Wrangler West Announces 2006 Production Increase and Year-end Results



    CALGARY, April 16 /CNW/ - (WX-TSX-V) - Wrangler West Energy Corp.
("Wrangler West", the "company", "we") announces results and operational and
financial results for the three and twelve months ended December 31, 2006,
together with comparative data for the same periods in 2005. Wrangler West
will file today copies of the audited financial statements and management's
discussion and analysis for the year ended December 31, 2006 on www.sedar.com.

    
                               2006 Highlights
    

    In 2006, Wrangler West increased production, maintained reserves and
invested over $15 million in drilling and infrastructure to bring new
production on stream and deliver it to market. We reported funds flow from
operations of $9.6 million and recorded $2.6 million in earnings, despite a
23 percent drop in natural gas prices. Our field development in the Riviere
core area extended the Wabamun A pool and, subsequently, encountered new
Mannville natural gas discoveries. These discoveries necessitated reallocation
of capital planned for exploration to build new pipelines, tie-ins and
facilities. In our Craigmyle core area, we increased natural gas production
67 percent from the previous year. This core area continues to contribute cash
flow that funds our capital expenditures program to develop longer life
reserves at Riviere. Additional highlights for 2006 are:

    
        27 percent increase in total production, with natural gas production
        up 43 percent;

        14 percent increase in gross revenue;

        $0.41 per share in earnings;

        $1.51 per share in funds flow from operations;

        10 (9.5 net) wells drilled with an 80 percent success ratio.


    For the years ended December 31               2006       2005   % Change
    -------------------------------------------------------------------------
    Operational Highlights
    Production
    Crude oil and NGL (bbls/d)                     402        381          6
    Natural gas (mcf/d)                          4,329      3,022         43
    Total (boe/d)                                1,124        885         27
    Prices
    Crude oil and NGL ($/bbl)                    57.33      49.77         15
    Natural gas ($/mcf)                           7.02       9.17        (23)
    Per boe ($)
    Petroleum and natural gas revenues           47.56      52.75        (10)
    Royalties (net of ARTC)                     (10.52)     (8.43)        25
    Operating costs                             (11.00)     (8.86)        24
    --------------------------------------------------------------
    Field netback                                26.04      35.46        (27)
    General and administrative                   (2.06)     (2.65)       (22)
    Interest                                     (0.58)     (0.63)        (8)
    --------------------------------------------------------------
    Funds flow from operations                   23.40      32.18        (27)
    Depletion, depreciation, and accretion      (15.85)    (16.18)        (2)
    Stock-based compensation                     (0.66)     (1.40)       (53)
    Future income tax                            (0.58)     (4.91)       (88)
    --------------------------------------------------------------
    Net earnings                                  6.31       9.69        (35)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Financial Highlights ($ thousand)
    Petroleum and natural gas revenues          19,503     17,036         14
    Royalties (net of ARTC)                      4,312     (2,723)        58
    Operating costs                             (4,511)    (2,861)        58
    General and administrative                    (846)      (856)        (1)
    Interest                                      (236)      (202)        17
    --------------------------------------------------------------
    Funds flow from operations                   9,598     10,393         (8)
    Depletion, depreciation, and accretion       6,499     (5,224)        24
    Stock-based compensation                      (269)      (451)       (40)
    Future income tax                             (237)    (1,586)       (85)
    --------------------------------------------------------------
    Net earnings                                 2,593      3,132        (17)
    --------------------------------------------------------------
    Outstanding shares
     (thousand, except where indicated)
    Weighted average - basic                     6,361      6,361          -
    Weighted average - diluted                   6,617      6,524          1
    --------------------------------------------------------------
    Funds flow - basic ($/share)                  1.51       1.63         (7)
    Funds flow - diluted ($/share)                1.45       1.59         (9)
    Earnings - basic ($/share)                    0.41       0.49        (16)
    Earnings - diluted ($/share)                  0.39       0.48        (19)
    --------------------------------------------------------------
    Total assets ($ thousand)                   42,387     32,899         29
    -------------------------------------------------------------------------
    Note: Wrangler West converts petroleum and natural gas reserves and
    volumes to a common unit of measure on a basis of six thousand cubic feet
    of natural gas to one barrel of oil. Disclosure provided in respect of
    barrels of oil equivalent may be misleading, particularly if used in
    isolation. A boe conversion ratio of six mcf equals one bbl is based on
    an energy equivalency conversion method primarily applicable at the
    burner tip and does not represent a value equivalency at the wellhead.


                                2007 Outlook
    

    Wrangler West has delivered to shareholders four consecutive years of
growth in revenue and production. We entered 2007 with a strong balance sheet,
increasing cash flow and a larger production base. Since 2006 year-end,
Wrangler West's total production has reached 1,600 boe/d as we completed
winter tie-ins from last year's drilling program. Natural gas comprises a much
larger component of our total production following the Mannville natural gas
discoveries in Riviere and drilling success in Craigmyle. For 2007, we have
established a $15 million capital program with an inventory of drilling
prospects to achieve further growth through the drill bit. Our assets have
ongoing exploitation opportunities and we believe changes in the business
environment for junior oil and natural gas companies will offer new
opportunities for Wrangler West in 2007.

    
                             Management Changes
    

    Wrangler West's board of directors has approved the following management
and board changes to take effect immediately following dissemination of this
press release. The board accepted William E. Kerr's request to relinquish his
previous responsibilities and has appointed Mr. Kerr as Vice President,
Engineering. Steven F. Johnson, a founder and director of Wrangler West,
remains a director and has accepted the board's appointment to President and
Chief Executive Officer. Christopher W. Nixon, a director of Wrangler West
since January 2003, becomes Chairman of the Board.

