Developing the Potential of TUNISIA & ROMANIA

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1 Developing the Potential of TUNISIA & ROMANIA Q November, 2011 TSX: WIX

2 is a junior international oil and gas exploration and production company trading on the Toronto Stock Exchange under the symbol TSX-WIX. Focus of 2011 capital expenditure is on Tunisian development and exploration wells, where 100 % of its production is located, plus low risk drilling in Romania. Headquartered in Calgary with international offices in Breda (Netherlands), Geneva (Switzerland), Tunis (Tunisia), Szolnok (Hungary), and Bucharest (Romania). 2

3 Management & Directors Executive Management Charles de Mestral - Chief Executive Officer (Director) David Monachello - President (Director) Roger McMechan - Executive Vice-President (Director) Bradley Giblin - Chief Financial Officer Mohamed Yaich - Advisor to the CEO Rafik Hamza - Tunisian Country Manager Gabor Tihanyi - Hungarian/Romanian Country Manager James O Connor - Corporate Secretary Independent Directors Bruce Libin (Chairman) Douglas Baker Bernard de Combret Russ Duncan Evgenij Iorich Bryan Lawrence Robert Mitchell Christopher Whyte 3

4 Corporate Structure Basic Shares August 2, million Management 5% Pala Asset Holdings Ltd. 23% Yorktown Energy Funds & Associates 31% Widely distributed 41% Board of Directors (11): 8 independent 3 management Market $3.25/share Enterprise value (1) Current Debt $116 million $112 million Zero (1) Market capitalization less $3.6 million positive working capital September 30,

5 WIX Corporate Profile WIX Share Price Sept. 1, 2010 to Oct. 31, 2011 Exchange & Trading Symbol: TSX WIX $ Week Range: $2.36 $6.79 $6.00 Share Oct. 31: $3.05 $5.00 Avg. Daily Volume: 10k 30k Price/Share $4.00 $3.00 $2.00 Mackie Research Corp. FirstEnergy Capital Analyst Coverage $1.00 $0.00 Jennings Capital Inc. September-10 October-10 November-10 December-10 January-11 February-11 March-11 April-11 May-11 June-11 July-11 August-11 September-11 October-11 November-11 BMO Capital Markets Union Securities Ltd. 5

6 Oct to Nov. 1, 2011 WIX vs. Peers 6

7 Q3 Nine Months Summary (US$) Q Nine Months Q ** Change Sales (boepd) 1,531 1,633 (6%) After Tax Field Operating Netback * (per boe) Funds from Continuing Operations * (million) $71.98 $ % $25.2 $ % per share $0.71 $ % Net Income From Continuing Operations (million) $5.0 $2.8 79% per share $0.14 $ % *see Non-GAAP disclosures at end of presentation **restated to reflect IFRS accounting principles 7

8 Sales (Tunisia) boepd boepd boepd 421 boepd Months Oil (bbl/d) Gas (boepd) 8

9 Funds From Continuing Operations (US$) * Millions US$ $18.6 Q4, 7.3 $29.5 Q4, 10.0 Q3, 8.2 $25.1 Q3, 7.1 Q2, Q3, 6.1 Q2, 5.6 Q2, 3.1 Q1, 9.2 Q1, 5.7 Q1, Months Months Months 9 * See continuing operations disclosure at end of presentation

10 140 After Tax Field Operating Netback (US$) US$/boe Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Netback Tunisia Realized Oil Price 10 Oil in Tunisia is sold at world market prices at approximately Brent Crude. Gas prices in Tunisia are tied to 9-month trailing average price for low sulphur heating oil, marketed in Italy.

11 2011 Capital Program - Tunisia 11

12 2011 Capital Program - Romania 12

13 Chouech Essaida Operations Updates CS SIL#1 Upper Tannezuft Zone #1 On Production October 27, 2011 Producing 500 bopd Condensate Estimated 450 to 550 boepd Natural Gas CS SIL#10 Well Spudded On October 10, 2011 Expected TD: Mid-November 2011 CS#8BIS Well Reached TD On August 19, 2011 TD Depth: 2545m Producing 300 boepd CS#9 Workover Completed July 2011 Producing 270 boepd CS#12 Well Reached TD on September 24, 2011 TD Depth: 2500m Downhole Pump Installation Early December

