Wavefire.com Inc. Announces Agreement for the Acquisition of Assets

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CALGARY, Dec. 2 /CNW/ - Wavefire.com Inc. (the "Corporation") (TSXV: "WAF") is pleased to announce that it has entered into a purchase and sale agreement dated December 2, 2010 (the "Agreement") with Sand Hills Energy Inc. ("Sand Hills"), whereby the Corporation has agreed to acquire, subject to regulatory approval, substantially all of the assets (the "Assets") of Sand Hills, including all of Sand Hills oil and natural gas interests (the "Acquisition").

Sand Hills is a private corporation incorporated under the provisions of the Business Corporations Act (Alberta) with its registered and head office in Calgary, Alberta. Sand Hills is wholly owned by Mr. Victor Redekop, who is also the Chairman, a director and a controlling shareholder of the Corporation.

Description of the Assets

The Corporation intends to acquire from Sand Hills approximately 10,240 acres of crown leases located in Central Alberta, geological data and computer and office equipment. On November 29, 2010 Sand Hills commenced drilling a well on one of these lands, the drilling expenditures of which will be assumed by the Corporation.

The Proposed Acquisition

Subject to the prior approval of the TSX Venture Exchange Inc. (the "Exchange") and any other regulatory approvals, as well as shareholder, director or other approval that may be required, the Corporation will acquire the Assets from Sand Hills at a purchase price of $2,689,000 (the "Purchase Price").  The Purchase Price will be paid in full by the issuance of a promissory note by the Corporation to Sand Hills in the amount of the Purchase Price.  The promissory note bears interest at prime plus 3% and is due and payable together with the accrued interest thereon on December 31, 2012.

Information Regarding the Corporation

The Corporation is an emerging oil and gas company engaged in the exploration for and development and production of oil and natural gas reserves in Western Canada.  The Corporation currently has the right under a farm-in agreement to earn between an 85% to 100% interest in certain oil and gas properties in the Acadia Area, Alberta.  The Corporation's common shares trade on the Exchange under the symbol "WAF".

Cautionary statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the Acquisition, including statements regarding the timing of the Acquisition and receipt of regulatory approvals.  Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that regulatory approval will not be obtained in a timely manner or at all. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation, the Acquisition, the Assets or the Corporation or Sand Hills respective financial or operating results or (as applicable), their securities.

Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Proposed Acquisition and associated transactions and has neither approved nor disapproved of the contents of this press release.

For further information:

Wavefire.com Inc.
Victor Redekop, Chairman
[phone]