    
                            ---------------------
                    Management's Discussion and Analysis
    

    Management of Wrangler West Energy Corp. ("Wrangler West" or the
"company") prepared the following information as of April 3, 2007 and
recommends reading it in conjunction with the audited financial statements for
the years ended December 31, 2006 and 2005.
    Management's Discussion and Analysis contains the term 'funds flow from
operations' and 'netbacks', which are not recognized measures under Canadian
generally accepted accounting principles (GAAP). Management believes that, in
addition to net earnings, funds flow from operations is a useful supplemental
measure. Investors are cautioned, however, that this measure should not be
construed as an alternative to net earnings determined in accordance with
GAAP, as an indication of the company's performance. Wrangler West's
determination of funds flow from operations may not be comparable to that
reported by other companies. Wrangler West presents funds flow from operations
per share whereby per share amounts are calculated consistent with the
calculation of earnings per share. Funds flow from operations is equal to cash
flow from operating activities before changes in non-cash operating working
capital items as presented in the statement of cash flows. Netbacks equal
total revenue less royalties and operating costs calculated on a boe basis.
Wrangler West calculates total boe by multiplying the daily production by the
number of days in the period.
    Petroleum and natural gas reserves and volumes are converted to a common
unit of measure on a basis of six thousand cubic feet of natural gas equals
one barrel of oil. Disclosure provided herein in respect of barrels of oil
equivalent may be misleading, particularly if used in isolation. A boe
conversion ratio of six mcf equals one bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

    This document contains forward-looking statements, such as those relating
to: results of operations and financial condition; capital expenditures,
financing, and commodity prices; number, type, timing and tie-in of wells
drilled; commencement and costs of production; and the magnitude of oil and
natural gas reserves. By their nature, forward-looking statements are subject
to numerous risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, actual results may differ
materially from those predicted. The forward-looking statements contained in
this report are as of April 3, 2007 and are subject to change after that date.
Assumptions used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise and, as such,
readers should not rely unduly on forward-looking statements. Wrangler West
Energy Corp. disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
    Wrangler West's external business risks arise from the uncertainty of
crude oil and natural gas pricing, the uncertainty of interest and exchange
rates, environmental and safety issues, and financial and liquidity
considerations. Additional risk arises from the production performance of
existing properties, the changes in regulatory standards and the uncertain
results from capital expenditure programs.

    REVIEW OF 2006
    Wrangler West remained focused on a strategy of investing funds flow from
operations to grow our production base and build assets. In 2006, we recorded
positive earnings. A drop in natural gas prices offset the impact of increased
natural gas production. Higher operating costs and depletion reduced earnings
growth. Wrangler West spent a significant portion of 2006 capital on
infrastructure, specifically facilities and pipelines. Expansion of these
physical assets will result in faster tie-ins of new production and will
strengthen our ability to manage future operating costs. Exploration successes
achieved in 2006 will benefit future production and improve the efficiency of
our newly built facilities.

    
    SELECTED ANNUAL INFORMATION

    Year ended December 31                          2006      2005      2004
    -------------------------------------------------------------------------
    ($ thousand, except per share amounts)

    Total revenue                                 19,503    17,036    11,182
    Net earnings                                   2,593     3,132       808
    Earnings - basic ($/share)                      0.41      0.49      0.14
    Earnings - diluted                              0.39      0.48      0.14
    Total assets                                  42,387    32,899    27,328
    Total long term financial liabilities              -         -         -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Revenue and total assets have demonstrated Wrangler West's growth for the
past three years. We will continue to invest funds from operations to increase
our assets and production base.

    SELECTED QUARTERLY INFORMATION

    Three months ended
    ($ thousand, except              Dec 31     Sep 30     Jun 30     Mar 31
     where indicated)                  2006       2006       2006       2006
    -------------------------------------------------------------------------
    Total revenues                    4,921      4,611      5,070      4,900
    Net earnings (loss)                  (9)       402      1,641        560

    Earnings - basic ($/share)            -       0.06       0.26       0.09
    Earnings - diluted ($/share)          -       0.06       0.25       0.08
    Total production (boe/d)          1,143      1,082      1,170      1,100
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Three months ended
    ($ thousand, except              Dec 31     Sep 30     Jun 30     Mar 31
     where indicated)                  2005       2005       2005       2005
    -------------------------------------------------------------------------
    Total revenues                    5,500      4,912      3,679      2,944
    Net earnings                      1,236        942        919         36

    Earnings - basic ($/share)         0.19       0.15       0.14       0.01
    Earnings - diluted ($/share)       0.19       0.14       0.14       0.01
    Total production (boe/d)            935        876        854        873
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Wrangler West experienced a record year in 2005 in terms of drilling
results and commodity prices. In 2006, revenue remained relatively constant
and earnings were lower. Increases in production volumes did not capture the
same level of commodity prices because natural gas prices retreated. Readers
can refer to the appropriate interim period MD&A for a detailed analysis and
explanation of the variance between individual quarters.

    PRODUCTION
    Daily Production

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Oil and NGL (bbls/d)         393     430      (9)    402     381       6
    Natural gas (mcf/d)        4,501   3,031      48   4,329   3,022      43
    Total (boe/d)              1,143     935      22   1,124     885      27
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Total production for 2006 increased 27 percent from 2005. New natural gas
discoveries in Riviere and Craigmyle provided the increase.
    Total production for the 2006 fourth quarter increased 6 percent from the
2006 third quarter.
    In 2006, Wrangler West drilled 10 wells (2005 - 21 wells). We completed
two oil wells (2005 - nine wells), six natural gas wells (2005 - nine wells)
and abandoned two wells (2005 - three wells).

