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Wild Stream Exploration Inc. Announces Fourth Quarter and Year End 2010 Operating and Financial Results

CALGARY, ALBERTA--(Marketwire - April 7, 2011) - A correction from source is being issued in regards to the release which was sent out at 20:02 ET on April 7, 2011. The corrected release is as follows:

Wild Stream Exploration Inc. (the "Company" or "Wild Stream") (TSX VENTURE:WSX) is pleased to announce that it has filed on SEDAR its audited financial statements and related Management's Discussion and Analysis ("MD&A") for the three months and year ended December 31, 2010 and 2009. Certain selected financial and operational information is set out below and should be read in conjunction with Wild Stream's audited financial statements and related MD&A. These filings will be available at [ www.wildsr.com ] and [ www.sedar.com ].


2010 Financial and Operating Highlights

 Three months ended Year ended 
 December 31, Percent December 31, Percent 
 2010 2009 Change 2010 2009 Change 
 ----------------------------------------------------------
Financial 
 (thousands of 
 dollars except 
 share data) 

Petroleum and 
 natural gas 
 revenue 16,135 3,796 325 45,447 11,264 303 
Funds from 
 operations (1) 10,450 201 5,099 27,494 4,858 466 
 Per share
 - basic 0.26 0.01 2,500 0.74 0.76 (3)
 - diluted 0.22 0.01 2,100 0.64 0.49 31 
Net earnings 
 (loss) 1,816 (629) 389 3,636 (2,638) 238 
 Per share 
 - basic 0.05 (0.03) 267 0.10 (0.41) 124 
 - diluted 0.05 (0.03) 267 0.09 (0.41) 122 
Capital 
 expenditures, 
 net 45,736 36,127 27 118,910 33,334 
Corporate 
 acquisitions 322 2,622 (88) 9,424 2,622 259 
Working capital 
 deficiency 
 (surplus) (4) 28,621 (13,735) (308)
Weighted average 
 shares 
 (thousands) 
 Basic 37,323 6,366 486 
 Diluted 42,724 6,366 571 
Shares 
 Outstanding, end 
 of period 
 (thousands) 
 Basic 42,589 26,414 61 
 Diluted 52,012 34,205 52 

Operating (6:1 
 boe conversion) 

Average daily 
 production 
 Liquids (bbls/d) 2,569 587 338 1,809 494 266 
 Natural gas 
 (mcf/d) 1,122 184 510 1,128 289 290 
 Barrels of oil 
 equivalent 
 (2)(boe/d) 2,756 618 346 1,997 542 268 

Netbacks 
 Operating 
 Petroleum and 
 natural gas 
 revenue(4) 63.37 66.81 (5) 62.71 56.91 10 
 Royalties (6.73) (7.97) (16) (7.90) (5.63) 40 
 Operating 
 expenses (11.29) (19.22) (41) (12.52) (17.93) (30)
 Transportation 
 expenses (1.93) (2.35) (18) (1.85) (2.12) (13)
 ---------------------- ------------------- 

 Operating 
 netback ($/boe) 43.42 37.27 17 40.44 31.23 29 
 ---------------------- ------------------- 
 ---------------------- ------------------- 

 Corporate 
 netback(3)
 ($/boe) 41.23 3.54 1,065 37.72 24.55 54 

Undeveloped Land 
 (net acres) 136,909 50,493 171 

Reserves 
 Total Proven 
 (mboe) 10,123 3,155 221 
 Proven Plus 
 Probable (mboe) 15,706 4,811 226 


(1) Management uses funds generated by operations to analyze operating
 performance and leverage. Funds generated by operations as 
 presented do not have any standardized meaning prescribed by
 Canadian GAAP and therefore it may not be comparable with the
 calculation of similar measures for other entities. The
 reconciliation between funds flow from operations and cash flow
 from operating activities can be found in the MD & A.
(2) Boe conversion ratio for natural gas of 1 Boe: 6 Mcf has been
 used, which is based on an energy equivalency conversion method
 primarily applicable at the burner tip and does not necessarily
 represent a value equivalency at the wellhead.
(3) Corporate netbacks are calculated as the operating netback less
 general and administrative expenses, financial charges asset
 retirement obligations and in 2009, the reorganization costs. 
(4) Excludes unrealized risk management contracts and related future
 income taxes. 

