CORPORATE PROFILEmAy 2008

TSX: WIX

TUNISIA

HUNGARY

HUNGARY

INKEFIELDEst. 97 Bcf

TOROKKOPPANY5.66 BCF REC.RESIP6.8 MMcf/dBADENIAN LST

Torokkoppanymining plotarea net77,000 acres

MEZOCSOKONYA FIELDEST. 154 Bcf + mmbo

IGALIIarea net491,520 acres

MARCALI

PANNONIAN FAIRWAY

= LEADS= SEDIMENT FLOW

ROMANIA

ROMANIA

SATU MARE

SATU MARE

Santau 1 – tested 1,341mcfd and 42.4 bopd fromBasement to Pannonian

Madaras 219 – tested320-816 mcfd fromSarmatian and 210bopd from Badenian

Moftinu 950 – tested 178-639 mcfd from Pliocene

ORDOVICIAN: SABRIA (TUNISIA)SABRIA OIL FIELD (10 miles by 4 miles)OOIP: (P50) 346,000,000 bo

(P90) 230,000,000 boCumulative production = 2.9 mmboe or approximately 1% of resource (1999-2007)

UPSIDE:1.

2.

Target 10 to 15% recoveryfactor or more, require 10to 30 additional development locations

Possible OWC FAUL

T

FAUL

TFAUL

T

4 Producing Wells 2 Suspended Wells

0 1 2 3 4 5 km

Estimated Reservoir E rosional Edge

?SB NW 1

SB W 1

SB N 3

SB N 2

SB N 1

Sabria 11

Potential 500 net boepd per well

45% working interest

Winstar Resources is focused on finding and producing crude oil and natural gas in Tunisia. Winstar also has large undeveloped land holdings with high-impact gas potential in Hungary, large undeveloped land offsetting significant oil and gas fields in Romania and low decline crude oil and natural gas producing assets in Alberta.

Winstar Concessions

Chouech Essaida

Ech Chouech

Sanrhar

Zinnia

Sabria

TRIASSIC/DEVONIAN/SILURIAN: CHOUECH ESSAIDA & ECH CHOUECH (TUNISIA)

’

1

’

’ ’

!

!

6" MULTIPHASE

4" MULTIPHASE

CS-8

CS-9

EC-4

EC-3

EC-2

EC-1

CS-7

CS-6

CS-5

CS-4

CS-3

CS-2

CS-1

ECS-1

EL BORMARECEIVING FACILITY

80KMCS-5 (Flowing)Recompleted Dec '07IP: 1000 bopdCurrent Prod: 65 bopdCum Prod: 125 mbbls

CS-8Current Prod: 260 bopdCum Prod: 10 mbbls

CS-9New Location(Contingent)Spud Date Q2 2008

CS-7 (High Vol. Pump)Current Prod: 125 bopdCum Prod: 95 mbbls

CS-1 (Flowing)Upper Zone: 320 bopdCum Prod: 125 mbblsMiddle Zone: 3 mmbbls to date 200 bopd potentialLower Zone: Tested 400 boepd

CS-3 (High Vol. Pump)Current Prod: 180 bopdCum Prod: 73 mbbls

Devonian Ouan KasaOil and Gas Shows

EC-1 (Shut In)Produced 164,000 boTo Be Reactivated

Triassic TAGI Sandstone Oil Field

Devonian Ouan Kasa Sandstone Oil Field

Tunisia - Algeria BorderSilurian Potential: Ech Chouech & Chouech Saida

2D Seismic LeadsBased on residual map of Ordovician Horizon

*leads will change once 3D is completed4H-12

*Sliurian structures are identified from Ordovician map –Ordovician horizon can be mapped with much higher confidence Silurian 2D seismic leads

• Triassic/Devonian: Five to eight development locations with potential of 250 to 1,000 boepd per well • Silurian: One to four high-impact exploration locations with potential of 1,000 to 3,000 boepd per well

0

0

250 miles

250 km

0

0 250 km

250 miles

0

0 80 km

80 miles

0

0 10 km

0 10 km

0

0 10 km

0 5 km

100% working interest

25,695 gross acres

SABRIA OIL FIELD (10 miles by 4 miles)OOIP: (P50) 346,000,000 bo

(P90) 230,000,000 boCumulative production = 2.9 mmboe or approximately 1% of resource (1999-2007)

UPSIDE:1. 10 to 30 development locations

(2008 to 2015)2. Pool extension to the east3. Target 10 to 15% recovery

factor or more

Possible OWC FAUL

T

FAUL

TFAUL

T

4 Producing Wells 2 Suspended Wells

0 1 2 3 4 5 km

Estimated Reservoir E rosional Edge

?SB NW 1

SB W 1

SB N 3

SB N 2

SB N 1

Sabria 11

Max. 60% after earned working interest100% working interest

568,520 net acres

728,710 gross acres

85,984 net acres

EXECUTIVE MANAGEMENT

BOARD OF DIRECTORS

INVESTOR RELATIONS

THIRD PARTY ADVISORS

Engineers: McDaniel & Associates Consultants Ltd., RPS - APA Petroleum Engineers Bankers: HSBC Bank Canada, ABN AMRO Auditors: PricewaterhouseCoopers LLP Lawyers: Stikeman Elliott LLP

