Whitebark Energy Limited announced the initial clean- up flow rates following completion of hydraulic fracture stimulation operations at the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. Tie-in work for the Rex-4 well was completed during the "rest" period allowed to the well and all incremental production will go directly to market via Whitebark's 100% owned facilities at Wizard Lake. Initial managed clean-up flow rates from the Rex-4 well are reported as 230 barrels of fracture stimulation fluid per day.

The Company plans to manage the Rex-4 wellbore carefully as it is brought into stabilised production, learning from previous experiences at Rex-1 through Rex-3. This has involved allowing the wellbore to "rest" to allow it to heal naturally from the fracture stimulation program. This process will help ensure that the frac sand stays in zone and maximizes the well's reserve potential. During the clean-up period flow rates will be maintained at the current rate which is seen as a good balance between optimizing the timing of first hydrocarbons and not drawing-down the well and pulling frac proppant sand into the horizontal section (as at Rex-3).

Once the frac fluid is recovered, Rex-4 oil flow-rates will be increased gradually, over the course of 6 weeks to the modelled stabilised initial production rate of 300 bopd plus associated gas. The believe that this strategy will contribute to greater well lifespan and increased ultimate recovery. Whitebark has modelled ultimate post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately 750 boepd.

The Company expects ultimate recovery of approximately 146,000 barrels of oil and 1.3 Bcf gas from Rex-4 The Company successfully ran 50 hydraulic fracture stimulation stages in the target Rex Sandstone reservoir at an approximate interval of 40m per the completion plan. The fracture stimulation program was the most ambitious yet at Wizard Lake and was consistent with the strategic plan of increased horizontal length and a greater number of fracture stages than in previous wells. Each of the fifty 30 Tonne fracs consisted of 1 tonne of 50/140 sand followed by 29 tonnes of 16/30 sand with final concentrations of 600-800 kg/m3.

A total of 1483.5 tonnes of proppant was pumped during the program. It is planned for the next four Wizard Lake wells (Rex-5 through Rex-8) to address existing Proved ("1P") Reserves which is calculated to be 2.3 million barrels of oil equivalent. Whitebark plans to drill and complete all four wells from the existing well pad without further infrastructure investment required.

The Company has identified 20 additional development locations which will target the remainder of the Company's 2P reserves (5.12 million barrels of oil equivalent in total) and contingent resources (an additional 4.7 mmboe).