    REVENUES
    Production Revenues ($ thousand)

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Oil and NGL                1,808   2,139     (16)  8,412   6,923      22
    Natural gas                3,113   3,361      (7) 11,091  10,113      10
    Petroleum and natural
     gas revenues              4,921   5,500     (11) 19,503  17,036      14
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Prices

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Oil and NGL ($/bbl)        50.04   54.13      (8)  57.33   49.77      15
    Natural gas ($/mcf)         7.52   12.05     (38)   7.02    9.17     (23)
    Total production ($/boe)   46.81   63.96     (27)  47.56   52.75     (10)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    In 2006, Wrangler West recognized a 14 percent increase in total
production revenue. Natural gas production volumes increased 43 percent but
the price received was down 23 percent which offset much of the anticipated
increase in revenue. Crude oil and NGL volumes increased 6 percent with a
price increase of 15 percent.
    Production revenues for the 2006 fourth quarter increased 7 percent from
the 2006 third quarter with a 1 percent increase in overall prices.

    ROYALTIES
    ($ thousand)

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Crown                        803     852      (6)  3,522   2,551      38
    Other                        350     327       7   1,281     690      86
    ARTC                           -     (99)   (100)   (490)   (518)     (6)
    -------------------------------------------------------------------------
    Total royalties            1,154   1,080       7   4,312   2,723      58
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    ($/boe)

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Crown                       7.64    9.91     (23)   8.59    7.90       9
    Other                       3.33    3.80     (12)   3.12    2.14      46
    ARTC                           -   (1.15)   (100)  (1.19)  (1.61)    (26)
    -------------------------------------------------------------------------
    Total royalties            10.97   12.56     (13)  10.52    8.43      25
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Royalties increased in 2006 due to additional production volumes.
Royalties, as a percentage of revenue, in 2006 were 22 percent, up from
16 percent in 2005. New high rate wells and strong natural gas prices combined
to increase our royalty rate significantly. We expect the royalty rate to
remain at higher levels.
    Wrangler West reached the $2 million crown royalty limit for Alberta
Royalty Tax Credit (ARTC) during each of the past two years. The provincial
government has announced plans to cancel the ARTC program, effective
January 1, 2007, which we anticipate will also contribute to a higher royalty
rate.
    For the 2006 fourth quarter, royalties increased 8 percent from the 2006
third quarter. In the third and fourth quarter of 2006, royalties, as a
percentage of revenue were 23 percent.

    OPERATING COSTS

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Operating costs
     ($ thousand)              1,285     909      41   4,511   2,861      58
    Operating costs ($/boe)    12.22   10.57      16   11.00    8.86      24
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Operating costs have risen due to increases in production volumes. On a
per boe basis, operating costs increased 24 percent for the year, partly due
to repair and maintenance requirements at our Riviere property. To control
costs at Riviere, we replaced cavity pumps with bottom hole pumps and pump
jacks and expanded our battery facilities to include water handling and
processing. We are currently trucking water to off site disposal until
Wrangler West's water disposal application secures the required AEUB approval.
We expect using our own facilities to dispose of water will have a moderating
effect on operating costs per boe. Also during the year, ongoing well
completion operations to evaluate Riviere's potential increased operating
expenses.
    In the 2006 fourth quarter, operating costs decreased 10 percent
(14 percent on a boe basis) from the 2006 third quarter as a result of fewer
repair and maintenance activities.
    Wrangler West includes crude oil trucking costs of $2.61 per bbl (2005 -
$2.33) in operating costs.

    NETBACKS
    Field netbacks

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Light and medium crude
     oil ($/bbl)               20.07   28.97     (31)  31.74   29.72       7
    Natural gas ($/mcf)         4.18    8.40     (50)   3.74    6.60     (43)
    NGL ($/bbl)                29.97   48.16     (38)  40.25   37.60       7
    Combined netback ($/boe)   23.61   40.82     (42)  26.04   35.46     (27)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    During 2006, lower field netbacks resulted from weaker commodity prices,
higher royalty rates and increased operating costs compared to the year ended
2005. We anticipate an improvement in field netbacks as we reduce operating
costs through field efficiencies in our oil properties and expand our natural
gas portfolio where operating costs are significantly lower on a per boe
basis.
    For the year ended December 31, 2005, Wrangler West recorded a realized
hedging loss of $375,000 which reduced the combined field netback. The hedge
contract concluded in July 2005.

    GENERAL AND ADMINISTRATIVE (G&A)

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    G&A ($ thousand)             144     333     (57)    846     856      (1)
    G&A ($/boe)                 1.37    3.87     (65)   2.06    2.65     (22)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2006, G&A remained relatively constant
compared to the previous year. In 2006, G&A per boe was lower by 22 percent as
a result of production volume increases. In 2006, Wrangler West capitalized
G&A of $661,000 (2005 - $552,000) associated with exploration activities. For
2007, we expect G&A to increase as the company grows. However, we expect G&A
per boe will improve as our production base continues to grow.
    G&A for the 2006 fourth quarter decreased 42 percent (45 percent on a per
boe basis) from the 2006 third quarter due to higher capitalized G&A in the
2006 fourth quarter.

    INTEREST EXPENSE

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Interest ($ thousand)         95      58      63     236     202      17
    Interest ($/boe)            0.90    0.68      32    0.58    0.63      (8)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Interest expense for the year ended December 31, 2006 represented interest
charges for the use of our credit facility. Wrangler West uses a portion of
the credit facility to fund ongoing exploration activities. In 2007, we
anticipate interest expense will remain at the 2006 fourth quarter level as we
manage our debt in a manner consistent with the latter part of 2006.
    Interest expense in the 2006 fourth quarter increased 71 percent
(61 percent on a per boe basis) from the 2006 third quarter due to increased
utilization of the credit facility. Capital expenditures early in 2007 will
require a similar level of utilization of the credit facility.