DavidMonachello T : 1-403-513-4200 dmonachello@winstar.ca

CharlesdeMestral T : Toll-free (Canada and USA) 1-800-875-1217 cdemestral@winstar-resources.ch

(Note: Mr. de Mestral is based in Europe, in a time zone eight hours ahead of Calgary time)

phone +1-403-205-3722fax +1-403-205-2722e-mail info@winstar.cawebsite www.winstar.ca

845, 401 – 9th Ave. SW Calgary, Alberta, Canada T2P 3C5

International Offices: Rotterdam, Netherlands; Geneva, Switzerland; Szolnok, Hungary; Tunis, Tunisia

CHAIRMANBruceLibinExecutive Chairman and CEO, Destiny Resource Services Corp., Calgary

INDEPENDENTDIRECTORSDouglasBaker Former Vice President and Chief Financial Officer, Valiant Energy Inc., Calgary

BernarddeCombret Oil and Gas Consultant Former Deputy Chairman, Executive Committee of Total, Paris

RussDuncan Vice President, Sky Hunter Exploration Ltd., Calgary

BryanLawrence Founder & General Partner, Yorktown Partners LLC, New York

RobertMitchell Former Executive Vice President, Talisman Energy Inc., Calgary

EXECUTIVEDIRECTORSCharlesdeMestralDavidMonachelloRogerMcMechan

CORPORATESECRETARYJamesO’Connor General Counsel and Corporate Secretary

CharlesdeMestralChief Executive Officer, Director

DavidMonachelloPresident, Interim Chief Financial Officer, Director

RogerMcMechanExecutive Vice President Operations and Engineering, Director

BradGiblinVice President, Finance

MohamedYaichGeneral Manager, Tunisia

GaborTihanyiGeneral Manager, Hungary & Romania

(1) AsevaluatedbyMcDaniel(Canada)andRPS

Energy(TunisiaandHungary).Discountedat

10%,beforetax,usingMcDanielforecastprices.

(2) AsindependentlyevaluatedbySeaton-Jordan

&AssociatesLtd.(“Seaton-Jordan”).Value

includesonlyCanadianundevelopedacreage.

Novaluewasattributedtonon-producingacre-

ageinTunisia,HungaryandRomania.

(3) Fullydilutedshares:36,262,666,representing

alloutstandingsharesandoptionsasatperiod

endDecember31,2007(2006:30,831,273.)

Net Asset Value $ million (except per share values) as at December 31,

2007 2006

Proved developed reserves $70.9 $47.1

Proven undeveloped reserves $41.5 $40.2

Probable reserves $170.0 $102.8

Total proved + probable reserves (1) $282.4 $190.1

Land (2) $9.2 $12.8

Working capital $25.4 $7.4

Long-term debt - -

Proceeds from options $7.6 $6.6

NET ASSET VALUE $324.6 $216.8

NETASSETVALUEPERDILUTEDSHARE(3) $8.95 $7.03

Winstar Resources Ltd. trades on The Toronto Stock Exchange under the symbol WIX.

Highlights Q1Quarterly

Average

(CDN $ thousands) 2008 2007 % Chg.

Production,SalesandPricesProduction (boep/d) 1,893 1,948 (3)

Sales

Natural gas sales (Mcf/d) 3,491 4,275 (18)

Oil and NGL sales (boepd) 1,058 1,300 (19)

Sales (boepd) 1,640 2,013 (19)

Average natural gas price ($/Mcf) 8.40 8.06 4

Average oil and NGL price ($/bbl) 97.54 74.98 30

Financial($)Oil and gas revenue 12,064 11,569 4

Funds from operations 7,292 6,959 5

Per share - basic 0.21 0.23 (7)

- diluted 0.21 0.22 (7)

Net income 1,368 1,490 (8)

Per share - basic 0.04 0.05 (18)

- diluted 0.04 0.05 (18)

Working capital at period end 22,223 25,391 (12)Long term debt at period end - - -

Shareholders’ equity at period end 95,430 91,803 4

CommonShares(thousands)Weighted average during the period

- basic34,022 30.294 12

- diluted 34,749 30.954 12

Outstanding at period end 34,064 33,984 0

DAILY ANNUAL AVERAGE SALES (BOEPD) ANNUAL FUNDS FROM OPERATIONS ($ MILLION)

FD&A 2005 - 2007

(1) No outstanding warrants or convertible debentures (2) Market value plus zero long-term debt minus $25.4 million (Dec. 31/07) working capital surplus

*Capex($000Cdn) Reserves FD&A

P 2P P 2P P 2P

Consolidated 2005 $37,864 $35,184 2,786 2,951 $13.59 $11.92

2006 $24,328 $19,106 1,014 901 $23.99 $21.21

2007 $42,419 $61,319 965 2,827 $43.97 $21.69

3yr.average $104,611 $115,609 4,765 6,679 $21.96 $17.31

* Includes change in future capital

Basic Diluted (1)

Shares 34 million 36.3 million

Management 4% 9%

Yorktown Group (N.Y.) 47% 44%

Widely distributed 49% 47%

Market value @ $5.50/share $187 million $199 million

Enterprise value (2) 161 million $173 million

June 2007 June 2008

STOCK CHART

0

500

1,000

1,500

2,000

2,500

2005 2006 2007

boepd

814

1,555

2,013