WTR Westcore Energy Ltd

WESTCORE ENERGY LTD. - (TSX VENTURE:WTR) ("Westcore" or the "Company") is
pleased to announce the commencement of a 6 well drilling program (the
"program") on the Riverside property owned by Allstar Energy Limited
("Allstar"), a 100% owned subsidiary of 49 North Resources Inc. 


The target locations were selected in the Success formation based on the results
of the 3D seismic testing announced on September 25, 2012. Using this
interpreted 3D seismic data, the first well in the program was drilled 400
meters north of a producing recompleted well in the southwestern portion of the
Riverside land package. Drilling encountered an oil bearing zone of
approximately 40 meters. The second well in the program was drilled a further
600 meters north of the first well (1,000 meters north of the recompleted well)
and encountered an oil bearing zone of approximately 32 meters. 


Drilling of the 6 well program is anticipated to be completed by the end of
December 2012. Production completions will be initiated next week. 


Pursuant of the Farm-In Agreement with Allstar, Westcore had spent approximately
$1,000,000 on aforementioned 3D seismic survey. In exchange for the completion
of the seismic, Westcore will earn a 60% working interest on a pro rata basis of
$1,000,000 applied against total drilling costs on the Riverside Lands in this
program. In addition, Westcore has been granted an ongoing right of first
refusal to participate in additional programs 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 programs. 


Paul Conroy, the President and CEO of Westcore states "We are encouraged with
the preliminary results of the first two wells of the six well program. The
interpreted 3D seismic data has proven as an extremely valuable tool to help
define the economic oil potential at Riverside". 


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Westcore Energy Ltd.
Paul Conroy
President and Chief Executive Officer
(306) 649-0600
www.westcoreenergy.ca

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