2010 Accomplishments

Year ended December 31, 2010

-- Increased net asset value by 92% to $8.87 per share (PVBT 10%) from
 $4.61 per share at December 31, 2009. 

-- Increased average daily production by 268 percent to 1,997 boe/d from
 542 boe/d in 2009. 

-- Increased proved plus probable reserves by 226 percent to 15.7 
 million boe (97% liquids) from 4.8 million boe at December 31, 2009.

-- Increased funds from operations per diluted share by 31 percent to
 $0.64 in 2010 from $0.49 in 2009. 

-- Continued an active drilling program and drilled 55 gross (51.4 net)
 wells resulting in 54 crude oil wells for a success rate of 98
 percent. Incurred exploration and development capital expenditures
 of $117.6 million. 

-- Increased our undeveloped lands by 171% to 136,909 resulting in a
 significant increase to our drilling inventory. 

-- Completed two financings raising a total of $63.5 million in common
 share equity. 

-- Completed corporate and net property acquisitions totaling $34.2
 million. 


2011 First quarter Operations Update 


-- Drilled 16 gross (14.8 net) oil wells with a 100% success rate
 including 12.4 net wells in Shaunavon, 2.0 net wells in Dodsland
 and 0.4 net wells in Garrington. 

-- Acquired Vertex Oil & Gas Ltd., adding 300 boe/d and 42 net drilling
 locations in Dodsland. 

-- Acquired 13.5 net sections of land in the Swan Hills oil fairway,
 with the first 100% well anticipated in the second half of 2011. 

-- Raised $83.5 million through the issuance of 7.7 million shares at a
 price of $10.85 per share. 

-- Exited the quarter with an estimated positive working capital
 position of $25 million in addition to an undrawn credit facility
 of $70 million.

Reserves and Capital Efficiencies

The Company's reserves were evaluated as at December 31, 2010 by the independent engineering firm of Sproule Associates Limited ("Sproule") in accordance with the rules provided by National Instrument 51-101 ("NI 51-101"). The following tables provide summary information presented in the Sproule report effective December 31, 2010 and based on their January 1, 2011 price forecast.

The December 31, 2010 reserve reports were prepared by Sproule utilizing the methodology and definitions as set out under NI 51-101. The year end working interest reserves for 2010 include Wild Stream's working interests excluding royalty interests received before royalties payable. Where amounts and volumes are expressed on a barrel of oil equivalent basis ("boe"), gas volumes have been converted to barrels of oil at 6,000 cubic feet per barrel (6 mcf/bbl).


Summary of Reserves (forecast prices)

 December 31, December 31,
 2010 2009
 ------------ ------------
Proved 
 Light and medium oil (mbbls) 9,593 2,885
 Heavy oil (mbbls) 112 107
 NGL's (mbbls) 83 19
 Natural gas (mmcf) 2,009 858
 ------------ ------------
 BOE (mboe) 10,123 3,155

Proved plus probable 
 Light and medium oil (mbbls) 14,858 4,384
 Heavy oil (mbbls) 217 198
 NGL's (mbbls) 125 29
 Natural gas (mmcf) 3,036 1,209
 ------------ ------------
 BOE (mboe) 15,706 4,811

Summary of Company Working Interest Oil and Gas Reserves - Forecast Prices
and Costs

 Light 
 and Future(1)
 Medium Natural Development 
 Crude Heavy Gas Natural Capital 
December 31, Oil Oil Liquids Gas BOE Costs 
 2010 (mbbls) (mbbls) (mbbls) (mmcf) (mboe) ($000's)
 --------- --------- --------- --------- ------ ------------

