WPP - Western Plains Petroleum Ltd

[Jack_Aster]

WPP's Q4 results and 2009 total results came out today, here is a quick summary of it:

-WPP now has 15 wells, which 11 were producing, 4 shut in(two not included in this because they are from the Q2 Feb news from Maidstone)
-Only $200,000 in debt as of December 31, 2009
Net income of $12,000 for Q4, and 2009 loss of $272,000(mostly
incurred in Q1 when oil prices were less than $40 per barrel).
Q2 was a positive quarter, only after the numbers were adjusted
to include the net sale of their Golden Bear property for around
$2 million, otherwise Q4 was Western plains only profitable quarter
solely from revenue.
This means that debt and costs are decreasing, while revenue increases,
so therefore Q1 2010 should be very good. They should be able to end Q1 with no debt, with higher production and
great revenues.
- Still have four wells to recomplete, plus other potential
acqusitions.
- 36 million shares oustanding including warrants and options
- cash on hand, doesnt say how much, but from positive revenue and
the two private placements their should be a decent amount.

[Jack_Aster]

Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-04-12 C$ 0.15
Recent Sedar Documents



Nordic Oil sells 50% of Lloydminster to Western Plains


2010-04-13 11:10 MT - News Release

See News Release (C-NOG) Nordic Oil & Gas Ltd


Mr. Don Bain reports

NORDIC FORMS STRATEGIC ALLIANCE WITH WESTERN PLAINS PETROLEUM LTD. SELLING 50% INTEREST IN LLOYDMINSTER PROPERTY FOR $2.5 MILLION

Nordic Oil and Gas Ltd. has entered into a strategic alliance with Western Plains Petroleum Ltd., whereby Western Plains will acquire a 50-per-cent interest in Nordic's landholdings and heavy-oil wells in Lloydminster, Alta. In consideration of this agreement, Nordic will receive a total of $2.5-million from Western Plains, consisting of $2.1-million in cash and $400,000 of Class A common shares of Western Plain. Nordic will retain the other 50-per-cent interest in the company's Lloydminster landholdings and heavy-oil wells.

Western Plains is a Lloydminster-based junior heavy-oil producer with interests located in the Lloydminster area in both Saskatchewan and Alberta. It is a leading operator of heavy-oil wells in Lloydminster, and in conjunction with this deal Western Plains will become the new operator on all of the Nordic wells located in Lloydminster.

"This is a deal of significant magnitude and importance for Nordic Oil and Gas," stated Donald Benson, Nordic's president and chief executive officer. "Firstly, it provides us with a much needed influx of capital which will allow us to move forward on numerous fronts. Secondly, we could not be more pleased to be associated and working with Western Plains, an experienced, competent and successful operator in the Lloydminster region.

"I am confident that with their skill and expertise, we will see the value of our property strengthen considerably in the coming months, leading to solid cash flow and many new growth opportunities for us in Lloydminster," he added. "Furthermore, I see this strategic alliance as a stepping stone to other deals with Western Plains down the road."

It is anticipated that Western Plains will commence bringing on the five new wells that Nordic drilled at the end of 2009 as soon as possible, resulting in almost immediate production. In addition, Western Plains will also turn its attention to some of the maintenance issues facing Nordic's other nine wells, meaning that all 14 wells are expected to be on full production in short order.

"We are indeed excited at the opportunity of working with Nordic Oil and Gas in Lloydminster," said David Forrest, president and CEO of Western Plains Petroleum. "Our strength has always been that of an operator, and together with Nordic's strong landholdings in the area, I'm sure both companies will significantly benefit from this agreement."

Western Plains' president and CEO, Mr. Forrest, has over 15 years of experience in developing heavy-oil plays located around Lloydminster and Maidstone, Sask. Mr. Forrest founded IC Energy Ltd., a private oil and gas exploration and production company, building production to approximately 750 barrels of oil equivalent per day, with petroleum and natural gas leases totalling 5,440 acres, before selling to Arsenal Energy Inc. on March 31, 2005, for a purchase price of $10-million.

The completion of the transaction is subject to receipt of all required regulatory and securityholder approvals, including the approval of the TSX Venture Exchange.

We seek Safe Harbor.

