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CORPORATE PROFILEmAy 2008
TSX: WIX
TUNISIA
HUNGARY
HUNGARY
INKEFIELDEst. 97 Bcf
TOROKKOPPANY5.66 BCF REC.RESIP6.8 MMcf/dBADENIAN LST
Torokkoppanymining plotarea net77,000 acres
MEZOCSOKONYA FIELDEST. 154 Bcf + mmbo
IGALIIarea net491,520 acres
MARCALI
PANNONIAN FAIRWAY
= LEADS= SEDIMENT FLOW
ROMANIA
ROMANIA
SATU MARE
SATU MARE
Santau 1 – tested 1,341mcfd and 42.4 bopd fromBasement to Pannonian
Madaras 219 – tested320-816 mcfd fromSarmatian and 210bopd from Badenian
Moftinu 950 – tested 178-639 mcfd from Pliocene
ORDOVICIAN: SABRIA (TUNISIA)SABRIA OIL FIELD (10 miles by 4 miles)OOIP: (P50) 346,000,000 bo
(P90) 230,000,000 boCumulative production = 2.9 mmboe or approximately 1% of resource (1999-2007)
UPSIDE:1.
2.
Target 10 to 15% recoveryfactor or more, require 10to 30 additional development locations
Possible OWC FAUL
T
FAUL
TFAUL
T
4 Producing Wells 2 Suspended Wells
0 1 2 3 4 5 km
Estimated Reservoir E rosional Edge
?SB NW 1
SB W 1
SB N 3
SB N 2
SB N 1
Sabria 11
Potential 500 net boepd per well
45% working interest
Winstar Resources is focused on finding and producing crude oil and natural gas in Tunisia. Winstar also has large undeveloped land holdings with high-impact gas potential in Hungary, large undeveloped land offsetting significant oil and gas fields in Romania and low decline crude oil and natural gas producing assets in Alberta.
Winstar Concessions
Chouech Essaida
Ech Chouech
Sanrhar
Zinnia
Sabria
TRIASSIC/DEVONIAN/SILURIAN: CHOUECH ESSAIDA & ECH CHOUECH (TUNISIA)
’
1
’
’ ’
!
!
6" MULTIPHASE
4" MULTIPHASE
CS-8
CS-9
EC-4
EC-3
EC-2
EC-1
CS-7
CS-6
CS-5
CS-4
CS-3
CS-2
CS-1
ECS-1
EL BORMARECEIVING FACILITY
80KMCS-5 (Flowing)Recompleted Dec '07IP: 1000 bopdCurrent Prod: 65 bopdCum Prod: 125 mbbls
CS-8Current Prod: 260 bopdCum Prod: 10 mbbls
CS-9New Location(Contingent)Spud Date Q2 2008
CS-7 (High Vol. Pump)Current Prod: 125 bopdCum Prod: 95 mbbls
CS-1 (Flowing)Upper Zone: 320 bopdCum Prod: 125 mbblsMiddle Zone: 3 mmbbls to date 200 bopd potentialLower Zone: Tested 400 boepd
CS-3 (High Vol. Pump)Current Prod: 180 bopdCum Prod: 73 mbbls
Devonian Ouan KasaOil and Gas Shows
EC-1 (Shut In)Produced 164,000 boTo Be Reactivated
Triassic TAGI Sandstone Oil Field
Devonian Ouan Kasa Sandstone Oil Field
Tunisia - Algeria BorderSilurian Potential: Ech Chouech & Chouech Saida
2D Seismic LeadsBased on residual map of Ordovician Horizon
*leads will change once 3D is completed4H-12
*Sliurian structures are identified from Ordovician map –Ordovician horizon can be mapped with much higher confidence Silurian 2D seismic leads
• Triassic/Devonian: Five to eight development locations with potential of 250 to 1,000 boepd per well • Silurian: One to four high-impact exploration locations with potential of 1,000 to 3,000 boepd per well
0
0
250 miles
250 km
0
0 250 km
250 miles
0
0 80 km
80 miles
0
0 10 km
0 10 km
0
0 10 km
0 5 km
100% working interest
25,695 gross acres
SABRIA OIL FIELD (10 miles by 4 miles)OOIP: (P50) 346,000,000 bo
(P90) 230,000,000 boCumulative production = 2.9 mmboe or approximately 1% of resource (1999-2007)
UPSIDE:1. 10 to 30 development locations
(2008 to 2015)2. Pool extension to the east3. Target 10 to 15% recovery
factor or more
Possible OWC FAUL
T
FAUL
TFAUL
T
4 Producing Wells 2 Suspended Wells
0 1 2 3 4 5 km
Estimated Reservoir E rosional Edge
?SB NW 1
SB W 1
SB N 3
SB N 2
SB N 1
Sabria 11
Max. 60% after earned working interest100% working interest
568,520 net acres
728,710 gross acres
85,984 net acres
EXECUTIVE MANAGEMENT
BOARD OF DIRECTORS
INVESTOR RELATIONS
THIRD PARTY ADVISORS
Engineers: McDaniel & Associates Consultants Ltd., RPS - APA Petroleum Engineers Bankers: HSBC Bank Canada, ABN AMRO Auditors: PricewaterhouseCoopers LLP Lawyers: Stikeman Elliott LLP
DavidMonachello T : 1-403-513-4200 [email protected]
CharlesdeMestral T : Toll-free (Canada and USA) 1-800-875-1217 [email protected]