Proved 
- Developed 
 Producing 4,758 112 68 1,708 5,223 891 
- Developed Non- 
 Producing 48 - 1 28 54 126 
- Undeveloped 4,787 - 14 273 4,846 98,364 
 --------- --------- --------- --------- ------ ------------
Total Proved 9,593 112 83 2,009 10,123 99,381 

Probable 5,265 105 42 1,027 5,583 24,758 
 --------- --------- --------- --------- ------ ------------
Total Proved 
 Plus Probable 14,858 217 125 3,036 15,706 124,139 
 --------- --------- --------- --------- ------ ------------
 --------- --------- --------- --------- ------ ------------


Note:
1. Future development costs are costs required by Wild Stream to convert
 proved undeveloped reserves and probable reserves to proved developed
 producing reserves. 

Net Present Value of Reserves - Before Income Taxes (Forecast Prices and
Costs) 

 Discounted at 
 -----------------------------------

December 31, 2010(1) Undiscounted 5% 10% 15% 20% 
 (2) (M$) (M$) (M$) (M$) (M$)
 ----------------- -----------------------------------

Proved 
- Developed Producing 236,625 190,418 163,056 144,866 131,732 
- Developed Non- 2,906 2,370 2,011 1,757 1,569 
 Producing 
- Undeveloped 174,488 132,113 104,165 84,321 69,488 
 ----------------- -------- -------- -------- --------
Total Proved 414,019 324,901 269,233 230,944 202,789 
Probable 293,786 175,321 119,642 88,768 69,460 
 ----------------- -------- -------- -------- --------
Total Proved Plus 
 Probable 707,805 500,222 388,875 319,713 272,248 
 ----------------- -------- -------- -------- --------
 ----------------- -------- -------- -------- --------

1. Utilizing Sproule January 1, 2011 price forecast per below. 
2. As required by NI 51-101, undiscounted well abandonment costs of $14.2
 million for total proved reserves and $16.9 million for total proved
 plus probable reserves are included in the Net Present Value
 determination. 
3. It should not be assumed that the estimates of future net revenues
 presented in the table represent the fair market value. 

Net Present Value of Reserves - After Income Taxes (Forecast Prices and
Costs) 

 Discounted at 
 -----------------------------------

December 31, 2010(1) Undiscounted 5% 10% 15% 20% 
 (2) (M$) (M$) (M$) (M$) (M$)
 ----------------- -----------------------------------

Proved 
- Developed Producing 223,098 181,467 156,330 139,400 127,067 
- Developed Non- 
 Producing 2,113 1,716 1,450 1,262 1,122 
- Undeveloped 125,878 92,590 70,567 54,940 43,295 
 ----------------- -------- -------- -------- --------
Total Proved 351,090 275,773 228,347 195,602 171,485 
Probable 212,312 126,434 85,507 62,685 48,359 
 ----------------- -------- -------- -------- --------
Total Proved Plus 
 Probable 563,402 402,206 313,853 258,286 219,844 
 ----------------- -------- -------- -------- --------
 ----------------- -------- -------- -------- --------

1. Utilizing Sproule January 1, 2011 price forecast per below. 
2. As required by NI 51-101, undiscounted well abandonment costs of $14.2
 million for total proved reserves and $16.9 million for total proved
 plus probable reserves are included in the Net Present Value
 determination. 
3. It should not be assumed that the estimates of future net revenues
 presented in the table represent the fair market value. 

Summary of Pricing Assumptions as of December 31, 2010 - Forecast Prices

 Heavy Crude
 Oil
 Foreign Western Proxy (12
 WTI Exchange Edmonton AECO Canada API)
 Oil Rate Oil Gas Select At Hardisty
 (US$/bbl) (US$/Cdn$) (Cdn$/bbl)(Cdn$/mmbtu) (Cdn$/bbl) $CDN/bbl
 --------------------------------------------------------------------

