Wild Stream Exploration Inc. Announces Increased 2010 Guidance and Third Quarter 2010 Operating and Financial Results

Wild Stream Exploration Inc. ("Wild Stream" or the "Company) (TSX VENTURE:WSX)
is pleased to announce that it filed on SEDAR its unaudited financial statements
and related Management's Discussion and Analysis ("MD&A") for the three and nine
months ended September 30, 2010. Certain selected financial and operational
information is set out below and should be read in conjunction with Wild
Stream's unaudited financial statements and related MD&A. These filings will be
available at www.wildsr.com and www.sedar.com.




Financial Highlights

                    Three months ended           Nine months ended         
                          September 30, Percent       September 30, Percent
                        2010      2009   Change     2010      2009   Change
                   ---------------------------------------------------------
Financial (thousands
 of dollars except
 share data)

Petroleum and
 natural gas revenue  12,791     2,513      409   29,312     7,468      293
Funds from
 operations (1)        7,553     1,035      630   17,044     4,657      266
 Per share - basic      0.21      0.56      (62)    0.48      2.55      (81)
           - diluted    0.19      0.56      (66)    0.42      2.37      (82)
Net earnings (loss)      580      (447)     230    1,820    (2,009)     191
 Per share - basic      0.01     (0.25)     104     0.05     (1.11)     105
           - diluted    0.01     (0.25)     104     0.04     (1.11)     104
Capital expenditures,
 net                  23,110    (1,713)   1,449   73,174      (171)     n/a
Corporate acquisitions                             9,102         -      100
Working capital
 deficiency                                       25,031    17,523       43
Weighted average
 shares
 Basic                37,111     1,818    1,941   35,794     1,818    1,869
 Diluted              42,409     1,818    2,233   40,990     1,818    2,155
Shares outstanding,
 end of period
 Basic                     -         -        -   37,280     1,818    1,951
 Diluted                   -         -        -   46,882     1,962    2,290

Operating (6:1 boe
 conversion) (2)

Average daily
 production
 Liquids (bbls/d)      2,128       413      415    1,553       463      235
 Natural gas (mcf/d)   1,186       108      998    1,130       324      249
 Barrels of oil
  equivalent (2)
  (boe/d)              2,326       431      440    1,742       517      237

Average sales price
 Liquids ($/bbl)       63.31     65.32       (3)   66.18     56.35       17
 Natural gas ($/mcf)    3.62      3.05       19     4.04      3.93        3
 Barrel of oil
  equivalent ($/boe)   59.78     63.35       (6)   61.65     52.93       16

Netbacks
 Operating
 Petroleum and
  natural gas
  revenue (3)          60.72     63.35       (4)   62.37     52.93       18
 Royalties             (8.66)    (7.35)      18    (8.53)    (4.70)      81
 Operating expenses   (12.06)   (14.50)     (17)  (13.17)   (17.41)     (24)
 Transportation
  expenses             (1.83)    (2.31)     (21)   (1.81)    (2.03)     (11)
                    --------------------          ------------------       

 Operating netback
  ($/boe)              38.17     39.19       (3)   38.86     28.79       35
                    --------------------          ------------------       
                    --------------------          ------------------       

 Corporate
  netback (4) ($/boe)  35.30     26.15       35    35.85     17.22      108


(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 Canadian GAAP and
    therefore it may not be comparable with the calculation of similar
    measures for other entities.
(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) Including realized gains on commodity hedges.
(4) Corporate netbacks are calculated as the operating netback less general
    and administrative expenses and financial charges. Excluded from the
    2009 results is the impact of the realized gain on the monetization of
    the commodity hedge.



Third Quarter Accomplishments

- Increased 2010 quarterly average production by 33 per cent to 2,326 boe/d (91
per cent crude oil) from 1,744 boe/d in the second quarter of 2010.


- Increased funds from operations to $7.6 million an increase of 36% from $5.6
million reported in the second quarter of 2010.


- Achieved continued strong third quarter 2010 operating netbacks of $38.17 per boe.

- Drilled 15 gross (14.5 net) crude oil wells for a success rate of 100 per cent.

- Reduced third quarter operating costs by 9% to $12.06/boe from the $13.20
reported in the second quarter of 2010.