14 Tunisia Country Overview POLITICAL SITUATION Beginning of Jasmine Uprising: December 17, 2010 President Ben Ali Departs: January 15, 2011 Election for Constitutional Assembly: October 23, 2011 GENERAL Main Languages: Arabic & French Religion: Muslim Government: Secular Republic (1956) GDP (PPP): US$ 71.5 billion (2010 est.) GDP Growth: 3.8% (2010 est.) GDP Comp: 53.7% service, 35.3% industry, & 11% agriculture (2009 est.) Data Source: International Monetary Fund OIL INDUSTRY OVERVIEW Oil Production: 70,400 bbl/d (2010 est.) Condensate Production: 17,000 bbl/d (2010 est.) Gas Production 264 mmcf/d (2010 est.) Operators: 50 Data Source: ETAP November Wells: Investment: 669 drilled ; 120 discoveries US$ 1.7 billion + seismic 14 *See Appendix for Tunisia s Country Risk Rating (Maplecroft & Fraser Institute)

15 Gas Development & Infrastructure TrasMed pipeline +3.2 Bcf/d (2012) New Southern Tunisia Gas Pipe Line (STGP) $1.2 billion/350 mmcf/d Start: Late 2014 Tunisia Natural Gas Gas production = 264 mmscf/d (2010 est.) Gas consumption = 410 mmscf/d (2008 est.) Gas imported = 120 mmscf/d (Algerian royalty gas, 2008 est.) Principal use: Power generation (growth 7%/year) New domestic gas supplies ( ) = 160 mmscf/d Domestic gas price per mcf: ~10-13% of Brent price per barrel ($14.09/mcf Q3 2011) Infrastructure to Europe: TransMed Pipeline STGP: 350 mmcf/d design capacity, 320 kilometer, 28 pipeline. Incremental natural gas supply for new electrical plants and possible export to Europe. 15

16 Winstar s 2011 Focus 16

17 ChouechEssaida& EchChouech Chouech Essaida: 100% WI & Operated Triassic & Silurian oil & gas fields 7 Producing wells = 1,600 boepd + CS SIL#1 gas Cum. prod. = ~ 5.0 mmbbls Ech Chouech: 100% WI & Operated Devonian oil field 1 Producing well = 140bopd Cum. prod. = ~ 200 mbbls Plant & Equipment: 100% WI Central Production Facility (CPF) at Chouech Essaida Base camp at Chouech Essaida 80 km 6 oil & 6 gas sales pipeline; CPF to El Borma Current capacity: Oil = 5,000 bopd Gas = 14 mmscf/d Ech Chouech to CPF, 12 km 4 multiphase pipelines Current capacity: 2,000-3,000 boepd Royalties: 15% Income Tax Rate: 35%* Area: 77,591 acres (combined) *See slide 33 for further details. Effective tax after deduction of existing capital pools & tax loss carry forwards: Chouech Essaida 0%, Ech Chouech 6% 17

18 Southern Tunisia Triassic & Silurian Play 18 Winstar Resources Ltd.

19 Silurian Acacus 3D Drilling Prospects SIL#1 SIL#10 CS SIL#1 Discovery CS SIL#10 Well Silurian Prospects &Leads Ordovician Structure Map Silurian Discoveries 19

20 Silurian Hydrocarbon Type Silurian Acacus & Tannezuft Formations in Chouech Essaida and Ech Chouech concessions within the interpreted Transitional Area are susceptible to crude oil, condensate and gas reservoirs kms Top Ordovician Structure

21 OMV Purchases Tunisian Assets PIONEER January 6, 2011 $866 Million 5,700 boepd net 38 Million boe P+P Reserves ($23/boe) MEDCO October 27, 2011 $58 Million No Production (2 Discoveries Durra) 1.5 Million boe P+P ($38/boe) Winstar Resources Ltd Pioneer Natural Resources MedcoEnergi Total Productive Net Acres 143, , ,972 Undeveloped Net Acres NIL 805, ,995 Production (boepd) 2,000 5,700 NIL OMV-Pioneer Purchase Equivalent: $150,000 boepd $300,000,000 Work Commitment NIL Wells, Seismic, $??? Millions Wells, Seismic, $??? Millions Reserves P+P (BOE) 12.8 million 38 million 1.5 million OMV-Pioneer Purchase Equivalent $294,400,000 $23/boe OMV-Medco Purchase Equivalent $486,400,000 $38/boe 21

22 Secondary Deep Exploration Targets Secondary Targets Bir Ben et al. (Ordovician): Tested gas & condensate at El Borma (SITEP), Adam (ENI), Jenein Sud & Nord (OMV). - Emerging play in Southern Tunisia Sidi Toui (Cambrian): Gas shows but no production in Tunisia The secondary targets in the Ordovician & Cambrian sandstones have significant upside potential. 22