2011 88.40 0.932 93.08 4.04 80.04 74.46
2012 89.14 0.932 93.85 4.66 80.71 75.08
2013 88.77 0.932 93.43 4.99 78.48 72.87
2014 88.88 0.932 93.54 6.58 76.70 71.09
2015 90.22 0.932 94.95 6.69 77.86 72.16
2016 91.57 0.932 96.38 6.80 79.03 73.25
2017 92.94 0.932 97.84 6.91 80.23 74.36
2018 94.34 0.932 99.32 7.02 81.44 75.48
2019 95.75 0.932 100.81 7.14 82.67 76.62
2020 97.19 0.932 102.34 7.26 83.92 77.78

Annual escalation rate of 1.5%, thereafter

The following reconciliation of Company Interest (note 1) reserves compares changes in the Company's reserves as at December 31, 2009 to the reserves as at December 31, 2010, each evaluated using NI 51-101 definitions and using forecast prices and cost estimates.

 Total Total Total Proved 
 Proved Probable plus Probable 
 ---------------------------------------------
 (mboe) (mboe) (mboe)

Balance December 31, 2009 3,155 1,656 4,811 
 Technical revisions (461) (487) (948)
 Exploration discoveries 43 28 71 
 Acquisitions 963 276 1,239 
 Dispositions (135) (74) (209)
 Drilling extensions and 
 infill drilling 7,183 3,961 11,144 
 Economic factors 11 8 19 
 Improved recoveries 93 215 308 
 Production (729) - (729)
 ---------------------------------------------
Balance December 31, 2010(2) 10,123 5,583 15,706 
 ---------------------------------------------
 ---------------------------------------------


Note:

1. Company Interest reserves means, our working interest (operating and
 non-operating) share before deduction of royalties and including any
 royalty interest of the Company. 
2. May not add due to rounding. 

Net Asset Value

At December 31, 2010, Wild Stream had a before tax net asset value of $8.87 per diluted share at a 10 percent discount using total proved plus probable reserves as evaluated by Sproule under the standards of NI 51-101 and an internal assessment of undeveloped land value. The net asset value is a point in time calculation and is based on various assumptions, including commodity prices and foreign exchange rates that vary over time. It should not be assumed that the net asset value represents the fair market value. Forecast prices used in this assessment were the Sproule price forecast as of January 1, 2011. No value was assigned for the Company's proprietary seismic.

The calculation of net asset value per diluted share is outlined in the following table:

($ thousands) 5% 10% 15% 
 discount discount discount 
----------------------------------------------------------------------------

Net present value of proved plus probable 
 reserves (1) 500,222 388,875 319,713 
Undeveloped land (2) 75,000 75,000 75,000 
Net (debt) surplus (28,621) (28,621) (28,621)
Proceeds from exercise of stock options &
 warrants 26,337 26,337 26,337 
----------------------------------------------------------------------------

Total 572,938 461,591 392,429 

Fully diluted shares at December 31, 2010 
 (thousands) (3) 52,012 52,012 52,012 
Net asset value per diluted share $11.02 $8.87 $7.54 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1. Net present value of reserves evaluated by Sproule as of December 
 31, 2010, in accordance with the standards of NI 51-101 using
 forecasted prices and costs, discounted at five, ten and fifteen
 percent before taxes. 
2. The undeveloped lands of 136,909 net acres were internally
 evaluated by management in accordance with the standards of
 NI 51-101. 
3. Fully diluted shares are calculated including outstanding warrants
 and stock options. 


Capital Program Efficiency

The efficiency of the Company's capital program for the year ended December
 31, 2010 is summarized below:


 December 31, 2010 December 31, 2009 
 ------------------------- -------------------------
 Proved plus Proved plus
 Proved Probable Proved Probable
 ------------ ------------ ------------ ------------
Capital expenditures ($ 
 thousands) 
 Exploration and 
 development(1) 117,628 117,628 5,625 5,625
 Acquisitions - corporate 
 and property (2) 34,282 34,282 34,943 34,943
 Change in future 
 development capital 85,767 99,882 8,499 9,860
 ------------ ------------ ------------ ------------
 Total costs 237,677 251,792 49,067 50,428
 ------------ ------------ ------------ ------------

