Waldron Energy Corporation provided an operational update for the Belly River oil pool activity at Ferrybank, Alberta and announce that the Corporation's credit facilities have been renewed by its lender. Waldron has drilled two successful horizontal Belly River oil wells in the Ferrybank Belly River G Pool and testing is underway. Currently, the Corporation has added 100 barrels of oil per day from the two horizontal wells. Early production results from these wells continue to improve daily as the completion fluid used in the stimulation diminishes. The Belly River oil pool provides the Corporation with a significant oil play opportunity as Waldron has 100% working interest in twelve sections of lands on the pool with estimated discovered original oil in place of 61 million barrels. Currently, the Belly River Oil Pool has recovered approximately 5.8% or 3.6 million barrels of oil to date from Waldron's wells. Waldron estimates that infill drilling with horizontal oil wells and reactivation of the waterflood could improve the recovery to 17% - 20% (10 - 12 million barrels) as demonstrated in similar Belly River pools in the area. At current crude oil prices and production rates, the field netback is approximately $65 per barrel of oil resulting in a proved plus probable net present value discounted at 10% of $1.8 million per well (net of capital). The Belly River oil pool at Ferrybank is characterized by its shallow depths (1,000 meters TVD), low capital per well ($1.5 - $1.9 million), repeatable development drilling with large oil in place, oil quality of 35 degrees API, low declines within an existing water flood and minimal Belly River oil reserves have been booked by Waldron.