    STOCK-BASED COMPENSATION

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Stock-based compensation
     ($ thousand)                 34     216     (84)    269     451     (40)
    Stock-based compensation
     ($/boe)                    0.32    2.51     (87)   0.66    1.40     (53)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    At December 31, 2006, there were outstanding 865,000 options to purchase
common shares. There were no option grants during the year.
    In 2006, total stock-based compensation was $460,000 (2005 - $770,000) of
which we capitalized $273,000 (2005 - $319,000) relating to exploration and
development activities. Most of Wrangler West's stock options granted in 2004
completely vested in May 2006 which accounts for the decrease in stock-based
compensation expense.
    In the 2006 fourth quarter, stock-based compensation decreased 8 percent
(14 percent on a per boe basis) from the 2006 third quarter.

    DEPLETION, DEPRECIATION AND ACCRETION (DD&A)

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Depletion, depreciation
     and accretion
     ($ thousand)              2,164   1,252      73   6,499   5,224      24
    Depletion, depreciation
     and accretion ($/boe)     20.58   14.56      41   15.85   16.18      (2)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Depletion, depreciation and accretion increased 24 percent during 2006
but, on a per boe basis, decreased 2 percent. The 2006 fourth quarter DD&A
increased from the same period one year ago, primarily due to recognition of a
natural gas well that became uneconomic resulting in a downward revision in
proved reserves as reflected in the Sproule Report effective December 31,
2006.
    DD&A for the 2006 fourth quarter increased 51 percent (43 percent on a boe
basis) from the 2006 third quarter as a result of the reserves revision.

    FUTURE INCOME TAXES

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Future tax expense
     ($ thousand)                 55     416     (87)    237   1,586     (85)
    Future tax expense ($/boe)  0.53    4.84     (89)   0.58    4.91     (88)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For the year ended December 31, 2006, future income tax expense decreased
primarily due to reductions in the corporate income tax rate. In 2006,
Wrangler West had adequate tax pools to defer current income tax. We expect to
allocate a significant amount of our 2007 capital program to exploration and
development which will continue to mitigate current income tax obligations.
However, we anticipate some current income tax in 2007.

    EARNINGS

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Net earnings (loss)
     ($ thousand)                 (9)  1,236    (101)  2,593   3,132     (17)
    Net earnings (loss)
     ($/boe)                   (0.08)  14.37    (101)   6.31    9.69     (35)

    Earnings - basic ($/share)     -    0.19    (100)   0.41    0.49     (16)
    Earnings - diluted ($/share)   -    0.19    (100)   0.39    0.48     (19)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The decrease in net earnings for 2006 resulted from a decrease in netbacks
and higher depletion costs.
    We expect increased production levels to provide positive earnings in
2007.
    In the 2006 fourth quarter, we recorded a modest loss of $9,000 compared
to the 2006 third quarter earnings of $402,000, mainly due to an increase in
depletion and an increase in future income taxes in the fourth quarter.

    FUNDS FLOW AND LIQUIDITY

                                 Three months ended          Year ended
                                       Dec 31                  Dec 31
                                                 %                       %
                                2006    2005  Change    2006    2005  Change
    -------------------------------------------------------------------------
    Funds flow from
     operations ($ thousand)   2,244   3,120     (28)  9,598  10,393      (8)
    Funds flow from
     operations ($/boe)        21.34   36.28     (41)  23.40   32.18     (27)

    Funds flow - basic
     ($/share)                  0.35    0.49     (29)   1.51    1.63      (7)
    Funds flow - diluted
     ($/share)                  0.34    0.48     (29)   1.45    1.59      (9)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    In 2006, lower netbacks reduced funds flow from operations by 8 percent.
    The 2006 fourth quarter experienced higher natural gas prices combined
with increased natural gas volumes which led to a 23 percent increase in funds
flow from operations (16 percent on a per boe basis) from the 2006 third
quarter.
    During 2006, Wrangler West's revolving demand credit facility increased
to $13.0 million from $10.0 million. Increased reserves from wells drilled
during 2006 contributed to our increased borrowing base. At December 31, 2006,
we had $9.0 million drawn on our line of credit (2005 - $2.6 million). The
facility will undergo an annual review in April 2007. We expect that our
increased production volumes and our corporate reserves base will continue to
support Wrangler West's credit facility.
    Funds flow from operations funded a large portion of our 2006 capital
program. In 2007, we will use available funds flow from operations and our
credit facility to fulfill our $15.0 million capital program. A shortfall in
available funds resulting from significantly weaker commodity prices would
require review and prioritization of Wrangler West's ongoing capital program.
If new business opportunities arise, Wrangler West would pursue an increase in
the credit facility, or look to alternate funding or the equity markets to
capture those opportunities.
    At December 31, 2006, Wrangler West had a working capital deficiency,
including bank debt, of $10.9 million (2005 - $5 million).

    
    TOTAL CAPITALIZATION

                                                      Year ended Dec 31
                                                  2006       2005   % Change
    -------------------------------------------------------------------------
    Common shares outstanding                6,360,827  6,360,827          -
    Closing market price at December 31
     ($/share)                                    8.50       8.00          6
    Market value of common shares
     ($ thousand)                               54,067     50,887          6
    Net debt ($ thousand)                       10,859      5,070        114
    Total capitalization ($ thousand)           64,926     55,957         16
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at April 3, 2007, Wrangler West had 6,360,827 common shares
outstanding.

    CAPITAL EXPENDITURES
    ($ thousand)
                                     Three months ended        Year ended
                                           Dec 31                Dec 31
                                       2006       2005       2006       2005
    -------------------------------------------------------------------------
    Land costs                          196        383        677        885
    Seismic                             131        242      1,165        758
    Capitalized general and
     administrative expenses            247        119        661        552
    Drilling and completions            801      1,343      8,837      8,607
    Production equipment and
     gathering systems                2,469      1,464      4,047      4,926
    -------------------------------------------------------------------------
    Total capital expenditures        3,844      3,551     15,387     15,728
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    In 2006, we drilled 10 wells (9.5 net) including two D&A.
    Wrangler West's board of directors has approved a 2007 capital
expenditures budget of $15.0 million. We expect to allocate 20 percent of our
capital budget to horizontal drilling and anticipate the remainder of our 2007
activity will be consistent with that of 2006. Wrangler West uses funds flow
from operations and our credit facility to support our capital expenditures
program.