23 Sabria Farmout Details MOU Signed Aug. 2011, Target Close Q Farmout 50% or 22.5% Working Interest Cash & Work Commitment 1) CASH = $6.55 million 2) WORK = $12.25 million net (1 workover + 3 new wells) 3) TAX SHELTER = $6.1 million net Area: 28,889 gross acres TOTAL NET VALUE = $25 million TERM: 2.5 years Deal Metrics For 22.5% Working Interest (Price $7.0 million) Dec. 31, 2010 PDP 326,000 boe $21.77 per boe July 2011 Prod. 95 boe $73,684 per boepd Positive Attributes Accelerates Drilling : 3 New Wells In 2012/2013 Redeploy Capital To Silurian & Triassic Targets In Southern Tunisia Sabria Reserves Age: Ordovician (3750m) API: 41 In Place: (P50) = 350 million bbls Cum. Prod.: 2.8 million bbls oil 8.0 bcf gas 4.1 million boe or 1% Current Gross Boepd: 460 boepd 23 Cautionary Statement: Farmout is subject to the finalization of agreements and Tunisian government approval.

24 Romania Satu Mare 24 Oil Production (2010 est.): 107,100 bopd Oil Consumption (2010 est.): 196,000 bopd Gas Production (2010 est.): billion m 3 Gas Consumption (2010 est.): billion m 3 Satu Mare: Operated by WIX Farmin Terms: Pay 100% to earn 60%WI Work Commitment: US $6.6 million by 2012 (60% of discoveries to that date) Optional US$ 6.0 million by 2013 (60% of entire block) Est. Well Cost: US$ 2.0 to 2.5 million Est. Seismic Cost: US$ 3.5 million (80 km 2 of 3D) Royalties: % Income Tax Rate: 16% Area: +459,000 net acres, +765,000 gross acres Offsetting Field Reserves: Oil: mmbbls Gas: Bcf

25 Romania Madaras Winstar Twinning/Drilling Location 25

26 Romania Moftinu Winstar Twinning/Drilling Location 26

27 Hungary Torokkoppany 76,432 net acres Igal II (4% net profit interest) 492,605 net acres Torokkoppany: 100% WI & operated (No current production). Igal ll: Exploration permit sold, September

28 Appendix Tunisia Risk Assessment Maplecroft & Fraser Institute Corporate Reserve Details Net Asset Value Capital Program 2011 Fiscal Terms & Conditions 28

29 2011 Country Risk: Maplecroft U.K. Regulatory & Business Environment Risk: Assess the extent to which regulations affect the ease of doing business. Time & cost in carrying out key activities throughout main stages of an investment. Considers business environment within the context of foreign investment regulations, state owned enterprises & infrastructure, plus others. Risk Comparisons Relative position of Tunisia compared with 196 other countries, where 1 is the riskiest (North Korea) and 196 is the least riskiest (Singapore). 29

30 2011 Jurisdiction Risk: Fraser Institute - Calgary TUNISIA RANK: 62 out of 136 Countries (1: Best - Mississippi & 136: Worst - Venezuela) All Inclusive Composite Index: Unweighted scores of jurisdiction on 17 factors including but not limited to: fiscal terms, tax regime, trade barriers, infrastructure, labour pool, cost of compliance, data base, political stability, legal system, & security. Other Selective Oil & Gas Jurisdictions: 30

31 Corporate Reserves (CAD$) Reserves & NAV PV 10, After Tax Proved Proved + Probable At December 31, 2010 Reserves (mboe) NPV (1) ($MM) Reserves (mboe) NPV (1) ($MM) Sabria 1,118 $19.2 6,116 $78.6 Chouech Essaida (2) 2,123 $53.5 4,646 $117.2 Ech Chouech 120 $ $8.2 Sanrhar 145 $ $4.5 Zinnia 78 $(0.7) 396 $3.8 Total Tunisia 3,584 $ ,641 $212.3 Per fully diluted share $2.51 $6.22 (1) Net present value after tax discounted at 10%. (2) Not including CS SIL#1 At March 1, 2011 Chouech Essaida (Incremental CS Sil #1) Reserves (mboe) Proved NPV (1) ($MM) Reserves (mboe) Proved + Probable NPV (1) ($MM) $ ,173 +$44.5 Per fully diluted share +$0.67 +$

32 Net Asset Value (CAD$) March 1, 2011 Incremental NAV +$1.26 per share Million CAD$ CAD$ per share March-11 0 Year End NAV 10%, P+P (millions CAD$) After December 31 CAD$per fully diluted share after tax 32

