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WestFire Provides Fourth Quarter and Operational Update – Viking Growth Drives 2011 Exit Production to 9,300 Boepd

CALGARY, Alberta, (January 30, 2012) WestFire Energy Ltd. (“WestFire” or the “Company”) (TSX: WFE) is pleased to provide the following update.


Operations Update

Acquisitions Update

Year-end 2011 Reserves and Financial Results

WestFire has engaged its independent reserve evaluator to commence the preparation of its annual reserve report which is currently anticipated to be completed in early March. WestFire expects to release its fourth quarter and year-end 2011 financial and operating results on or about March 23, 2012.

Strategic Alternatives Process

On December 19, 2011, WestFire announced that its Board of Directors had decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value. Consistent with WestFire’s press release of December 19, 2011, the Company does not intend to disclose developments with respect to the process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is appropriate.

WestFire expects to open a data room as soon as reasonably possible which will include its independent reserves report. However the Company has not established a definitive schedule to complete its identification, examination and consideration for completion of its strategic alternatives process.

WestFire has engaged Cormark Securities Inc. as its financial advisor and parties interested in obtaining further information regarding the process can contact Cormark Securities at

WestFire is a Calgary based energy company primarily focused on light oil development and production in Alberta and central Saskatchewan. Common shares of WestFire are listed on the Toronto Stock Exchange under the symbol WFE.

For further information please contact:

Lowell Jackson Jeff Holmgren

President and CEO Vice President Finance & 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

Unaudited financial information Certain financial and operating information included in this press release for the quarter and year ended December 31, 2011, such as operating netback (before hedging) and cash flow are based on estimated unaudited financial results for the quarter and year then ended, and are subject to the same limitations as discussed under “Forward- looking information and statements” set out below. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2011 and changes could be material. See “Non-GAAP Measurements” below.

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 following; the ongoing ability to generate cash flow and the redeployment of such cash flow to finance development of the Company’s Viking oil resource play; the activity level of the drilling program in the first quarter of 2012; the amount of the Company’s anticipated operating netback (before hedging); the anticipated benefits of the Company’s Viking vertical core hole program; the number of drilling rigs to be operated and the number of wells to be drilled during the first quarter of 2012; the timing for completion of wells; the number of potential Viking horizontal drilling locations; the timing of the completion of the Company’s independent reserve report; the timing of the release of the Company’s fourth quarter and year-end financial and operating results; and the disclosure of developments relating to the Company’s strategic alternatives review process and the anticipated benefits of such process.

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; the ability of WestFire to successfully market its oil and natural gas products; that all necessary regulatory approvals will be obtained as and when required, that there will be no material adverse change in the Company’s affairs or laws, rules or regulations relating to the Company, its securities or business, there will be no regulatory proceedings involving the Company or any of its directors or officers, or any cease trade or other order prohibiting or restricting trading in the Company’s securities and no major national or international event will have

occurred that has or could reasonably be expected to have a material adverse effect on financial markets or the business,

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