- Substantially added to the Company's undeveloped land base in our core areas
with the addition of approximately 19 net sections.


- Reduced G&A by 14% in the third quarter of 2010 to $2.08/boe compared to the
second quarter of 2010.


- Subsequent to quarter end, completed a bought deal financing for gross
proceeds of $33.3 million and issued 5.2 million common shares at a price of
$6.45 per common share.


- Subsequent to quarter end, increased our credit facility to $70 million from
$50 million.


Increased 2010 Guidance

Based on strong drilling results we are expanding the Company's 2010 capital
program budget to $100 million from $90 million. The revised budget will see 55
gross (51.4 net) net wells drilled and will be funded through our October $33
million equity financing, the $70 million credit facility and cash flow.


Average October production levels have exceeded 2,600 boepd. We are increasing
our exit guidance by 10% to 3,200 boepd (95% crude oil) from 2,900 boepd.


Operational Update

In the third quarter, the Company drilled 8 (7.5 net) wells in Shaunavon, 6 (6.0
net) wells in Dodsland and 1 (1.0 net) well in Coutts resulting in 15 (14.5 net)
crude oil wells at a 100 percent success rate. The Company spent $19.5 million
on drilling, completions and facilities and $3.6 million on land and two minor
property acquisitions within our core areas.


Shaunavon area

To the end of the third quarter, Wild Stream drilled 17 (15.4 net) wells. The
Company will drill up to 14 (13.4 net) wells in the fourth quarter of 2010.
Shaunavon production continues to grow with recent production levels exceeding
1,900 boepd.


Implementation of the Upper Shaunavon waterflood continues to be a focus for the
Company. We recently completed the addition of four additional injection wells
that will provide pressure support for existing horizontal producing wells. The
fourth quarter will also see the construction of a second battery and injection
facility which, when combined with our original waterflood facility, will
provide sufficient capacity to have the main pool under waterflood.
Commissioning of the second facility is expected in early January.


There are currently 9 (8.4 net) Upper Shaunavon horizontal wells producing which
have increased production from the Upper Shaunavon formation to 1,300 boepd.


The Lower Shaunavon formation is currently producing 600 bbls/d from 5.0 net
wells. Active drilling to set up a Lower Shaunavon pilot waterflood commenced
early in the fourth quarter. It is anticipated that this waterflood will be
operational by the end of the first quarter of 2011.


Dodsland area

To the end of the third quarter, Wild Stream drilled 10 (10 net) wells. An
additional six wells have been drilled in the fourth quarter with completion
activities ongoing. Production has grown to 375 boe/d and will continue to grow
as the six new wells are brought on production.


Horizontal well performance from our first 10 wells is exceeding the type curves
used by our independent engineers.


Garrington

To the end of the third quarter, Wild Stream drilled 2 (1.75 net). Two (1.3 net)
additional wells are currently being drilled with one targeting the Cardium
formation and one targeting the Viking formation.


Outlook

Capital cost control continues to be a focus for the Company. Recent
modifications to drilling and completion techniques have reduced per well
on-stream costs by $200-300 thousand per well in the Shaunavon and Dodsland
areas.


In the fourth quarter, the Company expects to drill approximately 20 (19 net)
wells in the Shaunavon and Dodsland areas in southwest Saskatchewan and in the
Garrington area of Alberta. We are increasing our 2010 exit production guidance
by 10% to 3,200 boe/d consisting of 95% crude oil.


The Company intends to release formal 2011 guidance in late January 2011 once
all of our fourth quarter drilling results have been evaluated and placed on
production.


Our estimated net debt of $12.5 million as at December 31, 2010 represents only
0.3 times annualized fourth quarter 2010 cash flow and leaves in excess of $57
million of debt capacity on the available credit facility.


Wild Stream continues to be a pure play resource oil company. We have defined
resource oil drilling inventory that includes in excess of 400 net horizontal
locations representing in excess of $500 million of potential capital
expenditures. This multi-year inventory sets the stage for continuing growth for
2011 and beyond.


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 November 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 forward-looking
statements concerning the expansion of the Shaunavon capital expenditure
program, Wild Stream's average production and exit rate for 2010, the Company's
growth strategy and it's exploration and development capital program. The
forward-looking statements 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, the success of future drilling and development activities, the
performance of existing wells, the performance of new wells 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 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.