    CONTRACTUAL OBLIGATIONS

    Office Lease
    In March 2007, Wrangler West extended the termination date of Calgary
office premises operating lease from October 31, 2007 to October 31, 2010.
Based on current operating costs, future lease commitments will average
$265,000 per year.

    Bank Indebtedness
    Wrangler West has a revolving demand operating credit facility in the
maximum amount of $13 million with a Canadian chartered bank. The facility
bears interest at the bank's prime interest rate. The facility is secured by a
fixed and floating charge debenture of $30 million over all of the company's
property and assets. The facility is subject to an annual borrowing base
review with the next annual review due in April 2007.
    Management is not aware of any off-balance sheet arrangements as at
December 31, 2006, nor of any arising subsequently.

    OTHER MATTERS
    In 2006, Wrangler West had no other matters to disclose.

    OUTLOOK
    Wrangler West will continue to grow by exploration and development
drilling. We will deploy funds flow and bank debt to initiate and develop our
internally generated exploration concepts and, ultimately, add reserves. We
believe the significant change in Canada's oil and natural gas industry in the
past fiscal year will create opportunities for Wrangler West's strong balance
sheet and quality exploration team. We have identified $15 million in capital
expenditures to fuel our 2007 exploration and development program.
    The majority of our activity will focus on expansion of our Riviere oil
pool, an asset with considerable oil in place that requires innovative
engineering to access its potential value. In 2006, we undertook a waterflood
study for this pool and are encouraged by the laboratory testing, core
analysis and engineering that followed. We are in the process of filing a
pilot waterflood application with the AEUB and, after spring break-up, we are
planning a horizontal test well at Riviere.
    Our natural gas production has experienced dramatic growth during 2006
and, now that new discoveries are tied-in, we look forward to recording higher
2007 revenues. Wrangler West's production for the month of March 2007 reached
approximately 1,600 boe/d.

    CRITICAL ACCOUNTING ESTIMATES
    The financial statements discuss significant accounting policies in note
1 to the financial statements. Certain accounting estimates are critical in
determining reported financial results and management cautions the reader that
future events and results may vary substantially from Wrangler West's current
expectations.

    Full Cost Accounting
    Wrangler West follows the full cost method of accounting for petroleum
and natural gas activities as prescribed by Accounting Guideline 16 issued by
the Canadian Institute of Chartered Accountants ("CICA"). We capitalize all
costs for exploration and development of reserves. Costs are depleted using a
unit-of-production method based on estimated proved reserves. Capitalized
costs may not exceed a ceiling amount. If it is determined that net
capitalized costs are in excess of the calculated ceiling (normally estimated
on the basis of evaluated reserves), the excess must be expensed. Proceeds
from disposal of properties are deducted from such costs without recognition
of a gain or loss except where such disposal is a significant portion of
reserves.

    Reserves
    Wrangler West engages qualified independent reserves evaluation engineers
to evaluate corporate reserves. Reserves determinations involve forecasts
based on property performance, future prices, projected future production and
the timing of future capital expenditures, all of which are subject to
uncertainties and interpretations. Reserves estimates have a significant
impact on reported financial results as they are the basis for calculating
depreciation and depletion and other non-GAAP key performance indicators.
Revisions to reserves can change reported depletion and depreciation and
earnings. Downward revision of reserves could result in a ceiling test
write-down.

    Asset Retirement Obligations
    Wrangler West provides for the estimated abandonment costs of properties
using the fair value method. The basis for this future estimate is estimated
costs and technology following current legislation and industry practice. The
reported liability is a discounted amount. Factors that affect the amount of
the liability are: number of wells, timing of expected expenditures and
discount factor. These estimates will change and revisions could influence
depletion and depreciation rates.

    Income Taxes
    Determination of Wrangler West's income tax liabilities requires
interpretation of complex laws and regulations and all tax filings are subject
to audit and potential reassessment. Calculation of future income tax expense
uses tax rates based on the estimated timing of reversal of temporary
differences between accounting and tax values of certain assets and
liabilities. The actual current and future tax expenses recorded may differ
from those actually incurred.

    UPDATE ON REGULATORY AND FINANCIAL REPORTING MATTERS

    New Accounting Policies
    A series of new accounting standards were released which established
guidance for the recognition and measurement of financial instruments. These
new standards include Section 1530 "Comprehensive Income", Section 3855
"Financial Instruments - Recognition and Measurements", and Section 3865
"Hedges". The new standards also resulted in a number of significant
consequential amendments to other accounting standards to accommodate the new
sections. The standards require classification of all applicable financial
instruments into one of several categories including: financial assets and
financial liabilities held for trading, held-to-maturity investments, loans
and receivables, available-for-sale financial assets, or other financial
liabilities. The financial instruments are then included on a company's
balance sheet and measured at fair value, cost or amortized value, depending
on the classification. Subsequent measurement and recognition of changes in
value of the financial instruments also depends on the initial classification.
These standards are effective for interim and annual financial statements for
fiscal years beginning on or after October 1, 2006 and must be implemented
simultaneously.
    Wrangler West will assess the impact, if any, of these standards on the
financial statements in preparation for adoption of the new standards on
January 1, 2007.

    Disclosure Controls and Procedures
    Disclosure controls and procedures have been designed to ensure that
required information disclosure is accumulated and communicated to Wrangler
West's management as appropriate to allow timely decisions regarding required
disclosure. The Chief Executive Officer and Chief Financial Officer have
concluded, based on their evaluation as at the end of the period covered by
the annual filings, that Wrangler West's disclosure controls and procedures as
at the end of such period are effective to provide reasonable assurance that
material information related to the company is made known to them by others
within those entities. It should be noted that, while the Chief Executive
Officer and Chief Financial Officer believe that Wrangler West's disclosure
controls and procedures provide a reasonable level of assurance that they are
effective, they do not expect that the disclosure controls and procedures will
prevent all errors and fraud. A control system, no matter how well conceived
or operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met.

