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CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Waldron Energy Corporation (TSX:WDN) ("Waldron" or the "Corporation") is pleased to announce its 2011 capital budget and guidance.

2011 BUDGET

Waldron's Board of Directors has approved a 2011 capital budget of $27.0 million. Building on our success in 2010, the 2011 budget is designed to further delineate the Corporation's liquids rich Ellerslie and Glauconite natural gas plays in its core area of West Central Alberta. These plays remain Waldron's focus as they are expected to provide the Corporation with significant production and reserves growth. Additionally, these wells have high economic returns, even at current natural gas prices, due to their large reserves per well with significant liquids content.

Waldron plans to drill nine wells in 2011. At Ricinus/Strachan, Waldron will drill six vertical Ellerslie wells. In Ferrybank, Waldron will drill one horizontal Glauconite well, one Belly River oil well and one horizontal Falher well. The budget is intended to strike a balance between the continued delineation of our liquids rich unconventional natural gas plays and the development of new and existing projects. Waldron believes the 2011 capital budget will allow it to effectively continue to build on its established inventory of repeatable drilling prospects and provide Waldron with a strong foundation for continued growth in the near term and over the next several years. Additionally, Waldron is currently delineating its Glauconite horizontal play at Strachan and would drill this development play in 2011 with an expanded budget.

GUIDANCE

The Corporation is pleased to provide the following guidance for 2011:

• 2011 Budgeted Average Production 3,200 – 3,400 boepd
• Budgeted December 2011 Average Production 3,800 – 4,000 boepd
• 2011 Budgeted Capital Program $27 million
• 2011 Budgeted Cash Flow $20 - $21 million
• 2011 Commodity Assumptions ($cdn) $85.00/bbl Oil
• $4.00/Gj AECO

Waldron's 2011 capital budget will be funded through a combination of cash flow, credit facilities and non-core asset dispositions.

UPDATE

Currently, the Corporation is in the process of completing the 14-20-37-8W5 vertical well and then moving to complete the 7-29-37-8W5 and 3-14-36-9W5 vertical wells, all of which are expected to be on production by the end of the first quarter. Additionally, in the last week of January 2011 Waldron spud the 12-11-36-9W5 Ellerslie vertical well at Ricinus and expects the well to be a 25-day drill.

Investor Information

Waldron is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation's common shares are currently listed on the Toronto Stock Exchange under the trading symbol "WDN." Additional information regarding Waldron is available under the Corporation's profile at [ www.sedar.com ] or at the Corporation's website, [ www.waldronenergy.ca ].

Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.

Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to plays and concepts; production and reserves growth; number of wells; 2011 guidance; timing of operations; and on production dates. In addition, statements regarding reserves are deemed to be forward-looking statements, as they involve estimates and assumptions as to the expectation that the reserves can be economically exploited in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties, and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Waldron believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Waldron does not undertake any obligation to publicly update or revise any forward-looking statements.

Note Regarding BOEs

The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.