33 Fiscal Terms & Conditions Tunisia Romania Chouech Essaida Ech Chouech Sabria Zinnia Sanrhar Satu Mare (2) Working Interest 100% (1) 100% 45% 100% 100% Pay 100% to earn up to 60% Outstanding Work Commitment Nil Nil Nil Nil Nil Phase 1 $6.6 million USD plus optional Phase 2 $6.0 million USD Expiry (Month/Year) 12/ / / / /2021 Phase 1: 05/2012 (2) Current R-Factor n/a n/a n/a n/a Royalty General 15% - Fixed 15% - Fixed Current Royalty Rate 15% 15% Tax Rate 35% 35% 2 to 15% based on R factor 7% - Oil 6% - Gas 50 to 75% based on R factor 2 to 15% based on R factor 2% - Oil 2% - Gas 50 to 75% based on R factor 12.5% - Fixed 3.5 to 13.5% 12.5% As above 55 to 80% based on R factor 16% Winstar Estimated Effective Tax Rate % 6% 15% 0% 0% 0% 1) ETAP, the Tunisian state oil company, has the right to back-in for a 50% working interest, after a total of 6.5 million bbl of crude oil/condensate sales, net of royalties (December 31, 2010 cumulative = 3.9 million). 2) Discoveries on exploration permits in Romania convert to production concessions. 33

34 Contact & Information Winstar website: Financial statements, news releases, management and board members profiles David Monachello President Charles de Mestral Chief Executive Officer Bradley Giblin Chief Financial Officer Phone: +1 (403) Fax: +1 (403) Phone: Fax: Phone: +1 (403) Fax: +1 (403) Tunisia 5 Production Concessions (143,741 net acres) Zinnia: 100% WI & operated 17,544 net acres Production currently shut in Sabria: 45% WI & operated 11,787 net acres Net production: 200 boepd (before farmout opportunity) Sanrhar: 100% WI & operated 36,819 net acres Production: 80 bopd ChouechEssaida: 100% WI & operated 42,502 net acres Production: 1,600 boepd + CS SIL#1 gas + CS Ech Chouech: 100% WI & operated 35,089 net acres Production: 140 boepd

35 Disclaimers Non-GAAP Measures: The Company uses the terms "funds from operations," "funds from operations per share" and funds from operations per boe" which are not recognized measures under Canadian generally accepted accounting principles. Management considers funds from operations per boe an important measure as it demonstrates the Company s profitability relative to current commodity prices. Management uses funds from operations to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and to repay debt. Funds from operations have been defined by the Company as cash flow from operating activities excluding the change in non-cash working capital related to operating activities, geological and geophysical expenses and expenditures on asset retirement obligations and reclamation. The Company also uses the after tax field operating netbacks which is not a recognized measure under IFRS. After tax field operating netbacks demonstrate the Company s profitability from field operations, before general and administrative costs. Field operating netbacks are calculated as revenues less expenses (royalties, operating, transportation and current tax expense) per sales boe. Winstar's determination of funds from operations, funds from operations per share, funds from operations per boe and after tax field operating netbacks may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. BOE: References herein to boe mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based upon an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Forward-Looking Statements: This presentation contains certain forward-looking statements. These statements relate to future events or future performance of the Company. When used in this presentation, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "predict", "seek", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to certain events, and are subject to a number of risks, uncertainties and assumptions. Many factors could cause Winstar's actual results, performance, or achievements to materially differ from those described in this press release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in other public disclosures made by the Company or this presentation as intended, planned, anticipated, believed, estimated, or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: factors upon which Winstar will decide whether or not to undertake a specific course of action; and estimated volumes and timing of future production; business plans for drilling, exploration and development; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. The risks to which the Company is subject include those of the oil and gas industry in general, including operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas fields and deposits; volatility in global market prices for oil and natural gas; general economic conditions; competition; liabilities and risks, including environmental liability and risks inherent in oil and gas operations; uncertainties as to the availability and cost of financing and changes in capital markets; alternatives to and changing demand for petroleum products; and changes in legislation and the regulatory environment. Furthermore, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be produced profitably in the future. The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary declaration. These statements speak only as of the date of this presentation. The Company does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. 35 Continuing Operations: Following the sale of the Canadian and Hungarian assets during 2009 and 2010 respectively, the historical financial data related to these segments have been reclassified as discontinued operations. Continuing Operations encompass only operations in the Tunisia, Romanian, and Corporate segments.

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