June 15, 2011WILD STREAM EXPLORATION INC. ANNOUNCES FIRST QUARTER 2011 OPERATING AND FINANCIAL RESULTS, CLOSING OF CRUDE OIL SOUTHWEST SASKATCHEWAN PROPERTY ACQUISITION, AND EXPANDED CREDIT FACILITIES.

CALGARY, ALBERTA – Wild Stream Exploration Inc. (the “Company” or “Wild Stream”) (TSXV:WSX) is pleased to announce it has filed on SEDAR its interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2011. The three month period ended March 31, 2011 is the first interim period for which the Company has prepared its financial statements under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Prior year comparative amounts have been restated to reflect results as if Wild Stream had always prepared its financial results using IFRS. Selected financial and operational information is outlined below and should be read in conjunction with the interim financial statements and the related MD&A. These filings will be available at www.wildsr.com and www.sedar.com.

2011 Financial and Operating Highlights

Three months ended March 31, Percent

Financial (thousands of dollars except share data)

2011 2010

Change

Petroleum and natural gas revenue 20,889 6,980 199

Funds from operations (1) 12,133 3,386 258

Per share - basic 0.26 0.10 160

- diluted 0.23 0.10 130

Net earnings (loss) 664 85 681

Per share - basic 0.01 0.00 100

- diluted 0.01 0.00 100

Capital expenditures, net 41,627 32,079 30

Corporate acquisitions - 9,228 (100) Working capital deficiency (surplus) (4) (22,502) (4,147) 443

Shareholders’ equity 303,727 145,264 109

Weighted average shares (thousands)

Basic 47,191 33,291 42

Diluted 52,525 38,673 36

Shares Outstanding, end of period (thousands)

Basic 54,550 36,910 48

Diluted 63,951 45,402 41

Operating (6:1 boe conversion)

Average daily production

2

Netbacks

Operating

Petroleum and natural gas revenue(4) 65.27 68.23 (4) Royalties (8.32) (9.19) (9)

Operating expenses (12.66) (15.46) (18) Transportation expenses (2.64) (1.64) 61

Operating netback ($/boe) 41.65 41.94 (1) Corporate netback(3) ($/boe) 38.55 32.93 17

Wells drilled

Gross

16

11

45

Net

14.7

9.4

56

Success

100%

100%

-

(1) Management uses funds generated by operations to analyze operating performance and leverage. Funds generated by operations as presented do not have any standardized meaning prescribed by IFRS and therefore it may not be comparable with the calculation of similar measures for other entities. The reconciliation between funds flow from operations and cash flow from operating activities can be found in the MD & A.

(2) Boe conversion ratio for natural gas of 1 Boe: 6 Mcf has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead.

(3) Corporate netbacks are calculated as the operating netback less general and administrative expenses, financial charges asset retirement obligations and transaction costs.

(4) Excludes unrealized risk management contracts and related future income taxes.

Southwest Saskatchewan Property Acquisition

Wild Stream is also pleased to announce that it has closed its previously announced acquisition of focused, high working interest, operated producing oil and gas assets (the “Property Acquisition”) in southwest Saskatchewan from a senior energy producer. The Property Acquisition adds material reserves, production and undeveloped land in our core Shaunavon and Dodsland resource oil plays.

As a result of the closing of the Property Acquisition, each of the 7,700,000 subscription receipts that were issued by the Company pursuant to its short form prospectus offering on May 17, 2011 were automatically exercised into one common share of Wild Stream and the proceeds of the offering were released to the Company.

First quarter ended March 31, 2011

Increased production by 206 percent to 3,496 boe/d in 2011 from 1,142 in 2010; Increased production by 27 percent over fourth quarter 2010 production of 2,756 boepd.

Drilled 16 gross (14.7 net) oil wells with a 100% success rate including 12.4 net wells in

Shaunavon, 2.0 net wells in Dodsland and 0.4 net wells in Garrington.

Acquired Vertex Oil & Gas Ltd., adding 300 boe/d and 42 net drilling locations in Dodsland.

Acquired 13.5 net sections of land in the Swan Hills oil fairway, with the first well anticipated in the second half of 2011.

Raised $83.5 million through the issuance of 7.7 million shares at a price of $10.85 per share.

Exited the quarter with an estimated positive working capital position of $22.5 million in addition to an undrawn credit facility of $70 million.

Operations Review

The first quarter of 2011 represents the fifth consecutive quarter that the Wild Stream team has achieved double digit production growth with a 27% increase in our quarterly production numbers to

3,496 boepd. Capital expenditures in first quarter of 42 million were focused on drilling and completions, expansion of our Upper Shaunavon waterflood and expansion of our undeveloped land

holdings.

Wild Stream had forecast that spring break-up in south west Saskatchewan would be significantly longer than normal and as such our budget anticipated that field activities would not start until early June. Our forecasts were accurate with our first drilling rig in Dodsland commencing activity on May

30. Wild Stream has two additional rigs in the Shaunavon area that are anticipated to start drilling within the next week.

Despite the prolonged breakup period which saw corporate production levels reduced by 1,500-2,500 boepd throughout much of April, production levels were restored in May and we remain on track to achieve our average 2011 production guidance of 5,000-5,200 boepd with a 6,800 boepd exit rate. Inclusive of 15 days of production from our southwest Saskatchewan property acquisition second quarter production levels are anticipated to be moderately higher than our first quarter results.

Shaunavon Area

During the quarter, Wild Stream drilled 7 gross (6.9 net) Lower Shaunavon horizontal oil wells and 6 gross (5.6 net) Upper Shaunavon horizontal oil wells achieving a 100 percent success rate.