Reserve additions (mboe) 
 Exploration and 
 development 6,869 10,594 557 919
 Acquisitions - corporate 
 and property, net 828 1,030 1,366 1,589
------------------------------------- ------------ ------------ ------------
------------------------------------- ------------ ------------ ------------

Finding and development 
 costs ($/boe) 
 Finding and development 
 costs without change in 
 future capital 17.12 11.10 10.10 6.12
 Finding and development 
 costs with change in 
 future capital 29.61 20.53 25.36 16.85

Acquisition costs ($/boe) 
 Finding and development 
 costs 41.40 33.28 25.58 21.99

Finding, development and 
 acquisition costs 
 ($/boe)(3) 
 Finding and development 
 costs without change in 
 future capital 19.74 13.07 21.10 16.18
 Finding and development 
 costs with change in 
 future capital 30.88 21.66 25.52 20.11
------------------------------------- ------------ ------------ ------------
------------------------------------- ------------ ------------ ------------

Recycle Ratio 
 Operating netback 
 ($/boe) 40.44 40.44 31.23 31.23
 Finding and development 
 costs ($/boe) 30.88 21.66 25.52 20.11
 Recycle ratio 1.31 1.87 1.22 1.55
------------------------------------- ------------ ------------ ------------
------------------------------------- ------------ ------------ ------------

Reserves 
 Reserves additions 
 including revisions 
 (mboe) 7,697 11,624 1,923 2,508
 Total production 2010 
 (mboe) 729 729 198 198
 Reserves replacement 10.6x 15.9x 9.7x 12.7x
------------------------------------- ------------ ------------ ------------
------------------------------------- ------------ ------------ ------------

Reserve Life Index 
 Total Company Interest 
 reserves (mboe) 10,123 15,706 3,155 4,811
 December 2010 production 
 (mboe) 99 99 25 25
 Annual 2010 production 
 (mboe) 729 729 198 198
------------------------------------- ------------ ------------ ------------
------------------------------------- ------------ ------------ ------------
 RLI based on December 
 2010 annualized 
 production (years) 8.5 13.2 10.8 16.5
 RLI based on 2010 annual 
 production (years) 13.9 21.5 15.9 24.3

1. Total capital expenditures exclude non-cash asset retirement
 obligations, future income tax allocations and stock-based
 compensation.
2. Total capital expenditures included in corporate and property
 acquisitions are net of the proceeds on property dispositions. 
3. In all cases, the FD&A number is calculated by dividing the 
 identified capital expenditures by the applicable reserve additions.

Outlook

South West Saskatchewan experienced record snow pack over the first quarter which will result in a prolonged breakup. As a result we are not anticipating the re-start of our drilling activities in Shaunavon and Dodsland until early June. Although second quarter production volumes may be nominally impacted we do not expect any impact to our average 2011 guidance of 4,100 boepd.

Currently the company has $95 million of undrawn bank lines and positive working capital which positions us well for executing an aggressive capital program this year.

Wild Stream's multiyear inventory, proven execution abilities and commitment to prudent fiscal management should allow your company to see meaningful per share growth for the foreseeable future. We remain committed to increasing shareholder value through a combination of exploration, strategic acquisitions and subsequent exploitation while maintaining a conservative approach to balance sheet management.

Additional corporate information can be found in our April corporate presentation on our website at [ www.wildsr.com ].

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning Wild Stream's drilling plans, future growth plans, reserves and values attributable thereto, per share growth and Wild Stream's growth strategy. In addition, the use of any of the words "guidance", "initial, "scheduled", "will", "prior to", "estimate", "anticipate", "believe", "potential", "should", "unaudited", "forecast", "future", "continue", "may", "expect", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, Wild Stream's growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in the Company's Annual Information Form which has been filed on SEDAR and can be accessed at [ www.sedar.com ] or Wild Stream's website [ www.wildsr.com ].

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Meaning of Boe: When used in this press release, Boe means a barrel of oil equivalent on the basis of 1 Boe to 6 thousand cubic feet of natural gas. Boe per day means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6 thousand cubic feet of natural gas 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 press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.