    Internal Controls Over Financial Reporting
    Wrangler West has implemented a system of internal controls that it
believes adequately protects the company's assets and is appropriate for the
nature of its business and the size of its operations.
    Wrangler West's Chief Executive Officer and Chief Financial Officer are
responsible for designing internal controls over financial reporting or
causing them to be designed under their supervision to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with Canadian
generally accepted accounting principles. We have designed controls for this
process and have conducted an evaluation which has identified certain
weaknesses in our controls. The limited number of staff at Wrangler West
creates an inherent weakness in the system of internal controls due to our
inability to achieve appropriate segregation of duties. The limited number of
staff may also result in identifying weaknesses with respect to accounting for
complex and non-routine accounting transactions and tax matters as the company
does not have a sufficient number of finance personnel with technical
accounting knowledge to address all complex and non-routine accounting and tax
matters that may arise. Because of these weaknesses, there is no guarantee
that a material misstatement would be prevented or detected. These items have
been classified as material weaknesses. Wrangler West uses management and the
board of directors' review to mitigate the risk of material misstatement. We
use our best efforts to reduce this risk to a remote likelihood of a material
misstatement. However, we cannot provide reasonable assurance that this risk
can be completely mitigated. As the company expands, we will continue to
monitor our internal controls and institute changes as appropriate to
remediate these weaknesses.

    ADDITIONAL INFORMATION
    Additional information relating to Wrangler West Energy Corp. is filed on
SEDAR and accessible at www.sedar.com. To obtain copies of published corporate
information, contact JoAnne Dorval-Dronyk at Wrangler West Energy Corp. 1950,
444 Fifth Avenue SW, Calgary, Alberta, Canada T2P 2T8 or e-mail
JoAnne@wranglerwest.ca.

    
                                  Reserves
    

    Independent qualified reserves evaluation engineers, Sproule Associates
Ltd. ("Sproule"), evaluated Wrangler West's oil and natural gas reserves with
an effective date of December 31, 2005 according to Canadian Oil and Gas
Evaluation Handbook reserves definitions that are industry standards and are
consistent with National Instrument 51-101.
    Gross reserves are the total of Wrangler West's working interest share
before deduction of royalties. Net reserves are reserves after deduction of
royalty obligations.
    Petroleum and natural gas reserves and volumes are converted to a common
unit of measure on a basis of six thousand cubic feet (mcf) of natural gas
equals one barrel (bbl) of oil. Disclosure using boe (barrels of oil
equivalent) may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf equals one bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

    Reserves Summary
    Wrangler West's total proved plus probable crude oil and natural gas
reserves were unchanged from 2005 at 3.5 million barrels of oil equivalent
(2005 - 3.5 million barrels of oil equivalent). Wrangler West replaced
production and revisions with discoveries and pool extensions.
    Proved crude oil reserves were 0.8 million barrels (2005 - 1.0 million
barrels) plus probable of 0.7 million barrels (2005 - 0.7 million barrels).
Proved natural gas reserves increased to 6.5 billion cubic feet (2005 -
5.7 billion cubic feet) plus probable of 4.5 billion cubic feet (2005 -
4.5 billion cubic feet). Proved natural gas liquids reserves rose to
70,200 barrels (2005 - 28,800 barrels) plus probable of 47,100 barrels (2005 -
27,200 barrels).
    Sproule estimated the net present value of Wrangler West's proved plus
probable reserves (discounted at ten percent before tax) at $72.1 million
(2005 - $74.7 million).
    Successful drilling in Wrangler West's Riviere and Craigmyle core
operating areas contributed to 2006 reserves additions.
    Following is a summary from Sproule's evaluation of Wrangler West's
petroleum and natural gas reserves effective December 31, 2006.

    
                                                        Remaining Reserves
                                                             Company
                                                    -------------------------
                                                     Gross    Gross      Net
    -------------------------------------------------------------------------
    Light/medium oil (mbbl)
    Proved developed producing                       501.4    477.7    418.5
    Proved developed non-producing                   127.6    127.6    108.1
    Proved undeveloped                               227.2    227.2    175.0
      Total proved                                   856.2    832.5    701.5
      Total probable                                 763.2    739.3    622.6
        Total proved plus probable                 1,619.3  1,571.8  1,324.1
    -------------------------------------------------------------------------

                                                   Net Present Values
                                             Before Income Taxes ($ thousand)
                                           ----------------------------------
                                            at 0%    at 5%   at 10%   at 15%
    -------------------------------------------------------------------------
    Light/medium oil (mbbl)
    Proved developed producing             16,831   15,531   14,444   13,523
    Proved developed non-producing          3,857    2,454    1,568      992
    Proved undeveloped                      6,879    6,058    5,379    4,811
      Total proved                         27.567   24,044   21,392   19,327
      Total probable                       23,879   19,174   15,843   13,383
        Total proved plus probable         51,446   43,218   37,235   32,710
    -------------------------------------------------------------------------
                                                        Remaining Reserves
                                                             Company
                                                    -------------------------
                                                     Gross    Gross      Net
    -------------------------------------------------------------------------
    Solution gas (mmcf)
     (values included with light/medium oil)
    Proved developed producing                         806      736      494
    Proved developed non-producing                     182      182      125
    Proved undeveloped                                 307      307      214
      Total proved                                   1,295    1,225      833
      Total probable                                 1,029      977      709
        Total proved plus probable                   2,324    2,202    1,543
    -------------------------------------------------------------------------
    Pipeline gas (mmcf)
    Proved developed producing                       4,852    3,840    3,116
    Proved developed non-producing                   1,016      560      471
    Proved undeveloped                                 965      919      718
      Total proved                                   6,833    5,318    4,305
      Total probable                                 4,487    3,520    2,853
        Total proved plus probable                  11,320    8,839    7,158
    -------------------------------------------------------------------------

