Wild Stream Exploration Inc. Announces First Quarter 2011 Operating and Financial Results, Closing of Crude Oil Southwest Saskat

Wild Stream Exploration Inc. (the "Company" or "Wild Stream") (TSX VENTURE:WSX)
is pleased to announce it has filed on SEDAR its interim financial statements
and related Management's Discussion and Analysis ("MD&A") for the three months
ended March 31, 2011. The three month period ended March 31, 2011 is the first
interim period for which the Company has prepared its financial statements under
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board. Prior year comparative amounts have
been restated to reflect results as if Wild Stream had always prepared its
financial results using IFRS. Selected financial and operational information is
outlined below and should be read in conjunction with the interim financial
statements and the related MD&A. These filings will be available at
www.wildsr.com and www.sedar.com. 


2011 Financial and Operating Highlights



                                 Three months ended March 31,               
                                         2011           2010 Percent Change 
                               ---------------------------------------------
Financial (thousands of dollars                                             
 except share data)                                                         
                                                                            
Petroleum and natural gas                                                   
 revenue                               20,889          6,980            199 
Funds from operations (1)              12,133          3,386            258 
 Per share - basic                       0.26           0.10            160 
           - diluted                     0.23           0.10            130 
Net earnings (loss)                       664             85            681 
 Per share - basic                       0.01           0.00            100 
           - diluted                     0.01           0.00            100 
Capital expenditures, net              41,627         32,079             30 
Corporate acquisitions                      -          9,228           (100)
Working capital deficiency                                                  
 (surplus) (4)                        (22,502)        (4,147)           443 
Shareholders' equity                  303,727        145,264            109 
Weighted average shares                                                     
 (thousands)                                                                
 Basic                                 47,191         33,291             42 
 Diluted                               52,525         38,673             36 
Shares Outstanding, end of                                                  
 period (thousands)                                                         
 Basic                                 54,550         36,910             48 
 Diluted                               63,951         45,402             41 
                                                                            
Operating (6:1 boe conversion)                                              
                                                                            
Average daily production                                                    
Liquids (bbls/d)                        3,328          1,004            231 
Natural gas (mcf/d)                     1,008            828             22 
Barrels of oil equivalent                                                   
 (2)(boe/d)                             3,496          1,142            206 
                                                                            
Netbacks                                                                    
Operating                                                                   
 Petroleum and natural gas                                                  
  revenue(4)                            65.27          68.23             (4)
 Royalties                              (8.32)         (9.19)            (9)
 Operating expenses                    (12.66)        (15.46)           (18)
 Transportation expenses                (2.64)         (1.64)            61 
                               ------------------------------               
                                                                            
Operating netback ($/boe)               41.65          41.94             (1)
                               ------------------------------               
                               ------------------------------               
                                                                            
Corporate netback(3)($/boe)             38.55          32.93             17 
                                                                            
Wells drilled                                                               
 Gross                                     16             11             45 
 Net                                     14.7            9.4             56 
 Success                                  100%           100%             - 
                                                                            
(1) Management uses funds generated by operations to analyze operating      
    performance and leverage. Funds generated by operations as presented do 
    not have any standardized meaning prescribed by IFRS and therefore it   
    may not be comparable with the calculation of similar measures for other
    entities. The reconciliation between funds flow from operations and cash
    flow from operating activities can be found in the MD & A.              
(2) Boe conversion ratio for natural gas of 1 Boe: 6 Mcf has been used,     
    which is based on an energy equivalency conversion method primarily     
    applicable at the burner tip and does not necessarily represent a value 
    equivalency at the wellhead.                                            
(3) Corporate netbacks are calculated as the operating netback less general 
    and administrative expenses, financial charges asset retirement         
    obligations and transaction costs.                                      
(4) Excludes unrealized risk management contracts and related future income 
    taxes.                                                                  



Southwest Saskatchewan Property Acquisition

Wild Stream is also pleased to announce that it has closed its previously
announced acquisition of focused, high working interest, operated producing oil
and gas assets (the "Property Acquisition") in southwest Saskatchewan from a
senior energy producer. The Property Acquisition adds material reserves,
production and undeveloped land in our core Shaunavon and Dodsland resource oil
plays.


