WIN Energy Corporation Files Q2 2007 Interim Financial Report

    TSX Venture Exchange: WNR

    CALGARY, Aug. 24 /CNW/ - WIN Energy Corporation ("WIN") announces that it
has filed its Management's Discussion and Analysis and unaudited interim
consolidated financial statements and accompanying notes for the period ended
June 30, 2007. Copies of these documents may be obtained electronically from
the SEDAR system at


    Additional information relating to WIN is filed on SEDAR and can be
viewed at Information can also be obtained by contacting WIN
Energy Corporation, Suite 1100, 505 Fifth Avenue S.W., Calgary, Alberta,
Canada T2P 3E6, by e-mail at, or on WIN's website at


    Production Volumes

    The following table summarizes production for the three and six months
ended June 30, 2007, which equates to average daily production of 235 and 252
BOE(1) per day, respectively.

                                        Three months ended  Six months ended
                                                   June 30           June 30
                                                      2007              2007

    Natural gas (Mcf per day)                        1,307             1,402
    Natural gas liquids (Bbl per day)                   17                18

    Production for the month of June averaged 1,448 Mcf per day of natural gas
and 24 Bbl per day of natural gas liquids ("NGLs"), which equates to
265 BOE(1) per day. WIN's production mix for the quarter ended June 30, 2007
was 92.8% natural gas and 7.2% NGLs and for the month of June was 91.0%
natural gas and 9.0% NGLs.


                       Three months ended               Six months ended
                             June 30                         June 30
                    2007        2006  Change        2007        2006  Change
                       $           $       %           $           $       %
     revenue     961,713           -       -   2,063,696           -       -
    Net income
     (loss)   (2,286,912)    (46,806) (4,786)    733,118    (290,613)    352
    Net income
     per share
      Basic       (0.035)     (0.001)    (34)      0.011      (0.007)    257
      Diluted     (0.035)     (0.001)    (34)      0.011      (0.007)    257
    Funds flow
     from (used
     in) opera-
     tions(2)    (22,409)   (706,376)     97     137,691    (971,827)    114
    Funds flow
     per share(2)
      Basic      (0.0003)     (0.018)     98       0.002      (0.025)    108
      Diluted    (0.0003)     (0.018)    989       0.002      (0.025)    108
     itures    1,435,239   3,431,657     (58)  9,977,082  15,922,618     (37)


                                                   As at       As at
                                                 June 30    December   Change
                                                    2007     31 2006       %

    Common shares outstanding                 65,271,419  65,271,419       -
    Warrants outstanding                       5,419,767   5,419,767       -
    Stock options outstanding                  5,288,600   5,323,600      (1)

    (1) Certain natural gas volumes have been converted to barrels of oil
        equivalent ("BOE") using six thousand cubic feet (Mcf) equal to one
        barrel (Bbl). This 6:1 ratio is based on an energy equivalent
        conversion applicable at the burner tip and does not represent a
        value equivalency at the wellhead.

    (2) Funds flow from (used in) operations and funds flow per share are
        non-GAAP measures. WIN uses the term "funds flow from (used in)
        operations", which represents cash used in operating activities
        before changes in non-cash operating working capital. Funds flow from
        (used in) operations does not have a standardized meaning prescribed
        by Canadian GAAP and therefore may not be comparable with the
        calculations of similar measure for other companies, but WIN
        calculates this measure consistently throughout periods. Funds flow
        per share is calculated by dividing the funds flow from (used in)
        operations by the basic and/or diluted shares outstanding during the


    Despite the disappointing drilling results and greater than anticipated
production declines realized during 2006 and 2007, management still believes
there is inherent value in the Company's assets. This value arises from the
results of the interpretation of the 3-D seismic program showing multiple
drilling locations, the large contiguous land position held by the Company,
the acquisition of the Broken O Ranch lease in Montana, the 100% owned and
operated natural gas processing facility and gas gathering system, the recent
interest expressed by several third party gas producers in processing their
natural gas through the Company's processing facility and the fact that the
Company is debt free and has no plans to take on debt.


    -   During the quarter, WIN completed the construction of a 4.2 kilometre
        tie-in of its first exploration well based on the Company's 3-D
        seismic survey that was conducted in December 2006 in south Cowley.
        This well commenced production on June 12, 2007. WIN is the operator
        of this well and its working interest is 100%.

    -   WIN finalized negotiations with a third party to commence third party
        processing of production from another well in south Cowley. This well
        was tied into the WIN gathering system in early May and commenced
        production on July 1, 2007. WIN has also received an expression of
        interest from another third party, requesting access to the gas plant
        for initial capacity of 3,000 Mcf per day by the end of the first
        quarter of 2008.

    -   The WIN gas plant was nominated by the Project Management Institute
        Southern Alberta Chapter ("PMI-SAC") for the "Project of the Year"
        award. WIN was honored to be nominated for this prestigious award
        along with the Alberta Children's Hospital Relocation - "Kids On the
        Move" and the Alberta Children's Hospital Construction. The Alberta
        Children's Hospital Relocation - "Kids On the Move" was the eventual
        winner of this award.

    -   The Company had working capital of $892,909 and remained debt free as
        at June 30, 2007. As of August 24, 2007, the Company remains debt


    The Board of Directors of the Company has formed a Special Committee to
review all possible strategic alternatives for the Company to enhance
shareholder value. One of the mandates for this Committee is to review the
allocation of all available working capital resources. The members of the
Special Committee are Keith Hern, Robert Iverach and David McGoey, all
independent members of the Board. On May 16, 2007 the Board of Directors
appointed Jennings Capital Inc. as the Company's independent financial advisor
to assist and advise in the process of reviewing all possible strategic
alternatives to enhance shareholder value. The Special Committee's current
mandate is scheduled to expire on August 31, 2007.

    On behalf of the Board of Directors we would like to thank our dedicated
staff for all of their hard work.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    This press release contains forward-looking statements, including but not
limited to operational information including drilling projections, production
and processing projections. These projections are based on current
expectations and are subject to a number of risks and uncertainties that could
materially affect the results. These risks include, but are not limited to,
risks associated with the oil and gas industry (e.g. operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; and
the uncertainty of estimates and projections in relation to production, costs
and expenses), drilling equipment availability and the risk of commodity price
and foreign exchange rate fluctuations. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements, prospective investors in
WIN's securities should not place undue reliance on these forward-looking

For further information:

For further information: William J. Kiff, President and Chief Executive
Officer or Shane J. Kozak, Vice President Finance & Chief Financial Officer,
WIN Energy Corporation, Telephone: (403) 265-7787, Fax: (403) 265-7767

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