Winfield Resources Awaits Libya's Decision on Refinery Proposal

Winfield Resources Limited said that it has made a proposal for its own account to build, own and operate a new 300,000 bbl/day oil refinery at the Port of Ras Lanuf, in the Great Jamahiriya of Libya.

By letter dated Sept. 20, 2007 the company was invited to put forward a detailed proposal to the Libyan National Oil Co. (NOC) for the installation of a new stand-alone oil refinery at Ras Lanuf.

Based on such invitation, Winfield engaged KBC Process Technology Ltd. of Surrey, UK, under a services agreement (dated Nov. 12, 2007), to provide consulting services and technical support to include: Refinery Configuration Review; Refinery Product Yields and Qualities; Marketing Plans; Technology Selection and Licensor Selection; Energy Efficiency Review; Project Design Basis Document review and Project Schedule strategy review. To date, Winfield has paid KBC $120,000 under the Service Agreement.

Winfield and KBC representatives met with NOC representatives on Nov. 28, 2007, and presented a technical presentation on the proposed refinery configuration, product yields and technology. Winfield now awaits a formal response from the NOC as to whether it will grant the company conditional approval to its Ras Lanuf EPMC Refinery proposal. If conditional approval is granted by the NOC, the company will move forward to investigate sources of crude oil feedstock and financing.

Winfield confirmed that it has not entered into, settled or negotiated any agreements (oral or written), or any agreement in principle, and that a Change of Business has not yet been triggered (as such term is defined in section 1.1 of TSX-V Policy 5.2). It also be noted that with respect to the proposed refinery at Ras Lanuf, Winfield has no firm commitment from the NOC, and the company is only at the stage where it is investigating the opportunity. There is no assurance that Winfield will receive conditional or final approval from the NOC to construct and operate a refinery at Ras Lanuf on terms acceptable to the company, or at all. There is also no assurance the company will be able to source crude oil feedstock or financing for such refinery project.