As a result of the closing of the Property Acquisition, each of the 7,700,000
subscription receipts that were issued by the Company pursuant to its short form
prospectus offering on May 17, 2011 were automatically exercised into one common
share of Wild Stream and the proceeds of the offering were released to the
Company.


First quarter ended March 31, 2011



--  Increased production by 206 percent to 3,496 boe/d in 2011 from 1,142 in
    2010; Increased production by 27 percent over fourth quarter 2010
    production of 2,756 boepd. 

--  Drilled 16 gross (14.7 net) oil wells with a 100% success rate including
    12.4 net wells in Shaunavon, 2.0 net wells in Dodsland and 0.4 net wells
    in Garrington. 

--  Acquired Vertex Oil & Gas Ltd., adding 300 boe/d and 42 net drilling
    locations in Dodsland. 

--  Acquired 13.5 net sections of land in the Swan Hills oil fairway, with
    the first well anticipated in the second half of 2011. 

--  Raised $83.5 million through the issuance of 7.7 million shares at a
    price of $10.85 per share. 

--  Exited the quarter with an estimated positive working capital position
    of $22.5 million in addition to an undrawn credit facility of $70
    million. 



Operations Review

The first quarter of 2011 represents the fifth consecutive quarter that the Wild
Stream team has achieved double digit production growth with a 27% increase in
our quarterly production numbers to 3,496 boepd. Capital expenditures in first
quarter of 42 million were focused on drilling and completions, expansion of our
Upper Shaunavon waterflood and expansion of our undeveloped land holdings.


Wild Stream had forecast that spring break-up in south west Saskatchewan would
be significantly longer than normal and as such our budget anticipated that
field activities would not start until early June. Our forecasts were accurate
with our first drilling rig in Dodsland commencing activity on May 30. Wild
Stream has two additional rigs in the Shaunavon area that are anticipated to
start drilling within the next week.


Despite the prolonged breakup period which saw corporate production levels
reduced by 1,500-2,500 boepd throughout much of April, production levels were
restored in May and we remain on track to achieve our average 2011 production
guidance of 5,000-5,200 boepd with a 6,800 boepd exit rate. Inclusive of 15 days
of production from our southwest Saskatchewan property acquisition second
quarter production levels are anticipated to be moderately higher than our first
quarter results.


Shaunavon Area

During the quarter, Wild Stream drilled 7 gross (6.9 net) Lower Shaunavon
horizontal oil wells and 6 gross (5.6 net) Upper Shaunavon horizontal oil wells
achieving a 100 percent success rate.


Delineation of the prospectivity of the Lower Shaunavon within our existing land
base continues to be a priority for Wild Stream. Our current budget anticipates
the drilling of 13 gross (12.8 net) Lower Shaunavon horizontal oil wells in H2
2011. 5 of these wells will evaluate the prospectivity of the Lower Shaunavon on
the acreage obtained from the Property Acquisition. The balance of wells will
continue to develop the Lower Shaunavon on our existing acreage. The Lower
Shaunavon pilot waterflood will commence injection in Q3 once approvals are
received from the Saskatchewan government.


Expanding upon our success in the Upper Shaunavon formation continues to be a
priority. We anticpate drilling 15 gross (14 net) Upper Shaunavon locations
between now and the end of the year. As with the Lower Shaunavon program, Wild
Stream is excited about drilling Upper Shaunavon locations on the Property
Acquisition lands. We expect to drill at least 5 Upper Shaunavon horizontal oil
wells on these lands in the second of half of 2011.


