Wild Stream Exploration Inc. Announces Operational and Reserves Update, Private Company Acquisition and 2011 Guidance

Wild Stream Exploration Inc. ("Wild Stream" or the "Company") (TSX VENTURE:WSX)
is pleased to announce substantial increases to reserves, production and net
asset value as a result of successful operations in 2010. Wild Stream is also
pleased to announce that we have closed the acquisition of a Private Company.


2010 Year End Reserves Highlights



--  Total Proved plus Probable ("P+P") reserves of 15.7 million BOE (97%
    liquids) increased 227% over December 2009 reserves of 4.8 million BOE. 
--  Present value before tax 10% (PVBT10) of P+P reserves was $388.9
    million, an increase of 267% over the $105.9 million as at December
    2009. 
--  Finding, development and acquisitions costs, including a $105 million
    change in future development capital were $21.36 per boe on a P+P basis.
--  Based on an estimated 2010 average corporate net back of $38.00 per boe
    the Company achieved a recycle ratio of 1.8 times. 
--  Maintained an enviable reserves life index of 13.2 years based on our
    December 2010 average production of 3,250 boepd. 
--  Reserve additions replaced 2010 production by a factor of 15 times on a
    P+P basis. 
--  Increased reserves per share by 115% to 300 boe from 140 per thousand
    fully diluted shares 
--  Increased our undeveloped land to in excess of 140,000 net acres at year
    end 2010 from approximately 50,000 net acres at year end 2009. 
--  Estimated net asset value per share calculated on (PVBT10) values
    increased to $8.90 per share at December 31, 2010 from $4.61 at December
    31, 2009. 



The Sproule Associates Limited independent assessment of the Company's reserves
dated December 31, 2010 is summarized as follows (using forecast prices and
costs):




December 31, 2010                                  Present Value Before Tax 
                                              Oil Discount Discount Discount
Reserves Category       Oil  NGL   Gas Equivalent       0%       5%      10%
Gross Working                                                               
 Interest              Mbbl Mbbl  MMcf       mBOE     M$'s     M$'s     M$'s
----------------------------------------------------------------------------
Proved Developed                                                            
 Producing            4,870   68 1,708      5,223  236,625  190,418  163,056
Total Proven          9,705   83 2,009     10,122  414,019  324,901  269,233
                                                                            
Total Proven Plus                                                           
 Probable            15,074  125 3,036     15,706  707,805  500,222  388,875
                     -------------------------------------------------------
                     -------------------------------------------------------



Notes:



1.  The December 31, 2010 reserves report has been prepared in accordance
    with the definitions, procedures and standards contained in the Canadian
    Oil and Gas Evaluation Handbook and the Canadian Securities
    Administrators National Instrument; National Instrument 51-101 -
    Standards of Disclosure for Oil and Gas Activities. 
2.  Barrels of Oil Equivalent ('BOE") may be misleading, particularly if
    used in isolation. A BOE conversion ratio of 6 mcf:1 bbl is based on an
    energy equivalency conversion method primarily applicable at the burner
    tip and does not represent a value equivalency at the wellhead. 
3.  The estimated net present value of future net revenue is based on
    current legislation in place at December 31, 2010. 
4.  Prices for oil F.O.B. Edmonton are based upon 40 degrees API oil having
    less than 0.4% sulphur. The wellhead oil prices were adjusted for
    quality and transportation based on historical actual prices. 
5.  Prices and volumes for natural gas are based upon a base pressure of
    14.65 pounds per square inch and base temperature of 60 degrees F. The
    natural gas prices were adjusted, where necessary, based on historical
    pricing based on heating values and the differing costs of service
    applied by various purchasers. 
6.  The natural gas liquids prices were adjusted to reflect historical
    average prices received. 
7.  The forecast prices and cost case assumes no legislative or regulatory
    amendments and includes the effects of inflation. The estimated future
    net revenue to be derived from the production of the reserves includes
    an inflation rate of 1.5% per year. 



2010 Fourth Quarter Operational Highlights

The Company has not released its audited 2010 financial results and accordingly
the numbers included in the calculations below are currently estimates and
unaudited.




