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WestFire Energy Ltd’s Borrowing Base Increases to $250 Million

CALGARY, Alberta, (May 22, 2012) WestFire Energy Ltd. (“WestFire” or the “Company”) (TSX:WFE) is pleased to announce that the Company has received approval for an increase in the borrowing base under its bank credit facility from $200 million to $250 million. The increase was unanimously approved by the existing lending syndicate led by the Alberta Treasury Branches and including Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank, The Bank of Nova Scotia and Wells Fargo Bank N.A., London Branch. The increase in the borrowing base is driven primarily by the Company’s recent operational success in its Viking core areas. WestFire’s next semi-annual borrowing base review is presently scheduled for October 31, 2012.

ANNUAL MEETING OF SHAREHOLDERS

WestFire’s Annual and Special Meeting of Shareholders is scheduled for Tuesday, May 29, 2012 at 10:00 a.m., Calgary time, at the Calgary Petroleum Club, 319-5th Avenue S.W. Calgary, Alberta. Shareholders unable to attend may listen to a live audio webcast of the proceedings by following the identified link in the events section of the Company’s website at www.westfireenergy.com.

 

For further information please contact:

Lowell Jackson Jeff Holmgren

President and CEO Vice President Finance and CFO

WestFire Energy Ltd. WestFire Energy Ltd.

Telephone: (403) 718-3601 Telephone: (403) 718-3603

Facsimile: (403) 261-9658 Facsimile: (403) 261-9658

The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.

CAUTIONARY STATEMENTS

Forward-looking information and statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains forward-looking information and statements pertaining to the timing of the next semi-annual borrowing base review and schedule for the Company’s annual shareholders’ meeting.

In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of WestFire which have been used to develop such statements and information but which may prove to be incorrect. Although WestFire believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because WestFire can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities consistent with past operations; the continued and timely development of infrastructure in areas of new production; continued availability of debt and equity financing and cash flow to fund WestFire’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which WestFire operates; the timely receipt of any required regulatory approvals; the ability of WestFire to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which WestFire has an interest in to operate the field in a safe, efficient and effective manner; the ability of WestFire to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of WestFire to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which WestFire operates; and the ability of WestFire to successfully market its oil and natural gas products.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statement, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of WestFire’s products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of WestFire or by third party operators of WestFire’s properties, increased debt levels or debt service requirements; inaccurate estimation of WestFire’s oil and gas reserve and resource volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in WestFire’s public disclosure documents, (including, without limitation, those risks identified in this news release and WestFire’s Annual Information Form.

The forward-looking information and statements contained in this news release speak only as of the date of this news release, and WestFire does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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