[Jack_Aster]

Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-05-17 C$ 0.14
Recent Sedar Documents



Western Plains signs LOI to acquire heavy-oil interests


2010-05-18 15:01 MT - News Release

Mr. David Forrest reports

WESTERN PLAINS PETROLEUM ENTERS LETTER OF INTENT TO ACQUIRE LLOYDMINSTER HEAVY OIL INTERESTS FOR $1.5 MILLION

Western Plains Petroleum Ltd. has entered into a non-binding letter agreement with two private oil and gas companies, Corlac Resources Ltd. and Brahma Resources Ltd., to acquire a 100-per-cent working interest in certain jointly held petroleum and natural gas rights located in the Lloydminster area of Saskatchewan for a purchase price of $1.5-million, subject to standard industry adjustments. The Transaction is expected to close on or about June 18, 2010, with an effective date of May 1, 2010.

The Company has reserved 10,000,000 common shares ("Common Shares"), at a price of $0.15 per share, as the consideration for the $1.5 million purchase price. These Common Shares are intended to be issued and allocated as to 5,000,000 Common Shares each to Corlac and Brahma at closing of the Transaction.

The Transaction contemplates Western Plains acquiring Corlac/Brahma's jointly held 100% interest in 920 gross acres (920 net acres) of land in the Lloydminster area containing two active wells, located at 13-06-51-25 W3M and 14-32-48-22 W3M, 10 shut-in wells and three identified drilling locations, for a total of 12 gross wells (12 net wells). The Assets were evaluated by the independent engineering firm of Chapman Petroleum Engineering Ltd. ("Chapman") in a report prepared for Brahma Resources Ltd. entitled Reserve and Economic Evaluation Certain Heavy Oil Interests Lloydminster Area Saskatchewan, effective March 1, 2010, dated April 28, 2010 (the "Chapman Report"), in accordance with the rules under National Instrument Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Chapman Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook and the reserve definitions contained in NI51-101.

Western Plains has called its annual general and special meeting for June 18, 2010 to seek shareholder approval for, among other matters, the Transaction in accordance with the Exchange's policies. The votes of Mr. David Forrest, President and CEO of the Company, who is also the President and CEO of Brahma, who hold 35.6% of the outstanding Common Shares, will not be included in the calculation of shareholder approval sought for the Transaction at the annual general and special shareholders' meeting.

The Transaction will enhance the Company's presence in the Lloydminster Alberta/Saskatchewan area by increasing the number of producing wells to 8 gross (8 net) wells and its inventory of shut-in wells with re-entry and re-activation potential to 13 gross (13 net) wells. Currently, the Company holds interests in 6 gross (6 net) producing wells and 3 gross (3 net) shut-in wells in the Lloydminster, Alberta area.

[Jack_Aster]

From their financials, WPP has $52,000 in cash right now and $103k in debt. So they've pretty much paid off their entire debt. Like I said before, by Q2 the latest the company will be debt free. As per the two new property acquisitions, a PP between 30-40 million shares at around 15-20 cents should take care of both properties and financing to reactivate all the wells.

Here are the Q1 results from 2010:


Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-05-18 C$ 0.175
Recent Sedar Documents



Western Plains loses $85,196 in Q1 2010


2010-05-19 12:14 MT - News Release

Mr. David Forrest reports

WESTERN PLAINS ANNOUNCES 1ST QUARTER 2010 RESULTS AND NEW NOMINEE DIRECTOR

Western Plains Petroleum Ltd. has filed its unaudited financial statements and management's discussion and analysis for the first quarter ended March 31, 2010, on SEDAR. The documents can be accessed through SEDAR's website or on the corporation's website.


SELECTED QUARTERLY INFORMATION

Three months Three months
ended March 31, ended March 31,
2010 2009

Production -- bbl per day
Heavy oil 68 228
Financial -- $
Petroleum revenue -- heavy oil $393,933 $770,410
Net (loss) and comprehensive (loss)
for the quarter (85,196) (569,888)
(Loss) per share, basic and diluted (0.003) (0.027)
Property, plant and equipment 2,140,040 3,833,936
Total assets 2,323,273 4,288,524
Net debt (103,492) (2,575,036)
Results per bbl
Petroleum revenue ($/bbl) 64.67 37.53
Operating netback ($/bbl) 20.94 16.57
Cash flow netback ($/bbl) 4.35 6.39


Financial highlights

Effective May 1, 2009, the corporation sold all producing wells in the Golden Lake area and applied the proceeds to reduce its debt. This accounts for the decline in production in first quarter 2010 from first quarter 2009. Revenue in the current quarter includes proceeds from production from reactivated wells acquired after this property sale.

