WTR Westcore Energy Ltd

WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased
to announce that it has entered into a binding farm-in agreement (the "Farm-In
Agreement") dated July 24, 2012 with Allstar Energy Limited ("Allstar"), a
private Saskatchewan-based oil and gas exploration and production company,
whereby Westcore will farm into Allstar's Riverside Lands located 16 km north of
the town of Leader in Western Saskatchewan. The Farm-In Agreement is subject to
review and acceptance by the TSX Venture Exchange. 


Under the terms of the Farm-In Agreement, Westcore will complete a 3D seismic
survey on the Riverside Lands pursuant to which it will expend up to a maximum
amount of $1,000,000. Based on the information obtained from the seismic
program, a drilling program will be planned for the Riverside Lands. In exchange
for its completion of the seismic program, Westcore will earn a 60% working
interest in certain wells drilled on the Riverside Lands under that program. In
addition, Westcore has been granted an ongoing right of first refusal to
participate in additional wells on the Riverside Lands, whereby Westcore will
fund 100% of drilling operations (to a maximum amount of $1 million) for a
further 60% working interest in such wells. 


Westcore expects that funding for its initial obligations under the Farm-In
Agreement (being $1,000,000) will be derived from existing sources of cash on
hand, which will fully satisfy Westcore's contribution to the Farm-In Agreement.



Allstar is a wholly-owned subsidiary of 49 North Resources Inc. ("49 North"). As
49 North is also an Insider of Westcore by virtue of its shareholdings (roughly
23% of outstanding Westcore shares), Allstar and Westcore are considered to be
"Non-Arm's Length Parties" under the rules and policies of the TSX Venture
Exchange. Notwithstanding the foregoing, the proposed transaction is expected to
be exempt from valuation and minority shareholder approval requirements under
applicable securities laws. 


Allstar has recently completed the second of two re-entry wells on the Riverside
Lands, which are located approximately 20 kilometres south of the Mantario oil
field, which has been producing heavy oil since the early 1990s, with cumulative
production in excess of 47 million barrels of oil (see 49 North's press release
dated July 20, 2012 for further details). 


Paul Conroy, President and Chief Executive Officer states "The chance to
participate in Allstar's seismic and drilling programs represents an excellent
opportunity for Westcore to expand and diversify in its objective of providing
energy solutions for North America. The proposed program is an ideal complement
to our existing and ongoing activities with our principal coal properties and
represents an exceptional occasion to diversify our portfolio of assets, which
we hope will also provide a stable stream of cashflows over the short term and
into the foreseeable future. We look forward to exploring with Allstar and
building on their past success." 


Reader Advisory 

Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. In particular, forward-looking information in this press release
includes, but is not limited to, the use of the net proceeds of the offering.
Although we believe that the expectations reflected in the forward-looking
information are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information. 


Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including environmental
regulation; unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if and when
required; the availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market volatility;
competition for, among other things, capital, skilled personnel and supplies;
changes in tax laws; and the other risk factors disclosed under our profile on
SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.  


The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. We undertake no duty to update any of
the forward-looking information to conform such information to actual results or
to changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information.

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