TMX group

TSX Venture Exchange: "WE.A & WE.B"

32,017,131 Class A Shares
935,616 Class B Shares

CALGARY, April 25 /CNW/ - WaveForm Energy Ltd. ("WaveForm" or the
"Company") is pleased to advise that it has closed its previously announced
transaction to purchase producing gas properties in the Ferrier and Rowley
areas of Alberta. These properties reflect WaveForm's strategy to diversify
its asset base and add low-risk step-out and infill drilling opportunities for
the Company. The properties were purchased effective April 1, 2006 through the
acquisition of a privately owned arms-length partnership for $18.5 million in
cash.
The following table sets out selected reserve and financial information
with respect to the partnership purchased by WaveForm. The reserve information
is based on an independent reserve report prepared by Ryder Scott Company
dated March 1, 2006. The Ryder Scott reserve report is available for public
viewing on SEDAR (www.sedar.com). Proven reserves account for approximately
92.5% of the total reserves reflected below:

<<
                                 Total Proved   Probable    Total Proved
                                                            plus Probable
-------------------------------------------------------------------------
Natural gas (mcf)                  4,579,000       361,000     4,941,000
NGL - barrels                        191,172        16,747       207,919

Future gross revenue ($,000's)     $  54,462     $   4,661     $  59,122
Future net income ($,000's)(x)     $  32,187     $   2,771     $  34,957

Discounted PV10% ($,000's)(x)      $  19,002     $     824     $  19,826

(x)  Before income tax
(xx) The acquisition of the partnership included no working capital
     amounts, or other assets or liabilities


WaveForm is also pleased to announce that the Company entered into a
secured credit facility with Brookfield Bridge Lending Fund Inc. The credit
facility consists of an $18.1 million term facility. Interest is payable
monthly at a rate of prime plus 3% per annum. The facility is secured by a
debenture and has a maturity date of October 17, 2006, subject to a further
extension option to December 31, 2006. The proceeds of the financing were used
primarily for the acquisition of the oil and gas properties.
The Company also advises that Donald Rae, President and Chief Executive
Officer resigned effective April 24, 2006. In the interim, the Board of
Directors will take an active role in the day to day operations while a
suitable candidate is found to replace him. The Board thanks Don Rae for his
efforts in founding and guiding the Company to date.

About WaveForm Energy
WaveForm is a junior oil and gas company focused on the acquisition,
exploration and development of oil and natural gas in western Canada.

ADVISORY: Statements in this press release may contain forward-looking
statements including expectations with respect to future events and the
actions of third parties. These statements are based on current expectations
that involve a number of risks and uncertainties, which could cause actual
results to differ materially from those anticipated. These risks include, but
are not limited to: the underlying risks of the oil and gas industry (i.e.
operational risks in development, exploration and production; potential delays
or changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserves estimates; the uncertainty
of estimates and projections relating to production, costs and expenses,
adequate available financing and health, safety and environmental factors),
commodity price and exchange rate fluctuation and uncertainties.
In this news release the term barrel of oil equivalent ("boe") may be
misleading, particularly if used in isolation. A boe conversion ratio of one
boe for 6,000 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. All boe conversions in this
news release are derived by converting gas to oil in the ratio of six thousand
cubic feet of gas to one barrel of oil.

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.

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%SEDAR: 00021382E