TORONTO, ONTARIO--(CCNMatthews - Feb. 9, 2007) - Westchester Resources Inc. ("Westchester") (TSX VENTURE:WSR) is pleased to announce that it has closed its previously announced sale of its oil and gas assets, all as more fully described in its news releases dated December 8 and December 14, 2006. Pursuant to this transaction, Westchester has sold to Aspen Group Resources Corporation ("Aspen"), 100 percent of its 50 percent interest in the properties that are subject to the joint venture between Aspen and Westchester, including all leases held by the joint venture in Manitoba, Saskatchewan, and North Dakota, all assets owned by the joint venture, and all other interests held by Westchester in the joint venture. Shareholder approval of the disposition of Westchester's oil and gas assets was received at the special meeting of shareholders of Westchester held on February 9, 2007.
Westchester is also pleased to announce that at the special meeting of shareholders held on February 9, 2007, shareholder approval was also received to change the name of Westchester to "WSR Gold Inc.". The name change remains subject to final approval of the TSX Venture Exchange, and the filing of articles of amendment.
About Westchester Resources
Westchester is a Canadian junior resource company. Westchester's shares trade on the TSX Venture Exchange under the symbol "WSR".
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Westchester, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Westchester Resources Inc.
President and Chief Executive Officer