                                                   Net Present Values
                                             Before Income Taxes ($ thousand)
                                           ----------------------------------
                                            at 0%    at 5%   at 10%   at 15%
    -------------------------------------------------------------------------
    Pipeline gas (mmcf)
    Proved developed producing             21,018   18,588   16,710   15,225
    Proved developed non-producing          3,075    2,639    2,294    2,016
    Proved undeveloped                      4,761    4,407    4,105    3,845
      Total proved                         28,854   25,633   23,109   21,086
      Total probable                       20,071   14,552   11,113    8,845
        Total proved plus probable         48,925   40,184   34,222   29,931
    -------------------------------------------------------------------------
                                                        Remaining Reserves
                                                             Company
                                                    -------------------------
                                                     Gross    Gross      Net
    -------------------------------------------------------------------------
    Natural gas liquids (mbbl)
     (values included with light/medium
     oil and natural gas)
    Proved developed producing                        64.8     48.6     33.4
    Proved developed non-producing                    15.7      7.9      5.4
    Proved undeveloped                                14.5     13.7     10.5
      Total proved                                    95.0     70.2     49.4
      Total probable                                  63.1     47.1     33.3
        Total proved plus probable                   158.1    117.3     82.7
    -------------------------------------------------------------------------
                                                   Net Present Values
                                             Before Income Taxes ($ thousand)
                                           ----------------------------------
                                            at 0%    at 5%   at 10%   at 15%
    -------------------------------------------------------------------------
    Corporate
    Proved developed producing                872      758      669      599
      Total proved                            872      758      669      599
        Total proved plus probable            872      758      669      599
    -------------------------------------------------------------------------
                                                        Remaining Reserves
                                                             Company
                                                    -------------------------
                                                     Gross    Gross      Net
    -------------------------------------------------------------------------
    Grand total (mboe)
    Proved developed producing                     1,509.1  1,288.9  1,053.6
    Proved developed non-producing                   342.9    259.2    212.9
    Proved undeveloped                               453.7    445.1    340.9
      Total proved                                 2,305.7  1,993.2  1,607.4
      Total probable                               1,745.6  1,536.0  1,249.5
        Total proved plus probable                 4,051.3  3,529.2  2,856.9
    -------------------------------------------------------------------------

                                                   Net Present Values
                                             Before Income Taxes ($ thousand)
                                           ----------------------------------
                                            at 0%    at 5%   at 10%   at 15%
    -------------------------------------------------------------------------
    Grand total (mboe)
    Proved developed producing             38,721   34,877   31,824   29,347
    Proved developed non-producing          6,932    5,093    3,862    3,009
    Proved undeveloped                     11,640   10,465    9,484    8,656
      Total proved                         57,293   50,434   45,170   41,012
      Total probable                       43,951   33,726   29,956   22,229
        Total proved plus probable        101,243   84,160   72,126   63,240
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    1.  Gross reserves are the remaining reserves attributable to the
        property.
    2.  Company gross reserves are the Company's working interest share of
        the remaining reserves attributable to the property, before deduction
        of any royalties.
    3.  Company Net Reserves are the gross remaining reserves of the property
        in which the company has an interest, less all crown, freehold, and
        overriding royalties and interests owned by others.


    Reserves Reconciliation
    In 2006, Wrangler West' significant crude oil and natural gas discoveries
and extensions offset production and revisions in total reserves.
    The following table provides the reconciliation of Wrangler West's
petroleum and natural gas reserves as at December 31, 2006.

    Reconciliation of Wrangler West's P&NG Working Interest Reserves By
    Product Type(1)

                         Light/Medium Oil            Natural Gas Liquids
                         ----------------            -------------------

                                        Proved                        Proved
                                          Plus                          Plus
                    Proved  Probable  Probable    Proved  Probable  Probable
    -------------------------------------------------------------------------
                     (mbbl)    (mbbl)    (mbbl)    (mbbl)    (mbbl)    (mbbl)

    Opening balance
     January 1,
     2006          1,017.8     739.9   1,757.7      28.8      27.2      56.0
    -------------------------------------------------------------------------
      Discoveries
      Acquisitions
      Dispositions
      Revisions     (192.4)   (276.9)   (469.3)     40.0      10.3      50.3
      Extensions     140.8     276.2     417.0      14.4       9.6      24.0
      Improved
       Recovery
      Economic
       Factors
      Production    (133.7)        -    (133.7)    (13.0)        -     (13.0)
    -------------------------------------------------------------------------
    Closing balance
     December 31,
     2006            832.5     739.2   1,571.7      70.2      47.1     117.3
    -------------------------------------------------------------------------


                            Natural Gas                     Total
                            -----------                     -----

                                        Proved                        Proved
                                          Plus                          Plus
                    Proved  Probable  Probable    Proved  Probable  Probable
    -------------------------------------------------------------------------
                     (mmcf)    (mmcf)    (mmcf)    (mboe)    (mboe)    (mboe)

    Opening balance
     January 1,
     2006          5,673.0     4,517  10,190.0   1,992.1   1,519.9   3,512.0
    -------------------------------------------------------------------------
      Discoveries  2,201.0     1,344   3,545.0     366.8     224.0     590.8
      Acquisitions
      Dispositions
      Revisions     (328.8)   (1,800) (2,128.8)   (207.2)   (566.6)   (773.8)
      Extensions     577.0       438   1,015.0     251.4     358.8     610.2
      Improved
       Recovery
      Economic
       Factors
      Production  (1,580.2)        -  (1,580.2)   (410.1)        -    (410.1)
    -------------------------------------------------------------------------
    Closing balance
     December 31,
     2006          6,542.0     4,499  11,041.0   1,993.0   1,536.1   3,529.2
    -------------------------------------------------------------------------
    (1) Wrangler West prepared this table internally.


