WHT Westside Energy Corp.

HOUSTON, March 20 /PRNewswire-FirstCall/ -- Westside Energy Corporation (AMEX:WHT) today announced the closing of its purchase of 100% of the partnership interests in EBS Oil and Gas Partners Production Company, LP and EBS Oil and Gas Partners Operating Company, LP (EBS) for approximately $9.8 million. The effective date of the transaction is October 1, 2005 and the purchase price is subject to post-closing adjustments based on future valuations of additional proved reserves from certain development wells. The adjustments will be determined at specified dates on or before October 15, 2006 as reserves are assigned to these wells by an independent engineering firm. The acquisition included 9,837 gross acres, interests in 30 EBS operated producing wells (gross), estimated total proved reserves of 2.3 billion cubic feet equivalent of natural gas (88% natural gas and 51% proved developed producing) as of October 1, 2005 and a one-sixth interest in a pipeline consisting of approximately 14 miles of gathering lines and three compression stations located in Montague, Cooke and Wise Counties, Texas. In conjunction with the transaction, Westside entered into a four-year senior secured Advancing Term Credit Agreement with GasRock Capital, LLC. Under the terms of the agreement, $9.5 million of initial borrowing capacity is immediately available to Westside for reimbursement of costs associated with drilling, transaction closing costs and to fund 2006 development drilling and pipeline expansion projects. To date, $5.3 million has been drawn down by Westside against this initial borrowing capacity. The remaining $35.5 million of the total facility may be used to fund the cash portion of the adjustments discussed above (to a limit of $7.5 million) for, future development drilling, lease acquisition, pipeline expansion or seismic projects (subject to GasRock's approval). KeyBanc Capital Markets, a division of McDonald Investments, Inc., acted as Westside's advisor in connection with the EBS acquisition and the GasRock loan. About Westside Energy Corporation Houston-based Westside Energy is an oil and gas company focused on exploiting its 67,130 gross (62,618 net) acres in the prolific Barnett Shale trend in North Texas. For more information about Westside Energy, please visit the Company's website http://www.westsideenergy.com/. Forward-Looking Statements Certain statements in this news release regarding future expectations, plans for acquisitions and dispositions, oil and gas reserves, exploration, development, production and pricing may be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's periodic reports and other documents filed with the SEC. Actual results may vary materially. DATASOURCE: Westside Energy Corporation CONTACT: Sean J. Austin, Vice President and Controller of Westside Energy Corporation, +1-713-979-2660, ext. 206 Web site: http://www.westsideenergy.com/

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