Wild Stream Exploration Inc. Announces Third Quarter 2011 Operating and Financial Results and Re-Affirms 2011 Guidance.

Wild Stream Exploration Inc. (the "Company" or "Wild Stream") (TSX VENTURE:WSX) is pleased to announce its operating and financial results for the three and nine months ended September 30, 2011. Selected financial and operational information is outlined below and should be read in conjunction with the interim financial statements and the related Management Discussion and Analysis ("MD&A"). These filings will be available at www.wildsr.com and www.sedar.com.

2011 Financial and Operating Highlights

                                Three months             Nine months        
                                       ended                   ended        
                               September 30,           September 30,        
                                                                            
                                             Percent                 Percent
                                2011    2010  Change    2011    2010  Change
                             -----------------------------------------------
Financial (thousands of                                                     
 dollars except share data)                                                 
                                                                            
Petroleum and natural gas                                                   
 revenue                      37,550  12,791     194  83,606  29,312     185
Funds from operations (1)     20,263   7,492     170  46,854  16,297     188
  Per share - basic             0.30    0.21      43    0.81    0.46      76
            - diluted           0.29    0.18      61    0.78    0.40      95
Net earnings (loss)           10,427   1,403     643  15,305   2,055     645
  Per share - basic             0.16    0.04     300    0.27    0.06     350
            - diluted           0.16    0.03     433    0.22    0.05     340
Capital expenditures, net     49,474  23,102     114 305,432  73,077     318
Corporate acquisitions             -       -       -  35,875   8,493     322
Working capital deficiency                                                  
 (4)                                                  88,290  24,822     256
Shareholders' equity                                 428,748 149,278     187
Weighted average shares                                                     
 (thousands)                                                                
  Basic                       67,906  37,111      83  57,630  35,794      61
  Diluted                     70,133  42,409      65  59,904  40,990      46
Shares Outstanding, end of                                                  
 period (thousands)                                                         
  Basic                                               68,336  37,280      83
  Diluted                                             75,009  46,882      60
                                                                            
Operating (6:1 boe                                                          
 conversion)                                                                
                                                                            
Average daily production                                                    
  Liquids (bbls/d)             5,595   2,128     163   4,073   1,553     162
  Natural gas (mcf/d)          3,566   1,186     201   2,087   1,130      85
  Barrels of oil equivalent                                                 
   (2)(boe/d)                  6,190   2,326     166   4,421   1,742     154
                                                                            
Netbacks                                                                    
  Operating                                                                 
    Petroleum and natural gas                                               
     revenue(4)                69.56   60.72      15   70.07   62.37      12
    Royalties                 (12.31)  (8.66)     42  (11.13)  (8.53)     30
    Operating expenses        (16.69) (12.06)     38  (14.92) (13.17)     13
    Transportation expenses    (1.52)  (1.83)    (17)  (2.03)  (1.81)     12
                             ----------------        ----------------       
                                                                            
  Operating netback ($/boe)    39.04   38.17       2   41.99   38.86       8
                             ----------------        ----------------       
                             ----------------        ----------------       
                                                                            
  Corporate netback(3)($/boe)  35.58   35.02       2   38.82   34.28      13
                                                                            
Wells drilled                                                               
    Gross                         24      15      60      51      33      55
    Net                         22.4    14.5      54    47.3    30.7      54
    Success                      100%    100%      -     100%     97%      -

(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 ntback less general and administrative expenses, financial charges asset retirement obligations and transaction costs.

(4) Excludes unrealized risk management contracts.

Highlights

--  Wild Stream increased production by 74% to 6,190 boe/d (90% liquids)
    over the second quarter of 3,549 boe/d and a 166 % increase from 2,326
    boe/d in the comparable quarter of 2010. 

--  Wild Stream has grown production through drilling and optimization on
    the recently acquired southwest Saskatchewan assets by 40% to the
    current level of 2,500 boe/d from 1,800 boe/d at closing. 

--  Funds flow from operations increased 171% to $20.3 million ($0.30 per
    share - basic), compared to $7.5 million ($0.21 per share - basic) in
    the third quarter of 2010. 

--  During the third quarter, Wild Stream incurred capital expenditures of
    $49.5 million of which $39.9 million were from drilling and completion
    expenditures. The Company drilled 24 (22.4 net) oil wells with a 100%
    success rate including 14.4 net wells in Shaunavon, 7.0 net wells in
    Dodsland and 1.0 net well in Swan Hills. 

