Press Release _Closing_ 04 by byrnetown78

VIEWS: 5 PAGES: 2

									                                            JOINT NEWS RELEASE
                            WestFire Acquires Exceed and Producing Assets
CALGARY, Alberta, (December 21, 2009) WestFire Energy Ltd. ("WestFire") and Exceed Energy Inc.
("Exceed") (TSXV-EX.A) are pleased to announce that, effective December 18, 2009, the previously
announced acquisition by WestFire of Exceed pursuant to a plan of arrangement under the Business
Corporations Act (Alberta) (the "Arrangement") and certain producing oil and gas properties located in
the Lloydminster/Lindbergh and Peace River Arch areas of Alberta and light oil properties in southeast
Saskatchewan (the "Producing Assets") has been completed.

As part of the Arrangement, Exceed completed its previously announced underwritten private placement
(the "Offering") of 800,000,000 Class "A" common shares ("Exceed Shares") for gross proceeds of
$45,040,000. The Offering was led by Macquarie Capital Markets Canada Ltd. and included CIBC World
Markets Inc., National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., Raymond James
Ltd., Research Capital Corporation and Wellington West Capital Markets Inc. The net proceeds of the
Offering were subsequently used by WestFire to acquire the Producing Assets for $30 million prior to
closing adjustments with the balance of the proceeds to be used to fund WestFire's 2010 development
drilling program and general corporate purposes.

Pursuant to the Arrangement, Exceed shareholders (including subscribers in the Offering) received 0.01
of a WestFire common share ("WestFire Share") for each Exceed Share held.

Letters of transmittal have been forwarded to Exceed shareholders to be utilized in order to exchange their
Exceed Shares for WestFire Shares.

The Exceed Shares are expected to be de-listed from the TSX Venture Exchange ("TSXV") at the close
of markets on or about December 23, 2009. WestFire has received conditional approval for the listing of
the WestFire Shares from the Toronto Stock Exchange ("TSX"). The WestFire Shares are expected to be
listed on the TSX under the symbol "WFE" at the open of markets commencing on or about December
24, 2009.

For further information please contact:

Lowell Jackson                                                         Stephen Burtt
President and CEO                                                      Vice President Finance and CFO
WestFire Energy Ltd.                                                   WestFire Energy Ltd.
Telephone: (403) 718-3601                                              Telephone: (403) 718-3603
Facsimile : (403) 261-9658                                             Facsimile : (403) 261-9658

Richard Wolfli
President and CEO
Exceed Energy Inc.
Telephone: (403) 508-1853
Facsimile: (403) 508-1781
Visit our website at www.exceedenergy.com


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Reader Advisory

Statements in this joint press release contain forward-looking information including, without limitation,
expectations of the timing of the de-listing of the Exceed Shares on the TSXV, listing of the WestFire
Shares on the TSX and the anticipated use of proceeds of the Offering. Readers are cautioned that
assumptions used in the preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of
WestFire and Exceed. These risks include, but are not limited to; the risks associated with the oil and gas
industry, commodity prices and exchange rate changes. Industry related risks could include, but are not
limited to; operational risks in exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates
and projections of production, costs and expenses and access to capital. The risks outlined above should
not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-
looking information. Neither WestFire or Exceed undertakes no obligation to update or revise any
forward-looking statements except as expressly required by applicable securities laws.

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 THE RELEASE.




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