During the three months ended March 31, 2010, the corporation received petroleum sales revenue of $394,000 ($770,000 for the three months ended March 31, 2009), incurred royalty expenses of $73,000 ($172,000 for the three months ended March 31, 2009) and incurred production expenses of $193,000 ($258,000 for the three months ended March 31, 2009). This resulted in operating netback of $128,000 ($340,000 for the three months ended March 31, 2009). The property sale accounts for the declines in the quantum of revenue and expenses. The higher revenue per barrel in 2010 of $64.67 ($37.53 for 2009) reflects the much higher oil prices in 2010 over 2009. The operating costs amount to $31.75 per bbl for 2010 compared with $12.56 for 2009. Large components of production costs are essentially fixed which drove the high per bbl production costs in 2010 compared with 2009. The existing operating capacity can accommodate additional wells which will substantially reduce costs per bbl.

Western Plains has announced two prospective property acquisitions. One of the major operating benefits should these acquisitions successfully close, is the reduction in production costs per bbl from increased volumes. The increased volumes from the acquired properties will come from wells already producing plus reactivated wells. Western Plains has a history of successfully reactivating wells of which there are several on the properties targeted in these acquisitions.

At March 31, 2010, the corporation had a working capital deficiency of $103,000 (working capital deficiency of $208,000 -- at Dec. 31, 2009). The reduction in the working capital deficiency between Dec. 31, 2009, and March 31, 2010, was mainly due to funds generated from an equity issue of $150,000 in January, 2010. The improvement from March 31, 2009, when net debt totalled $2,575,000 reflects the proceeds from the property sale in May, 2009.

Outlook

Western Plains is currently producing approximately 65 barrels per day from 10 (10 net) heavy oil wells all in the Lloydminster area of Alberta and Saskatchewan.

Subsequent to the period-end, the corporation announced two non-binding letter agreements for acquisitions of property, plant and equipment:


100-per-cent working interests in petroleum and natural gas rights located in the Lloydminster area of Saskatchewan for a purchase price of $1.5-million with consideration to be 10 million common shares. A related entity controlled by an officer and director of the corporation holds a 50-per-cent working interest in these assets and accordingly this transaction is subject to shareholder approval;
50-per-cent working interests in petroleum and natural gas rights located in the Lloydminster area of Alberta for a purchase price of $2.2-million with consideration to be a mix of cash, common shares and the assumption of certain liabilities. The amounts for each of these forms of consideration have not yet been determined.

These acquisitions will add significant proven and probable reserves, producing wells, and non-producing assets. The corporation is confident it can successfully reactive the many non-producing wells on these properties as they appear to be replicates of non-producing wells acquired in 2009 and successfully reactivated by WPP. The properties also offer several future drilling locations. Both transactions are subject to a number of conditions including regulatory approval and binding agreements.

New nominee director for annual general and special meeting of shareholders

Western Plains is also pleased to announce that William D.B. Koenig, CFA, CMA, has agreed to sit as a nominee for election to the board of directors of the company at its annual general and special meeting of shareholders, scheduled for June 18, 2010. Mr. Koenig has extensive experience in the resource sector, most recently as portfolio manager of Pathway Investment Counsel Inc., managing the portfolios of Pathway Asset Management, MineralFields Group and EnergyFields Group. Mr. Koenig has a BComm degree from University of Calgary (1982) along with his certified management accountant (1986) and chartered financial analyst (1992) designations.

As a nominee, Mr. Koenig will be joining the incumbent members of the board, Menno Wiebe, Leigh Stewart, Stephen Johnston and David Forrest, who are all standing for re-election at the meeting.

We seek Safe Harbor.

