Annuncio • May 19
Westgate Energy Inc., Annual General Meeting, Jul 21, 2026 Westgate Energy Inc., Annual General Meeting, Jul 21, 2026. Annuncio • Jan 22
Westgate Energy Inc. Provides Operational Update Westgate Energy Inc. provided an operational update following the initial startup of its three recently drilled Mannville Stack oil wells in the Beaverdam area of Alberta. The Company successfully brought its latest three horizontal wells at the Beaverdam asset on production in mid to late December 2025. Current combined production from the three new wells is approximately 330 bbl/d over a 7-day period. The wells were initially brought on stream at conservative pump rates to allow for a gradual clean up phase. This operating approach is intended to reduce downhole equipment wear associated with sand production. As the clean up phase progresses, the Company expects production rates to continue to improve as pumping rates are gradually increased from their current rates. Ongoing well optimization, together with the completion of the new holding tank facility, described below, is anticipated to further increase production over the coming weeks. In addition to the producing horizontal wells, the Company also drilled two vertical stratigraphic test wells in the fall program. These two vertical wells were designed to provide information about various prospective Mannville Stack horizons within the Company's existing land holdings at Beaverdam. This facility is designed to improve operating efficiency by increasing oil recoveries from produced sand and emulsion volumes while also reducing third party handling and disposal costs. Upon completion, the new facility is expected to provide incremental production of greater than 30 bbl/d from the existing six wells, increasing operating netbacks by greater than $5/bbl. The capacity of the new facility is designed to service up to 25 wells which are expected to also benefit from the higher netbacks in the future. Operating netbacks is a non-GAAP ratio. refer to the Advisories and Other Guidance section within this press release for additional information. The overall results delivered by second three-well program at Beaverdam. The company expects the modified initial pumping rates to be beneficial for run times of the new wells. This operational refinement is expected to help guide future drilling and completion strategies at Beaverdam in 2026 and beyond. Westgate looks forward to building on its operational performance while continuing to pursue cost efficiencies as advance into 2026. The Company is currently in the well planning phase for its next drilling program and intends to drill an additional nine horizontal wells at Beaverdam during the remainder of 2026, based on an anticipated WTI oil price of USD 60 to USD 65/bbl. This program is expected to increase the total producing well count at Beaverdam to 15 by year-end 2026. Subject to weather conditions and spring break timing, the next drilling program is expected to commence in late May or early June 2026. Annuncio • Nov 19
Westgate Energy Inc. Provides an Operational Update Following the Completion of Its Latest Drilling Program in the Beaverdam Area of Alberta Westgate Energy Inc. provided an operational update following the completion of its latest drilling program in the Beaverdam area of Alberta. The Company has successfully completed its previously announced fall drilling program at its Beaverdam asset. The program included two vertical stratigraphic test wells and three horizontal wells targeting two Mannville Stack horizons. Due to a simplified well design, the Company was able to drill the three horizontal wells in an average of 6.7 days per well, leading to an average cost of $1.06MM per well. This represents an average reduction of 4 days per well and a 25% cost decrease on the drilling portion compared to the Company's previous three well program. All three horizontal wells encountered their respective target zones, and oil shows were observed in all three wells. Current operations include downhole completion and facility construction, with an expected on-stream date of mid-December for all three wells. Annuncio • Oct 02
Westgate Energy Inc. Announces Production Updates and Drilling Programs Westgate Energy Inc. provided an update on drilling plans for the fourth quarter of 2025 in the Beaverdam area of Alberta. Westgate announced that, based on the success of its recent three well summer drilling program at its Beaverdam asset near Cold Lake, Alberta, the Company is planning to commence a five well follow-up drilling program on the Beaverdam asset. Three of the wells are planned to be drilled as vertical stratigraphic test wells off temporary surface locations. The stratigraphic test wells are expected to aid in delineating additional Mannville Stack horizons that showed potential for development and to support future horizontal drilling in 2026 and beyond. Drilling is scheduled to commence on or about October 15, 2025 and is expected to continue for 30 days, with all three horizontal wells anticipated to be on production on or about December 20, 2025. Peak production is expected to be reached within two months of the wells coming on production. The Company anticipates updating shareholders before the end of January 2026 on the production results of the fourth quarter of 2025 drilling program. Westgate announced that the three wells from the summer program at Beaverdam (the "New Wells") continue to produce above management's expectations. The average aggregate total production of the New Wells over the last seven days has been greater than 500 bbl/d. The Company is forecasting corporate production of greater than 1,000 boe/d once the Fourth Quarter 2025 drilling program wells have cleaned up in mid-late January 2026. Market Making Services: The Company also announces that it has engaged the services of Insight Capital Partners Inc. ("Insight") and its market making service provider, ICP Securities Inc. ("ICP") effective October 1, 2025 (the "Engagements"), subject to receipt of final acceptance by the TSX Venture Exchange. Pursuant to a consulting agreement entered into between the Company and Insight (the "Consulting Agreement"), Insight will provide capital markets consulting services, including providing the Company with market information on trade activity and advising on market related initiatives (the "Consulting Services"), for a term of 24 months, provided that, subject to a minimum four month term, either party may terminate the Consulting Agreement by providing 30 days' prior written notice to the other party. In addition, pursuant to a market making agreement entered into