Delineation of the prospectivity of the Lower Shaunavon within our existing land base continues to be a priority for Wild Stream. Our current budget anticipates the drilling of 13 gross (12.8 net) Lower Shaunavon horizontal oil wells in H2 2011. 5 of these wells will evaluate the prospectivity of the Lower Shaunavon on the acreage obtained from the Property Acquisition. The balance of wells will continue to develop the Lower Shaunavon on our existing acreage. The Lower Shaunavon pilot waterflood will commence injection in Q3 once approvals are received from the Saskatchewan government.

Expanding upon our success in the Upper Shaunavon formation continues to be a priority. We anticpate drilling 15 gross (14 net) Upper Shaunavon locations between now and the end of the year. As with the Lower Shaunavon program, Wild Stream is excited about drilling Upper Shaunavon locations on the Property Acquisition lands. We expect to drill at least 5 Upper Shaunavon horizontal oil wells on these lands in the second of half of 2011.

Expansion of our Upper Shaunavon waterflood has been ongoing. Our second battery and injection facility was commissioned in February 2011. The first quarter also saw us convert an additional 4 vertical wells to injection increasing the number of injectors to 10. With the addition of two water source wells late in the second quarter as well as of 8-10 additional injectors during the second half of 2011, we expect to have greater than 70% of the pool receiving pressure maintenance by year end.

Dodsland Area

During the quarter Wild Stream drilled 2 gross (2 net) exploration step out wells in the Dodsland area. The favorable results from this exploration program enabled us to participate successfully in the April

2011 crown land sale resulting in the acquisition of 31 net sections in around our successful exploration wells.

Active drilling in the Dodsland area commenced on May 30, 2011 and it is expected that Wild Stream will drill 22 gross (22 net) wells by the end of September.

Implementation of our pilot waterflood is expected in Q3, 2011. Wild Stream expects to drill 6 horizontal producers and convert 8 vertical wells to injectors to begin to assess the applicability of water-flooding at Dodsland.

Swan Hills

Wild Stream began to develop its initial land position in the prolific Beaverhill Lake formation in the Swan Hills area. Wild Stream participated in two lands sales during the first quarter and established its initial 13.5 section of highly prospective land in the area. Subsequent to the end of the first quarter we have added an additional 1.5 net sections of land and are actively surveying four potential drilling locations. We expect to drill our first Beaverhill Lake horizontal oil well in the third quarter of 2011.

Subsequent to March 31, 2011

Closed a $175 million property acquisition of focused high working interest, operated producing oil and gas assets in Shaunavon and Dodsland. These assets have added in excess of 160 net drilling locations and 1,800 boepd of low decline production.

Expanded our land base at Shaunavon to greater than 240 net sections and at Dodsland to greater than 110 net sections

Raised $88.9 million through the issuance of 7.7 million shares at a price of $11.55 per share.

Also, raised $4.4 million through the exercise of 2,462,139 warrants.

Wild Stream increased its current credit facility to $100 million from $70 million. Upon closing of the above mentioned property acquisition, the Company entered into a syndicated credit facility of $160 million comprised of a $10 million operating facility and a $150 million revolving facility.

Outlook

Wild Stream continues to successfully execute on its business plan of providing per share value growth through its combined exploitation and exploration strategies.

Despite the prolonged breakup our year to date results have met our expectations and we are on track to achieve our 2011 average production guidance of 5,000-5,200 boepd with an exit rate of in excess of

6,800 boepd.

Wild Streams’ $135 million 2011 capital program which will see in excess of 65 net wells drilled is providing results that continue to meet or exceed our expectations. While the drilling program continues to provide the catalyst for near term production growth your team is also actively implementing pressure maintenance and waterfloods in all our key areas that are expected to provide long term reserve and value growth.

The successful closing of the Property Acquisition has added materially to our enviable drilling inventory. Currently Wild Stream estimates that we have a risked drilling inventory of in excess of 750 net wells representing in excess of $1.2 billion of potential capital expenditures. The depth of this drilling inventory should continue to allow your company to see meaningful per share growth for the foreseeable future. We remain committed to increasing shareholder value through a combination of exploration, strategic acquisitions and subsequent exploitation while maintaining a conservative approach to balance sheet management.

Additional corporate information can be found in our June corporate presentation on our website at www.wildsr.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

WILD STREAM EXPLORATION INC. WILD STREAM EXPLORATION INC. Mr. Neil Roszell Mr. Jerry Sapieha, CA

President and Chief Executive Officer Vice President, Finance and Chief Financial Officer

Tel: 403-767-1250; Fax: 403-232-8083 Tel: 403-767-1265; Fax: 403-232-8083

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning Wild Stream’s drilling plans, future growth plans, reserves and values attributable thereto, per share growth, Wild Stream’s growth strategy, the nature of the assets acquired pursuant to the Property Acquisition and the benefits of the Property Acquisition. In addition, the use of any of the words “guidance”, “initial, “scheduled”, “will”, “prior to”, “estimate”, “anticipate”, ”believe”, “potential”, “should”, “unaudited”, “forecast”, “future”, “continue”, “may”, “expect”, “project”, and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, Wild Stream’s growth strategy, general economic conditions, availability of required equipment and services and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in the Company's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com or Wild Stream’s website www.wildsr.com.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Meaning of Boe: When used in this press release, Boe means a barrel of oil equivalent on the basis of 1 Boe to 6 thousand cubic feet of natural gas. Boe per day means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A Boe conversion ratio of 1 Boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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