Winstar Provides Update on its Operations at Chouech Essaida Concession in
Southern Tunisia

CALGARY, Nov. 23 /CNW/ - Winstar Resources Ltd. ("Winstar" or "the Company") (TSX: WIX) provides an update on the following operations in Tunisia:

• Well testing results for Chouech Essaida Triassic #13 well ("CS #13");
• Update on the drilling of Chouech Essaida Silurian #1 well ("CS Sil #1"); 

Well Operations at CS #13:  Pursuant to the Press Release dated November 11, 2010 the Company reports that the testing of the 2,485 meter CS#13 well, has been unsuccessful in establishing production and the well has been suspended.

Since November 3, 2010 the Company has tested three zones within the Triassic TAGI Sandstone individually and also tested all three zones commingled using nitrogen and coiled tubing to provide artificial lift.  The cumulative test results have been disappointing with relatively low production rates of water and uneconomic traces of oil.

Drilling Operations at CS Sil #1; 

Winstar is currently drilling it's first the Silurian Exploration well CS Sil #1 which spud in early November 2010.  The well is drilled on an Ordovician Structure defined by 3D seismic and is prognosed to test the hydrocarbon potential of both the Silurian Acacus Sandstone and a shallower secondary target in the Triassic TAGI Sandstone. The well is expected to reach its projected total depth of 4,400 meters, with logging and casing to be completed by late December 2010.  In the event of encouraging log interpretation, the well will be tested immediately thereafter.

BOE

References herein to "boe" mean barrels of oil equivalent and is derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil.  Boe may be misleading, particularly if used in isolation.  A boe conversion ratio of 6 Mcf to 1 bbl is based upon an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  References herein to "boepd" means barrels of oil equivalent per day.

Forward-Looking Statements

This press release contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Winstar's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: factors upon which Winstar will decide whether or not to undertake a specific course of action; and estimated volumes and timing of future production; business plans for drilling, exploration and development; and other expectations, beliefs, plans, goal, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. The risks to which the Company is subject include those of the oil and gas industry in general including operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; volatility in global market prices for oil and natural gas; general economic conditions; competition; liabilities and risks, including environmental liability and risks, inherent in oil and gas operations; uncertainties as to the availability and cost of financing and changes in capital markets; alternatives to and changing demand for petroleum products; and changes in legislation and the regulatory environment, including uncertainties with respect to the Kyoto Protocol. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions to the effect that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.   

Winstar Resources Ltd. is a Calgary based junior oil and gas company, which explores for, develops, produces, and sells crude oil, natural gas liquids and natural gas in Tunisia, Romania and Hungary. Winstar's common shares trade on The Toronto Stock Exchange under the symbol WIX.

For further information:

Mr. Charles de Mestral
Chief Executive Officer
Phone: [phone]
E-mail: [email protected]
(Note: Mr. de Mestral is based in Europe, in a time zone eight hours ahead of Calgary time)

Or

Mr. David Monachello
President
Phone: [phone] 
E-mail: [email protected] 

Or

Mr. Bradley Giblin
Chief Financial Officer
Phone : [phone]
E-mail : [email protected]