between the company and ICP (the "Market Making Services"), the Company has engaged ICP to provide market making services (the "Market Making Services") for the Company's common shares (the "Shares"), subject to and in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. The Market Making Agreement is for an initial four month term (the "Initial Term") and shall be automatically renewed for subsequent one month terms (each month an " Additional Term") unless either party provides at least 30 days' written notice prior to the end of the Initial Term or an Additional Term, as applicable. In consideration for the Consulting Services, Insight will receive a monthly fee of $3,500, plus applicable taxes. Insight will receive a monthly feeof $7,500, plus applicable tax. Insight and ICP do not have any interest, directly or indirectly, in its securities or any right or intent to acquire such an interest at this time; however, Insight and ICP and its clients may acquire an interest in the securities of the Company in the future. There are no performance factors contained in the Consulting Agreement or Market Making Agreement and no stock options or other compensation are being granted in connection with the Engagements. Insight and ICP are each arm's length parties to the Company. The Market Making Services will be primarily to correct temporary imbalances in the supply and demand of the Shares. ICP will be responsible for the Company's share repurchases. Annuncio • Aug 28
Westgate Energy Announces Update on Three Well Drilling Program Westgate Energy Inc. announced the filing of its unaudited financial and operating results for the three and six months ended June 30, 2025. Selected financial and operating information should be read in conjunction with Westgate's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2025 and 2024. Second quarter of 2025 ("Q2/25") Highlights: Increased average production volume to 253 boe/d (51% crude oil) in second quarter of 2025 as compared to 193 boe/d (45% crude oil) in second quarter of 2024 representing a 31% increase. Closed a best-efforts public offering of 16,541,267 units of the Company, each unit being comprised of one common share of the Company (each a "Share") and one Share purchase warrant, for aggregate gross proceeds of approximately $2.5 million. Closed a first lien senior secured loan for up to USD 25 million (the "Senior Secured Loan") and made an initial draw of USD 10 million. Completed a three well horizontal drilling program on the Company's Beaverdam asset in the Cold Lake area. The program was completed on time and under budget. The Shares began trading on the OTCQB Market under the symbol "WGTFF" as of June 25, 2025.Operational Update: On August 15, 2025, the Company brought on all three wells (the "New Wells") from its previously announced three well drilling program. Currently, all of the New Wells are producing oil and management is pleased with the initial rates. The New Wells continue to clean up as expected and are being optimized on a daily basis. A more fulsome report on the production rates of the New Wells can be expected in the coming weeks once they have been fully optimized and fluid rates and oil cuts have stabilized. The Company is in the planning stages for a follow up drill program at the Company's Beaverdam assets in anticipation of continued positive results from the New Wells. The next program is expected to commence in early fourth quarter of 2025.Westgate's Differentiated Strategy: Westgate is focused on the emerging Mannville Stack fairway located in East-Central Alberta and West Central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil which are being 'unlocked' via the application of innovative drilling techniques that have optimized horizontal drilling in shallow heavy oil reservoirs. Applying these drilling techniques have yielded some of the strongest oil well economics across Western Canada. The management team and board of Westgate have extensive experience building and leading successful energy companies in Canada. The collective successes of the leadership group share common characteristics: a strategy of targeting high-quality oil assets with large quantities of oil-in-place and driving growth through successful drilling as well as strategic merger and acquisition opportunities. This proven blueprint of delivering shareholder value will be foundational to Westgate's strategy, positioning the Company as one of a select few pure-play, high-growth, publicly traded junior oil companies focused on the Mannville Stack fairway. Annuncio • Jul 16
Westgate Energy Inc. Provides an Operational Update Following the Drilling of Its Three-Well Program in the Beaverdam Area of Alberta Westgate Energy Inc. provided an operational update following the drilling of its three-well program in the Beaverdam area of Alberta. The company has completed drilling of its previously announced three well program as of June 30, 2025. This involved constructing a new multi-well pad, drilling a stratigraphic test well, and drilling three horizontal wells that targeted three distinct Mannville Stack horizons. The first horizontal well targeted the McLaren and came in under budget. The second and third horizontal wells targeted the Colony and General Petroleum, respectively, and both were on budget. The program was an operational success for the drilling of the stratigraphic test and the three horizontal wells. All three wells encountered their desired target zones, and oil shows were observed throughout the lateral section of all wells. Currently, the Company is constructing production facilities and expects to have the three wells on production by mid-August. Westgate also announces that as of June 25, 2025 its common shares have commenced trading on the OTCQB Market under the symbol "WGTFF". The OTCQB is a trading platform operated by the OTC Markets Group and is designed for early-stage and developing US and international companies. As an OTCQB-listed company, investors will have access to Real-Time Level 2 Quotes for Westgate's shares on the OTC Markets Group websites. In addition, the Company has received eligibility from the Depository Trust Company ("DTC Eligibility"), a subsidiary of the Depository Trust & Clearing Corporation that manages the electronic clearing and settlement of publicly traded securities in the United States. DTC Eligibility simplifies the trading process and enhances liquidity for U.S. investors by enabling shares to be traded electronically. These advancements reflect Westgate's commitment to increasing its visibility and accessibility among a broader base of investors in both Canada and the United States. 