Wavefire.com Inc. Announces the Receipt of Regulatory Approval for the Acquisition of Assets


CALGARY, Feb. 24 /CNW/ - Wavefire.com Inc. (the "Corporation") (TSXV: "WAF") is pleased to announce that it has received regulatory approval of the purchase and sale agreement dated December 2, 2010 with Sand Hills Energy Inc. ("Sand Hills"), whereby the Corporation has acquired approximately 10,240 acres of crown leases located in Central Alberta, a drilling deposit of $1 million, seismic data and computer and office equipment at a purchase price of $2,689,000 (the "Purchase Price"). The Purchase Price will be paid by the issuance of a promissory note by the Corporation to Sand Hills. The promissory note bears interest at prime plus 3% and is due and payable together with the accrued interest thereon on December 31, 2012.

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.

Sand Hills Properties Update

Sand Hills has drilled, logged, cased and completed the St. Albert 03/13-02-054-26 W4 well which stands waiting extended flow testing. The extended flow testing is expected to begin in March once the well's tie-in has been approved by the regulatory board. The Corporation expects to further the exploration of the prospects acquired from Sand Hills with the initiation of drilling on the acquired property in March.

Acadia Area Update

The Kirkland 5-20-27-5 W4 well, drilled in December 2009, has now been tested and abandoned. The Corporation has delayed the drilling of the two additional wells in the Acadia area pending further evaluation and consideration.

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

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.

SOURCE WaveFire.com Inc.

For further information:

Wavefire.com Inc.
Victor Redekop, Chairman
(403) 541-5310

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WaveFire.com Inc.

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