Winstar Reviews Preliminary Results of Southern Tunisia 3D Seismic Program



    CALGARY, Sept. 17 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the
Company") (TSX: WIX) reviews its preliminary geophysical results from its
previously announced seismic program undertaken in Southern Tunisia. Under the
program, Winstar acquired, at the end of June 2008, slightly more than 400
square kilometres of 3D seismic data over Chouech Essaida and Ech Chouech,
which are two of the Company's concessions in Southern Tunisia. The Company's
objective in acquiring this relatively large 3D seismic survey was to provide
Winstar's exploration team with a geophysical tool which could detail
structures which may be drilled for the Silurian Acacus formation, and help in
exploiting the shallower Triassic and Devonian formations.
    Winstar's raw seismic data is being simultaneously and independently
processed at two recognized European data processing centers. The Company
believes that dual processing will increase the accuracy and integrity of the
final geophysical interpretation. Upon review of the preliminary 3D data, the
Company has observed anomalies which may lead to several Silurian Acacus
drilling locations. These preliminary observations are subject to
corroboration by the final processing and interpretation which is expected to
be completed during the first quarter of 2009.
    Operators within the Tunisian and Libyan Acacus fairway have reported a
high drilling success rate with nearly 30 exploration wells. Initial
production tests from 25 reported successes have averaged approximately 4,800
boepd. The initial seismic results are very encouraging, but until final
processing is completed there is no certainty that the Company will proceed
with Acacus exploration drilling and there are no assurances as to what
results may be obtained should wells be drilled.

    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.
    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.

    Winstar Resources Ltd. is 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.





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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