Winchester Announces Management Changes

Winchester Energy Limited is an Australia-based oil and gas explorer and producer. The Company holds approximately 17,622 acres under lease in Nolan and Coke Counties in the East Permian Basin in Texas, United States. The East Permian Basin contains a number of stacked oil and gas reservoirs. The Project has significant oil resource potential across a host of historically productive formations such as the Fry/Strawn Sands as well as the thick Penn Carbonate, Wolfcamp D organic shales, Crystal Falls (Canyon) and Cisco formations. These are at depths ranging between 4,000 -7,500 feet and can be targeted with modest drilling and completion costs, with production supported by existing infrastructure. The Company is producing the majority of its oil from the Fry Member of the Strawn interval within the Mustang Oil Field. It develops the Fry Sand in the Mustang Oil Field with highly commercial, low-cost and low-risk wells designed to significantly increase oil production.