diminishing availability of services due to heightened competition. That said,
the Company is confident it has the track record, prospects and atmosphere to
attract and retain among the best employees in the business and the experience
to overcome operational challenges.
    The Company's high level of activity and the increasingly difficult
operating environment have certainly presented a challenge for Winstar's
hard-working staff; appropriately, our colleagues have responded with
professionalism and dedication. The Company expresses its gratitude to them
and looks forward to continuing to work together for the benefit of Winstar's
faithful shareholders.

    BOE

    References herein to "boe" mean barrels of oil equivalent derived by
converting gas to oil in the ratio of six thousand 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.

    Non-GAAP Measures

    The Company uses the terms "funds from operations," "funds from
operations per share" and "netbacks" which are not recognized measures under
Canadian generally accepted accounting principles. The Company uses these
measures to help evaluate better its performance. Management considers
netbacks an important measure as it demonstrates the Company's profitability
relative to current commodity prices. Netbacks are calculated as revenue plus
international royalty income net of royalties, operating, transportation,
general and administrative and current tax expenses. Management uses funds
from operations to analyze performance and considers it a key measure as it
demonstrates the Company's ability to generate the cash necessary to fund
future capital investments and to repay debt, if any. Funds from operations
have been defined by the Company as cash flow from operating activities
excluding the change in non-cash working capital related to operating
activities, geological and geophysical expenses and expenditures on asset
retirement obligations and reclamation. See Note 4 under the table on the
first page of this press release for a more detailed calculation of funds from
operations. The Company also presents funds from operations per share whereby
(unless otherwise indicated) amounts per share are calculated using weighted
average common shares outstanding consistent with the calculation of earnings
per share. Winstar's determination of funds from operations may not be
comparable to that reported by other companies nor should it be viewed as an
alternative to cash flow from operating activities, net earnings or other
measures of financial performance calculated in accordance with Canadian GAAP.

    Sales and Seasonality

    Oil and natural gas production is not necessarily equal to sales.
Tunisian oil is transported or pipelined to a terminal for periodic offloading
onto oil tankers. Revenue from tanker sales is recognized only when the sale
occurs. Production during the period is carried in inventory until sold.
Hungarian natural gas is sold on a monthly basis into the local market.
Monthly sales are subject to local market product demand which increases
during the heating seasons of fall and winter and curtails over the warmer
spring and summer seasons.

    Forward-Looking Statements

    This press release contains certain 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 Winstar'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 the
Company 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, except 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, Canada, Hungary and Romania. Winstar's
common shares trade on the Toronto Stock Exchange under the symbol WIX.
    Winstar's second quarter management discussion and analysis and unaudited
financial statements and notes can be obtained at
http://www.winstar.ca/investorinfo/financial_statements.html.





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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