History

Corporate Transformation – Oil and gas operations began in March 2007 with the appointment of Daryl Gilbert as interim president and the acquisition of two small, non-operated natural gas wells. On December 13, 2007, WestFire made its second acquisition, a small oil and natural gas company known as Northern Challenger Exploration Ltd. (NCEL), which had been assembling an experienced oil and natural gas management team.

WestFire’s third acquisition was completed with the acquisition of K-Town Energy Ltd. in March 2008. In late June, 2008 WestFire completed an asset acquisition increasing prodcution to over 1,000 boe per day. These acquisitions provided WestFire with a base to build from.

Board of Directors – Concurrently with the corporate transformation WestFire reorganized its Board of Directors, emphasizing directors with oil and natural gas experience. The board has an extensive background in creating value for oil and natural gas companies. The Chairman of the Board is Ed Chwyl. Also joining the board at an early stage were John Brussa, Ray Chan and Lowell Jackson. On July 3, 2008, WestFire welcomed Michael McGovern, Executive Advisor for Cadent Energy Partners in Rye Brook, New York to the board. On March 29, 2010, Christopher Fong agreed to join the board. On June 30, 2011, Roger Thomas was appointed to the Board.

Finance – During 2007 the Company raised $11.4 million of flow-through and common equity from a broad range of new shareholders. The shares were consolidated on a seven-for-one basis, leaving 5,014,706 shares outstanding at December 31, 2007 and with only one shareholder holding slightly more than 10 percent of the total. During this period management and directors also stepped in to assist in WestFire’s recapitalization.

Summary –Acquisitions have increased the size of WestFire and have created a critical mass from which the Company can grow in an environment of volatile commodity prices and equity markets plus rapidly changing regulatory requirements. This growth has also meant personnel changes at the board and operational levels. At July 1, 2011 WestFire had over 40 employees at its Calgary, Alberta head office and 16 employees at its operational centres at Redwater, Alberta and Kindersley, Saskatchewan. Most members of the staff are also shareholders.