--  Wild Stream incurred land expenditures of $1.7 million through
    participation at Crown land sales purchasing over 3,000 net acres of
    undeveloped land primarily in its core areas of Swan Hills and Shaunavon
    to further enhance our drilling inventory. Additionally the Company
    incurred acquisition expenditures of $1.6 million consolidating working
    interests in its core areas. 

--  Net debt increased by $25.7 million to $88.3 million for the period
    ending September 30, 2011, which represents approximately 1.0 times
    annualized third quarter fund flows from operations. As at September 30,
    2011, Wild Stream's balance sheet continues to remain strong with
    approximately $72 million of remaining borrowing capacity against its
    $160 million credit facility. 

Highlights for Wild Stream subsequent to the third quarter of 2011 include:

--  During October Wild Stream's production averaged more than 6,800 boe/d
    (92% oil) and we re-affirm our exit guidance of 7,000 boe/d. 

--  Wild Stream completed the interim review of its bank facility with its
    banking syndicate. The syndicate has confirmed the $160 million
    borrowing base until the next review which will occur by May 2012. 

--  Expanded our hedge position to include 2,250 bbls/d of oil at a fixed
    WTI price of Cdn $96.04/bbl in 2012 and 250 bbls/d at a fixed WCS price
    of $75.88 for 2012.  

Operations Review

Shaunavon area

During the third quarter, Wild Stream drilled 15 (14.4 net) horizontal oil wells achieving a 100 percent success rate. Active drilling on our recently acquired northern lands commenced in late August. To date, we have drilled six Upper Shaunavon horizontal wells, two Lower Shaunavon horizontal wells and one Cantuar horizontal well on this acreage.

Upper Shaunavon formation

--  Northern Lands 
    --  6 horizontal wells drilled, completed and currently producing. 
    --  The six wells have tested six seperate Upper Shaunavon pools across
        the northern acreage. 
    --  The initial tests have met our expectations with initial oil
        production rates varying between 40 -180 bbls/d. 
    --  Additional testing throughout the first quarter of 2012 will
        continue to define the more prolific areas of the Upper Shaunavon on
        our northern lands. 
--   Southern Lands 
    --  Two additional Upper Shaunavon horizontal oil wells are planned for
        the fourth quarter in addition to the conversion of 3 additional
        injection wells. 

Lower Shaunavon formation

--  Our first horizontal well testing the northern extension of the Lower
    Shaunavon was drilled in September. This well has been on production for
    30 days and preliminary results are below expectations with an average
    oil rate of 20 bbls/d and water cut in excess of 90%. 
--  Our second horizontal test well on the northern extension of the Lower
    Shaunavon has been drilled and is waiting on completion. 

Cantuar formation

--  Our first horizontal well testing the Cantuar formation has been drilled
    and was placed on production on November 1. 
--  Preliminary results after 20 days on-stream demonstrates the well is
    currently performing at expectations with oil rates of 80 - 100 bbls/d. 
--  A second Cantuar horizontal well is planned for late in the fourth
    quarter. 

Dodsland area

--  Drilled 7 net horizontal oil wells during the third quarter at a 100%
    success rate. 
--  Active drilling will recommence in the first quarter of 2012 with 15-20
    horizontal wells. 

Swan Hills

--  Wild Stream drilled 2 (1.0 net) horizontal wells in the third quarter. 
--  Completion activities on both wells have been delayed due to acid supply
    shortages. 
--  The first well is expected to be on production by the end of November
    while the second well is not expected to be completed until January of
    2012. 

Outlook

Wild Stream continues to successfully execute on its business plan of providing per share value growth through its combined exploration, exploitation and enhanced oil recovery strategies. This is demonstrated by our cashflow and production per share growth which is in excess of 45% over the comparable period in 2010.

Wild Stream has more than 1,000 net risked drilling locations in our current inventory. The inventory provides the fuel to grow our reserves, production and net asset value in the future.

Wild Stream will provide 2012 guidance in late January 2012.

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 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 its assets. In addition, the use of any of the words "guidance", "initial, "scheduled", "can", "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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts: WILD STREAM EXPLORATION INC. Mr. Neil Roszell President and Chief Executive Officer 403-767-1250 403-232-8083 (FAX) WILD STREAM EXPLORATION INC. Mr. Jerry Sapieha, CA Vice President, Finance and Chief Financial Officer 403-767-1265 403-232-8083 (FAX)