    Pricing Assumptions
    Following is a table summarizing selected price forecasts used by Sproule
in preparing Wrangler West's reserves evaluation effective December 31, 2006.

                             Edmonton
                   WTI       Par Price
                Cushing(1)     Light       Alberta
                Oklahoma     Crude Oil   AECO-C Spot                Foreign
    Forecast      Light     40 degrees     Natural     Henry Hub    Exchange
      Year      Crude Oil       API        Gas(1)     Natural Gas    Rate(2)
    -------------------------------------------------------------------------
                (US$/bbl)   (Cdn$/bbl)  (Cdn$/mmbtu)  (US$/mmbtu)

      2007        65.73        74.10         7.72         7.85         0.87
      2008        68.82        77.92         8.59         8.39         0.87
      2009        62.42        70.25         7.74         7.65         0.87
      2010        58.37        65.56         7.53         7.48         0.87
      2011        55.20        61.90         7.72         7.63         0.87
    -------------------------------------------------------------------------
    Thereafter                              Escalation rate of 2.0%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) This summary table identifies benchmark reference pricing schedules
        that might apply to a reporting issuer.
    (2) Exchange rates used to generate the benchmark reference prices in
        this table.
    Note:
        Product sale prices will reflect these reference prices with further
        adjustments for quality and transportation to point of sale.


    For the year ended December 31, 2006, Wrangler West's weighted average
realized sales prices were $7.02 (2005 - $9.15) per mcf for natural gas,
$57.44 (2005 - $49.74) per bbl for crude oil and $56.10 (2005 - $50.68) per
bbl for NGL.

    Net Asset Value
    The table below summarizes Wrangler West's net asset value as at
December 31.

                                       2006       2005       2004       2003
    -------------------------------------------------------------------------
    ($ thousand,
     except where indicated)

    Reserves(1)                      72,126     74,699     32,607     24,152
    Undeveloped land(2)               1,354      1,964      1,737      1,379
    Seismic(2)                        1,356      1,464      1,264        687
    Net debt                        (10,859)    (5,070)    (5,956)    (2,567)
    Proceeds from exercise of
     stock options                    5,062      5,062      3,506          -
    Asset Retirement Obligations
     (2003 was restated)             (1,579)    (1,271)      (922)      (705)
    -------------------------------------------------------------------------
    Total(3)                         67,640     76,848     32,236     22,946
    -------------------------------------------------------------------------
    Outstanding shares -
     diluted (m)                      7,226      7,226      7,022      5,968
    Net asset value per share ($)      9.34      10.64       4.59       3.84
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Net present value of proved plus probable reserves, as evaluated by
        Sproule before tax, discounted at 10 percent
    (2) As estimated internally by Wrangler West
    (3) Excludes future income taxes


    Reserves Life Index (RLI)
    Wrangler West's reserves life index calculation is a means of evaluating
expected future production decline rates. Reserves life index is determined by
dividing year-end reserves by the December 2006 annualized average production
rate.

                                       2006       2005       2004       2003
    -------------------------------------------------------------------------
    December average production
     rate (boe/d)                     1,167        968        920        552
    Total production (mboe/year)(1)     426        353        336        201
    Proved reserves (mboe)            1,993      1,992      1,234      1,200
    Proved RLI (years)                  4.7        5.6        3.6        6.0
    Proved plus probable reserves
     (mboe)                           3,529      3,512      2,188      1,876
    Proved plus probable RLI (years)    8.3        9.9        6.5        9.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) December average annualized production


    Finding and Development Costs
    The table below summarizes four years of Wrangler West finding and
development costs.

    ($ thousand unless
     otherwise indicated)              2006       2005       2004       2003
    -------------------------------------------------------------------------
    Capital expenditures             15,387     15,728     11,487     13,133
    Change in future development
     costs (proved reserves)(1)       1,378      1,223       (601)        95
    Change in future development
     costs (probable reserves)(1)    (3,118)      (590)     1,040       (197)
    Undeveloped land(2)              (1,354)    (1,964)    (1,737)    (1,379)
    -------------------------------------------------------------------------
                                     18,529     14,397     10,189     11,652

    Proved plus probable reserves
     additions (mboe)                 1,201      1,722      1,044      1,322
    Finding and development costs -
     proved plus probable ($/boe)     15.43       8.36       9.76       8.81

    Proved reserves additions (mboe)    618      1,132        555        778
    Finding and development costs -
     proved ($/boe)                   24.94      13.24      20.23      15.23
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) As evaluated in the Sproule report effective December 31, 2006
    (2) As estimated internally by Wrangler West based on new reserves booked
        for the year capital was incurred
    Note:
        The aggregate of the exploration and development costs incurred in
        the most recent financial year and the change during that year in
        estimated
    

    Corporate Profile
    Wrangler West Energy Corp. is a Canadian junior oil and natural gas
producer building production and assets in Alberta. Since inception, our
mandate has been to use the drill bit to add value for our shareholders and to
maximize return on invested capital. Disciplined management of finding costs
and our production portfolio creates sufficient cash flow to fund growth.
Wrangler West trades on the TSX Venture Exchange under the symbol "WX".

    The TSX Venture Exchange has not reviewed, and does not accept
    responsibility for the adequacy or accuracy of, this press release.





For further information:

For further information: Wrangler West Energy Corp., Steven F. Johnson,
Chairman, Steve@WranglerWest.ca, telephone: (403) 290-6805; William E. Kerr,
President and Chief Executive Officer, bill@wranglerwest.ca, telephone: (403)
290-6801; or JoAnne M. Dorval-Dronyk, Chief Financial Officer,
joanne@wranglerwest.ca, telephone: (403) 290-6807

Organization Profile

Wrangler West Energy Corp.

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