[Jack_Aster]

Update out today. 8 of the 14 NOG wells are producing now. Plus a summary of WPP's last NR's:

Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-05-25 C$ 0.15
Recent Sedar Documents



Nordic Oil sells Alberta interest to Western Plains


2010-05-26 07:12 MT - News Release

See News Release (C-NOG) Nordic Oil & Gas Ltd


Mr. Don Bain of Nordic Oil & Gasreports

NORDIC OIL AND GAS ENTERS INTO FORMAL ASSET PURCHASE AGREEMENT WITH WESTERN PLAINS PETROLEUM ON ITS LLOYDMINSTER PROPERTY

Further to its news release in Stockwatch of April 13, 2010, whereby Nordic Oil & Gas Ltd. announced that it had entered into a strategic alliance with Western Plains Petroleum Ltd. that would see Western Plains acquire a 50-per-cent interest in Nordic's landholdings and heavy oil wells in Lloydminster, Alta, Donald Benson, Nordic Chairman and CEO today announced that Nordic has entered into a formal purchase and sale agreement with Western Plains.

Under the terms of the Agreement, Western Plains will acquire a 50% interest in Nordic's 26 Local Service Districts (LSDs) (net 1,060 acres) of land in Lloydminster including nine heavy oil wells currently capable of production, plus an additional five wells drilled at the end of 2009. Since becoming contract field operator of the Nordic wells in mid-April 2010, Western Plains has re-activated eight of Nordic's shut-in heavy oil wells, which are now producing approximately 85 to 90 bbls/d.

Western Plains will acquire its 50% participating interest in the Nordic property for an aggregate consideration of $2.2 million, including a $100,000 non-refundable cash deposit, which has been received by the Company. The effective date of the Acquisition is April 12, 2010, with closing anticipated to occur no later than July 31, 2010.

The closing of the Acquisition is subject to the completion of a number of conditions, including the completion of a private placement by Western Plains in the amount of $1,500,000 and receipt of all necessary regulatory and third party approvals, including the approval of the TSX Venture Exchange.

"As we stated in our April 13 News Release, this deal with Western Plains is of significant magnitude and importance for Nordic Oil and Gas Ltd.," Mr. Benson stated. "In addition to allowing us to settle with a number of suppliers, it provides us with another significant influx of capital, which will allow us to move ahead with such initiatives as bringing on the five new wells in Lloydminster and developing our projects in Joffre and Talbot Lake, Alberta, and Preeceville, Saskatchewan."

We seek Safe Harbor.

[Jack_Aster]

Just a quick look at whats ahead for WPP, on the Q1 MD&A they mentioned that several new drill locations are possible from the new property acqs. But Keep in mind thay are already producing 115bpd of heavy oil between their wells and the nog wells, and have quite a few projects to add into the mix.

Wells left to work on currently:
- 1 Nog reactivated + 5 new wells that were drilled, cased and need to be put online
- 12 new wells from the May 11th news, 2 already pumping, 10 need to be reactivated
- 2 Maidstone wells
- 1 re-entry/2 reactivation wells from WPP's 2009 acq

My guess is they will get between 400-500bpd of heavy oil once all current wells are pumping.

Im thinking that if they did a PP for 10 million shares for the one property, then a 20 million share PP for the second property should be sufficient. So having a O/S around 70 million is not too bad at all.

[Jack_Aster]

Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-06-11 C$ 0.15
Recent Sedar Documents



Western Plains closes heavy oil assets acquisition


2010-06-18 12:47 MT - News Release

Mr. David Forrest reports

WESTERN PLAINS CLOSES ACQUISITION OF LLOYDMINSTER HEAVY OIL INTERESTS FOR $1.5 MILLION

Western Plains Petroleum Ltd. has closed its previously reported in Stockwatch $1.5-million acquisition of a 100-per-cent working interest in heavy oil assets located in the Lloydminster area of Saskatchewan, with an effective date of May 1, 2010. The acquisition was subject to, and received, the approval of a majority of the disinterested shareholders of Western Plains at its annual general and special shareholders meeting held today.

The $1.5-million purchase price was paid through the issuance of a total of 10 million common shares of the company to the joint venture vendors of the assets at a deemed price of 15 cents per share, with 4,441,250 of the common shares being issued to Brahma Resources Ltd., a privately held oil and gas company owned and controlled by David Forrest, the president and chief executive officer of the company, and 5,558,750 of the common shares being issued to Corlac Resources Ltd., an arm's-length privately held oil and gas company. The purchase of the assets is subject to filing final documentation with the TSX Venture Exchange.