--  Based on field estimates, the Company's fourth quarter 2010 average
    production increased 20% to 2,750 boepd. 
--  Based on field estimates, December estimated average production rate
    exceeded our 2010 year end exit guidance of 3,200 boepd (95% crude oil).
--  Fourth quarter estimated funds from operations increased 38% to $10.5
    million ($0.25 per basic share) from $7.6 million ($0.21 per basic
    share) in the third quarter. 
--  We significantly expanded our Lower Shaunavon fairway with exploration
    success and the purchase of 45 net sections of land. 
--  The Company drilled 21 gross (19.8 net) oil wells with a 90% success
    rate including 12.4 net wells in Shaunavon, 6.0 net wells in Dodsland
    and 1.4 net wells in Garrington. 



Operations Update

Wild Stream has drilled 3 gross (2.9 net) successful wells to date in 2011 in
the Shaunavon area and we expect to drill a total of 12 wells in this area by
breakup.


Construction of a second oil processing and water injection facility to expand
the Upper Shaunavon waterflood will be completed by the middle of February.
Performance from the existing waterflood project is exceeding expectations with
six Upper Shaunavon horizontal wells responding to our current water injection.


We also anticipate drilling 3 gross and net wells in the Dodsland area and 1
other well prior to break up.


Private Company Acquisition

Effective January 28, 2011, Wild Stream has acquired a Private Company with high
netback, crude oil assets focused in the Dodsland area for total consideration
of 3.5 million WSX common shares. The properties have an average working
interest of 90% and are 100% operated. The acquired properties also contain
significant undeveloped inventory in both the Dodsland and Shaunavon areas of
southwest Saskatchewan.


The Acquisition has the following characteristics:



Current Production:                               300 Boe/d (100% crude oil)
Estimated Reserves (1):                           1.3 MMBoe                 
RLI:                                              11.9 years                
Total Net Development Drilling Locations                                    
  Dodsland Viking                                 42                        
  Shaunavon                                       5                         
Operating Netback (2):                            $45.00 per Boe            
Assumed Net Debt:                                 $nil                      



1. Reserves estimated internally by Wild Stream.

2. Based on $90.00/Bbl WTI and calculated by subtracting royalties and operating
costs from revenues.


FirstEnergy Capital Corp. acted as Wild Stream's sole financial advisor with
respect to the Private Company Acquisition.


2011 Guidance

The Board of Directors of Wild Stream has approved a 2011 capital budget of $95
million. Average daily production is expected to increase 105% over 2010
averages to 4,100 boepd (97% crude oil and NGLs). Based on expected prices of
WTI$90/Cdn during 2011 our estimated cash flow will be approximately $67
million. The balance of 2011 capital program will be financed through the
Company's existing credit facility.


$55 million of the capital budget is allocated to the Shaunavon area where 30 to
35 net wells are planned. $25 million is allocated to the Dodsland area where
20-25 net wells are planned. $10 million has been allocated to land expenditures
and $5 million to the drilling of 3 net wells in other areas.


Wild Stream is a pure play resource oil company with a significant drilling
inventory of 450 net horizontal locations and $750 million of potential capital
expenditures. The large drilling inventory will help set the stage for continued
growth in 2011 and beyond. 


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


FORWARD-LOOKING STATEMENTS

The forward-looking statements contained in this document are based on certain
key expectations and assumptions made by Wild Stream, including the anticipated
accretive impact of the transaction on Wild Stream, expectations and assumptions
concerning the success of future drilling and development activities, the
performance of existing wells, the performance of new wells and prevailing
commodity prices and capital expenditures.


Although Wild Stream 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 Wild Stream 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, the failure to obtain
necessary regulatory approvals or satisfy the conditions to closing the
transactions, 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 Wild Stream's Annual Information Form which
has been filed on SEDAR and can be accessed at www.sedar.com.


The forward-looking statements contained in this document are made as of the
date hereof and Wild Stream 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 thousand cubic feet of natural gas. boepd 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.