Wild Stream Exploration Inc. Announces Closing of $89 Million Bought Deal Subscription Receipt Financing and Also Announces Incr

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Further to its news release of April 25, 2011, Wild Stream Exploration Inc.
("Wild Stream" or the "Company") (TSX VENTURE:WSX) is pleased to announce that
it has entered into a definitive agreement to acquire focused, high working
interest, operated producing oil and gas assets (the "Property Acquisition") in
southwest Saskatchewan from a senior energy producer. The acquisition will add
material reserves, production and undeveloped land in our core Shaunavon and
Dodsland resource oil plays.


Closing of the Property Acquisition is subject to customary conditions and
regulatory approvals, including the final approval of the TSX Venture Exchange
(the "TSXV"). 


EQUITY FINANCING

To fund the Property Acquisition, Wild Stream has completed its previously
announced bought deal financing, through a syndicate of underwriters, led by
National Bank Financial Inc. and including Peters & Co. Limited, FirstEnergy
Capital Corp., Paradigm Capital Inc., CIBC World Markets Inc., GMP Securities
L.P., Scotia Capital Inc. and Desjardins Securities Inc. (collectively, the
"Underwriters"), pursuant to which the Company has issued 7,700,000 subscription
receipts of Wild Stream ("Subscription Receipts") at price of $11.55 per
Subscription Receipt for gross proceeds of approximately $88.9 million (the
"Financing"). In addition, the Underwriters have been granted an over-allotment
option, exercisable for a period of 30 days following closing of the Financing,
to purchase a further 770,000 Subscription Receipts, at a price of $11.55 per
Subscription Receipt, for additional gross proceeds of approximately $8.9
million. 


The entire gross proceeds of the Financing (the "Escrowed Funds") will be held
in escrow pending completion of the Property Acquisition, which is scheduled to
close on or about June 15, 2011. Upon closing of the Property Acquisition, each
holder of a Subscription Receipt shall receive one common share of Wild Stream
without any further action or payment of any additional funds, and the Escrowed
Funds will be released to Wild Stream. If the Property Acquisition is not
completed by June 30, 2011, the escrowed funds and any interest earned thereon
will be returned to the holders of Subscription Receipts.


INCREASE TO CREDIT FACILITY

Wild Stream is also pleased to announce an increase in its current credit
facilities to an amount of $100 million, replacing the previous $70 million.
These facilities are secured by substantially all of the assets of the Company
and include customary terms and conditions along with covenants consistent with
the previous credit facility. The increase in the credit facilities will be used
to facilitate future growth initiatives of Wild Stream and is not dependant on
completion of the Property Acquisition.


GENERAL

Wild Stream's multi-year inventory, proven execution abilities and commitment to
prudent fiscal management should allow the Company to see meaningful per share
growth for the foreseeable future. We remain committed to increasing shareholder
value through a combination of exploration, strategic acquisitions and
subsequent exploitation while maintaining a conservative approach to balance
sheet management.


FORWARD LOOKING STATEMENTS: This news release contains forward-looking
statements. More particularly, this news release contains forward-looking
statements concerning the closing of the Property Acquisition, the use of
proceeds for the Offering, the nature of the assets to be acquired pursuant to
the Property Acquisition, the over-allotment option, the release of the Escrowed
Funds, the issuance of Common Shares pursuant to the exchange of Subscription
Receipts, Wild Stream's future growth and its growth strategy. In addition, the
use of any of the words "guidance", "initial, "scheduled", "will", "prior to",
"estimate", "anticipate", "believe", "potential", "should", "unaudited",
"forecast", "future", "continue", "may", "expect", "project", and similar
expressions are intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain key
expectations and assumptions made by the Company, including expectations and
assumptions concerning the receipt of required regulatory approvals, success of
optimization and efficiency improvement projects, the availability of capital,
current legislation, the success of future drilling and development activities,
the performance of existing wells and new wells, Wild Stream's growth strategy,
general economic conditions, availability of required equipment and services and
prevailing commodity prices. 

Although the Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, risks associated with the oil and gas industry in general
(e.g., operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to production, costs and expenses, and health, safety
and environmental risks), commodity price and exchange rate fluctuations, a
failure to realize the anticipated benefits of the Property Acquisition, a lack
of availability of qualified personnel, a failure to obtain any required
regulatory approvals, inability to access sufficient capital from internal or
external sources, changes in legislation affecting the oil and gas industry and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. Certain of these
risks are set out in more detail in the Company's Annual Information Form which
has been filed on SEDAR and can be accessed at www.sedar.com or Wild Stream's
website www.wildsr.com. 


The forward-looking statements contained in this news release are made as of the
date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


This news release shall not constitute an offer to sell, nor the solicitation of
an offer to buy, any securities in the United States, nor shall there be any
sale of securities mentioned in this news release in any state in the United
States in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.