Also at the annual meeting, shareholders elected nominee William Koenig to the company's board of directors, who joins Mr. Forrest, Stephen Johnston, Menno Wiebe and Leigh Stewart, all of whom were re-elected at the annual meeting.

[Jack_Aster]

Western Plains investor increases holdings to 37.7%


2010-06-22 16:21 MT - News Release

Mr. David Forrest of Brahma reports

Brahma Resources Ltd. has filed on SEDAR an early warning report dated June 22, 2010, advising of its holdings of a total of 15,884,827 common shares in the capital stock of Western Plains Petroleum Ltd., representing approximately 37.7 per cent of the issued and outstanding common shares of Western Plains. Brahma has filed this report as a result of a 10.05-per-cent increase in its holdings of common shares.

The common shares were issued from treasury by Western Plains in respect of a purchase and sale agreement dated June 16, 2010, pursuant to which Western Plains agreed to acquire, and Corlac Resources Ltd. and Brahma agreed to sell, a 100-per-cent interest in certain heavy oil assets located in the Lloydminster, Sask., area for the purchase price of $1.5-million, payable by the issuance of 10 million common shares at a price of 15 cents per share. This transaction closed on June 18, 2010, 2009, with 4,441,250 of the common shares being issued to Brahma, and the remaining 5,558,750 common shares being issued to Corlac Resources Ltd.

[Jack_Aster]

Western Plains Announces Farm-out on Newly Acquired Heavy Oil Property
-1 hours ago - ACQUIREMEDIA
Calgary, Alberta CANADA, July 06, 2010 /FSC/ - Western Plains Petroleum Ltd. (WPP - TSX Venture), is pleased to announce it has entered into a farm-out agreement with Arctic Hunter Uranium Inc. ("Arctic Hunter"). Under the agreement, Arctic Hunter has agreed to spud one test well by July 31, 2010, subject to rig availability, surface access and regulatory approval, on section 6 - 50-25 W3M in the Lloydminster area of western Saskatchewan, forming part of the heavy oil assets acquired by Western Plains on June 18, 2010. Arctic Hunter must pay 100% of the costs to drill, complete and equip or abandon the test well to earn a 100% working interest before payout, reserving to Western Plains a convertible overriding royalty of 10% until payout. After payout, Western Plains has the option to either convert to a 50% working interest in the test well spacing unit or remain in a gross overriding royalty position. Arctic Hunter has no option to drill post-earning wells under the farm-out agreement. The test well, which has been licensed, will be a vertical well and is expected to be spudded in the next 10 days. Western Plains will be the operator of the test well.

About Western Plains Petroleum Ltd.
Western Plains is a Lloydminster, Alberta, based junior heavy oil producer with interests located in the Lloydminster area in both Saskatchewan and Alberta. The Common Shares of Western Plains trade on the TSX Venture Exchange under the symbol WPP.

For more information, please contact:

David Forrest
President and Chief Executive Officer
Western Plains Petroleum Ltd.
#202, 5004 - 18 Street
Lloydminster, AB T9V 1V4
Telephone: (780) 205-4468
Fax: (780) 808-8038
E-mail: brahmadf@gmail.com
www.westernplainspetroleum.com

[Jack_Aster]

Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 42,137,274
Close 2010-07-16 C$ 0.14
Recent Sedar Documents



Western Plains, Arctic Hunter drill one well


2010-07-19 07:37 MT - News Release

Also News Release (C-AHU) Arctic Hunter Uranium Inc


Mr. David Forrest of Western reports

WESTERN PLAINS ANNOUNCES DRILLING OF FARM-OUT WELL

Western Plains Petroleum Ltd., further to its previously announced farm-out to Arctic Hunter Uranium Inc. for the drilling of one well on Section 6-50-25 W3M, has drilled the vertical well, penetrating the McLaren formation and three other zones of interest. The well is expected to be completed later this week. Based on the production history of similar wells in this area, the new well is expected to produce at an initial rate of approximately 30 to 35 bbls/d of heavy oil from the McLaren formation.

Under the terms of the farm-out, Arctic Hunter paid 100% of the costs to drill, complete and equip the well to earn a 100% working interest before payout, reserving to Western Plains a convertible overriding royalty of 10% until payout. After payout, Western Plains has the option to either convert to a 50% working interest in the well spacing unit or remain in a gross overriding royalty position.