(Note: Mr. de Mestral is based in Europe, in a time zone eight hours ahead of Calgary time)
phone +1-403-205-3722fax +1-403-205-2722e-mail [email protected] www.winstar.ca
845, 401 – 9th Ave. SW Calgary, Alberta, Canada T2P 3C5
International Offices: Rotterdam, Netherlands; Geneva, Switzerland; Szolnok, Hungary; Tunis, Tunisia
CHAIRMANBruceLibinExecutive Chairman and CEO, Destiny Resource Services Corp., Calgary
INDEPENDENTDIRECTORSDouglasBaker Former Vice President and Chief Financial Officer, Valiant Energy Inc., Calgary
BernarddeCombret Oil and Gas Consultant Former Deputy Chairman, Executive Committee of Total, Paris
RussDuncan Vice President, Sky Hunter Exploration Ltd., Calgary
BryanLawrence Founder & General Partner, Yorktown Partners LLC, New York
RobertMitchell Former Executive Vice President, Talisman Energy Inc., Calgary
EXECUTIVEDIRECTORSCharlesdeMestralDavidMonachelloRogerMcMechan
CORPORATESECRETARYJamesO’Connor General Counsel and Corporate Secretary
CharlesdeMestralChief Executive Officer, Director
DavidMonachelloPresident, Interim Chief Financial Officer, Director
RogerMcMechanExecutive Vice President Operations and Engineering, Director
BradGiblinVice President, Finance
MohamedYaichGeneral Manager, Tunisia
GaborTihanyiGeneral Manager, Hungary & Romania
(1) AsevaluatedbyMcDaniel(Canada)andRPS
Energy(TunisiaandHungary).Discountedat
10%,beforetax,usingMcDanielforecastprices.
(2) AsindependentlyevaluatedbySeaton-Jordan
&AssociatesLtd.(“Seaton-Jordan”).Value
includesonlyCanadianundevelopedacreage.
Novaluewasattributedtonon-producingacre-
ageinTunisia,HungaryandRomania.
(3) Fullydilutedshares:36,262,666,representing
alloutstandingsharesandoptionsasatperiod
endDecember31,2007(2006:30,831,273.)
Net Asset Value $ million (except per share values) as at December 31,
2007 2006
Proved developed reserves $70.9 $47.1
Proven undeveloped reserves $41.5 $40.2
Probable reserves $170.0 $102.8
Total proved + probable reserves (1) $282.4 $190.1
Land (2) $9.2 $12.8
Working capital $25.4 $7.4
Long-term debt - -
Proceeds from options $7.6 $6.6
NET ASSET VALUE $324.6 $216.8
NETASSETVALUEPERDILUTEDSHARE(3) $8.95 $7.03
Winstar Resources Ltd. trades on The Toronto Stock Exchange under the symbol WIX.
Highlights Q1Quarterly
Average
(CDN $ thousands) 2008 2007 % Chg.
Production,SalesandPricesProduction (boep/d) 1,893 1,948 (3)
Sales
Natural gas sales (Mcf/d) 3,491 4,275 (18)
Oil and NGL sales (boepd) 1,058 1,300 (19)
Sales (boepd) 1,640 2,013 (19)
Average natural gas price ($/Mcf) 8.40 8.06 4
Average oil and NGL price ($/bbl) 97.54 74.98 30
Financial($)Oil and gas revenue 12,064 11,569 4
Funds from operations 7,292 6,959 5
Per share - basic 0.21 0.23 (7)
- diluted 0.21 0.22 (7)
Net income 1,368 1,490 (8)
Per share - basic 0.04 0.05 (18)
- diluted 0.04 0.05 (18)
Working capital at period end 22,223 25,391 (12)Long term debt at period end - - -
Shareholders’ equity at period end 95,430 91,803 4
CommonShares(thousands)Weighted average during the period
- basic34,022 30.294 12
- diluted 34,749 30.954 12
Outstanding at period end 34,064 33,984 0
DAILY ANNUAL AVERAGE SALES (BOEPD) ANNUAL FUNDS FROM OPERATIONS ($ MILLION)
FD&A 2005 - 2007
(1) No outstanding warrants or convertible debentures (2) Market value plus zero long-term debt minus $25.4 million (Dec. 31/07) working capital surplus
*Capex($000Cdn) Reserves FD&A
P 2P P 2P P 2P
Consolidated 2005 $37,864 $35,184 2,786 2,951 $13.59 $11.92
2006 $24,328 $19,106 1,014 901 $23.99 $21.21
2007 $42,419 $61,319 965 2,827 $43.97 $21.69
3yr.average $104,611 $115,609 4,765 6,679 $21.96 $17.31
* Includes change in future capital
Basic Diluted (1)
Shares 34 million 36.3 million
Management 4% 9%
Yorktown Group (N.Y.) 47% 44%
Widely distributed 49% 47%
Market value @ $5.50/share $187 million $199 million
Enterprise value (2) 161 million $173 million
June 2007 June 2008
STOCK CHART
0
500
1,000
1,500
2,000
2,500
2005 2006 2007
boepd
814
1,555
2,013