Expansion of our Upper Shaunavon waterflood has been ongoing. Our second battery
and injection facility was commissioned in February 2011. The first quarter also
saw us convert an additional 4 vertical wells to injection increasing the number
of injectors to 10. With the addition of two water source wells late in the
second quarter as well as of 8-10 additional injectors during the second half of
2011, we expect to have greater than 70% of the pool receiving pressure
maintenance by year end.


Dodsland Area

During the quarter Wild Stream drilled 2 gross (2 net) exploration step out
wells in the Dodsland area. The favorable results from this exploration program
enabled us to participate successfully in the April 2011 crown land sale
resulting in the acquisition of 31 net sections in around our successful
exploration wells.


Active drilling in the Dodsland area commenced on May 30, 2011 and it is
expected that Wild Stream will drill 22 gross (22 net) wells by the end of
September. 


Implementation of our pilot waterflood is expected in Q3, 2011. Wild Stream
expects to drill 6 horizontal producers and convert 8 vertical wells to
injectors to begin to assess the applicability of water-flooding at Dodsland.


Swan Hills

Wild Stream began to develop its initial land position in the prolific
Beaverhill Lake formation in the Swan Hills area. Wild Stream participated in
two lands sales during the first quarter and established its initial 13.5
section of highly prospective land in the area. Subsequent to the end of the
first quarter we have added an additional 1.5 net sections of land and are
actively surveying four potential drilling locations. We expect to drill our
first Beaverhill Lake horizontal oil well in the third quarter of 2011.


Subsequent to March 31, 2011



--  Closed a $175 million property acquisition of focused high working
    interest, operated producing oil and gas assets in Shaunavon and
    Dodsland. These assets have added in excess of 160 net drilling
    locations and 1,800 boepd of low decline production. 

--  Expanded our land base at Shaunavon to greater than 240 net sections and
    at Dodsland to greater than 110 net sections 

--  Raised $88.9 million through the issuance of 7.7 million shares at a
    price of $11.55 per share. Also, raised $4.4 million through the
    exercise of 2,462,139 warrants. 

--  Wild Stream increased its current credit facility to $100 million from
    $70 million. Upon closing of the above mentioned property acquisition,
    the Company entered into a syndicated credit facility of $160 million
    comprised of a $10 million operating facility and a $150 million
    revolving facility. 



Outlook

Wild Stream continues to successfully execute on its business plan of providing
per share value growth through its combined exploitation and exploration
strategies. 


Despite the prolonged breakup our year to date results have met our expectations
and we are on track to achieve our 2011 average production guidance of
5,000-5,200 boepd with an exit rate of in excess of 6,800 boepd.


Wild Streams' $135 million 2011 capital program which will see in excess of 65
net wells drilled is providing results that continue to meet or exceed our
expectations. While the drilling program continues to provide the catalyst for
near term production growth your team is also actively implementing pressure
maintenance and waterfloods in all our key areas that are expected to provide
long term reserve and value growth.


The successful closing of the Property Acquisition has added materially to our
enviable drilling inventory. Currently Wild Stream estimates that we have a
risked drilling inventory of in excess of 750 net wells representing in excess
of $1.2 billion of potential capital expenditures. The depth of this drilling
inventory should continue to allow your 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.


Additional corporate information can be found in our June corporate presentation
on our website at www.wildsr.com.


FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. More particularly, this press release contains statements concerning
Wild Stream's drilling plans, future growth plans, reserves and values
attributable thereto, per share growth, Wild Stream's growth strategy, the
nature of the assets acquired pursuant to the Property Acquisition and the
benefits of the Property Acquisition. 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 success of optimization and
efficiency improvement projects, the availability of capital, current
legislation, receipt of required regulatory approval, the success of future
drilling and development activities, the performance of existing wells, the
performance of 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, 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 press 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.


Meaning of Boe: When used in this press release, Boe means a barrel of oil
equivalent on the basis of 1 Boe to 6 thousand cubic feet of natural gas. Boe
per day means a barrel of oil equivalent per day. Boe's may be misleading,
particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6
thousand cubic feet of natural gas is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


This press 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 press 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.