Winstar Announces Initial Test Rates of 1,625 barrels of oil per day from
Chouech Essaida 8S Re-Entry Well

CALGARY, May 25 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the Company") (TSX: WIX) is pleased to provide initial test results of the 100% owned and operated Chouech Essaida 8S well (CS No.8S) in southern Tunisia.

    -   The Company announces that the well has been successfully completed
        and after 42 hours is currently flowing at a stable rate of
        1,625 bbl/d of oil (2,200 boepd of total hydrocarbons) commingled
        from two zones in the Triassic reservoir.

    -   The well results are consistent with results from interpretation of
        well logs which indicated that both productive zones encountered are
        3 - 4 meters structurally higher and 50% to 100% thicker compared to
        the original CS No.8 well located approximately 50 meters west of the
        CS No.8S well.

    -   The well is tied into the 100% owned central production facility
        ("CPF") and testing is being conducted via the existing gathering
        systems resulting in lower testing costs and the sales of all test
        oil production.

    -   The following is a summary of the initial production rates from the
        well during 42 hours of initial testing


                                                            Wellhead   Choke
       Interval       Oil/cond    Gas     Total    Water    pressure    size
          (m)         (bbls/d)  (Mcf/d)  (boe/d)  (bbls/d)   (psi)   (inches)
    2445.5 - 2448.0
    2458.0 - 2460.0     1,625    3,460    2,200      455      712      48/64

The Company cautions that the initial production rates may not reflect the long term productive rates of the well and that the well may not be produced at its full productive capacity.


References herein to "boe" mean barrels of oil equivalent and is 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 to 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. References herein to "boepd" means barrels of oil equivalent per day.

Forward-Looking Statements

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. 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 Winstar'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 the Company 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 to the effect 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, except as required by law.

Winstar Resources Ltd. is a Calgary based junior oil and gas company, which explores for, develops, produces, and sells crude oil, natural gas liquids and natural gas in Tunisia and Hungary. Winstar's common shares trade on the Toronto Stock Exchange under the symbol WIX.

SOURCE Winstar Resources Ltd.

For further information: For further information: Mr. David Monachello, President, Phone: (403) 513-4200, E-mail:; Or Mr. Bradley Giblin, Chief Financial Officer, Phone: (403) 513-4207, E-mail:; Or Mr. Charles de Mestral, Chief Executive Officer, Phone: +41 22 361 14 45, E-mail:

Organization Profile

Winstar Resources Ltd.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890