New Risk • May 31
New major risk - Revenue and earnings growth Earnings have declined by 74% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$16m free cash flow). Earnings have declined by 74% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$27.0m market cap, or US$19.6m). Announcement • May 19
Westgate Energy Inc., Annual General Meeting, Jul 21, 2026 Westgate Energy Inc., Annual General Meeting, Jul 21, 2026. New Risk • May 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$17m free cash flow). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Revenue is less than US$5m (CA$5.6m revenue, or US$4.1m). Market cap is less than US$100m (CA$22.6m market cap, or US$16.6m). Reported Earnings • May 05
Full year 2025 earnings released: CA$0.15 loss per share (vs CA$0.071 loss in FY 2024) Full year 2025 results: CA$0.15 loss per share (further deteriorated from CA$0.071 loss in FY 2024). Revenue: CA$5.59m (up 77% from FY 2024). Net loss: CA$9.37m (loss widened 208% from FY 2024). Recent Insider Transactions Derivative • Apr 29
Chief Operating Officer exercised options to buy CA$90k worth of stock. On the 24th of April, Jordan Kevol exercised options to buy 333k shares at a strike price of around CA$0.24, costing a total of CA$80k. This transaction amounted to 33% of their direct individual holding at the time of the trade. Since December 2025, Jordan has owned 1.02m shares directly. Company insiders have collectively bought CA$176k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • 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. Reported Earnings • Nov 30
Third quarter 2025 earnings released: CA$0.07 loss per share (vs CA$0.01 loss in 3Q 2024) Third quarter 2025 results: CA$0.07 loss per share (further deteriorated from CA$0.01 loss in 3Q 2024). Revenue: CA$1.66m (up 137% from 3Q 2024). Net loss: CA$4.78m (loss widened CA$4.30m from 3Q 2024). Announcement • 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. Announcement • 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. Recent Insider Transactions • Sep 25
CEO & Director recently bought CA$59k worth of stock On the 22nd of September, Daniel Brown bought around 250k shares on-market at roughly CA$0.24 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Daniel has been a buyer over the last 12 months, purchasing a net total of CA$109k worth in shares. New Risk • Sep 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Market cap is less than US$10m (CA$13.7m market cap, or US$9.92m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (CA$3.7m revenue, or US$2.7m). Announcement • 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. Reported Earnings • Aug 27
Second quarter 2025 earnings released: CA$0.02 loss per share (vs CA$0.033 loss in 2Q 2024) Second quarter 2025 results: CA$0.02 loss per share (improved from CA$0.033 loss in 2Q 2024). Revenue: CA$862.6k (up 22% from 2Q 2024). Net loss: CA$1.19m (loss narrowed 7.3% from 2Q 2024). Announcement • 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. Reported Earnings • May 29
First quarter 2025 earnings released: CA$0.01 loss per share (vs CA$0.009 loss in 1Q 2024) First quarter 2025 results: CA$0.01 loss per share. Revenue: CA$1.03m (up 56% from 1Q 2024). Net loss: CA$657.2k (loss narrowed 16% from 1Q 2024). New Risk • May 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$9.03m market cap, or US$6.48m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (CA$3.2m revenue, or US$2.3m). Announcement • May 09
Westgate Energy Inc., Annual General Meeting, Jun 26, 2025 Westgate Energy Inc., Annual General Meeting, Jun 26, 2025. Reported Earnings • Apr 25
Full year 2024 earnings released: CA$0.07 loss per share (vs CA$0.03 loss in FY 2023) Full year 2024 results: CA$0.07 loss per share (further deteriorated from CA$0.03 loss in FY 2023). Revenue: CA$3.15m (up 208% from FY 2023). Net loss: CA$3.04m (loss widened 77% from FY 2023). Announcement • Apr 02
Westgate Energy Inc. has completed a Composite Units Offering in the amount of CAD 6 million. Westgate Energy Inc. has completed a Composite Units Offering in the amount of CAD 6 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Price\Range: CAD 0.15
Discount Per Security: CAD 0.0105
Security Name: Units
Security Type: Equity/Derivative Unit
Price\Range: CAD 0.15
Discount Per Security: CAD 0.0045 Announcement • Mar 11
Westgate Energy Inc. announced that it has received CAD 0.7 million in funding Westgate Energy Inc. announced a non-brokered private placement of 700 units at a price of CAD 1,000 per unit for gross proceeds of CAD 700,000 on March 10, 2025. The transaction included participation from new investor Art Agolli, a director of the company. Each private placement unit is comprised of CAD 1,000 principal amount of convertible unsecured subordinated debentures and 285 common share purchase warrants. The transaction is subject to TSXV approval, the private placement debentures are convertible at the election of the holder into common shares at a conversion price of CAD 0.25 until August 28, 2025 and each private placement warrant entitles the holder to acquire one common share at an exercise price of CAD 0.27 until March 7, 2026. The private placement debentures and the private placement warrants are, and any common shares issuance issued thereunder will be, subject to a hold period expiring four months and one day from the date hereof. No finders' fees were paid in respect of the Insider Private Placement. Board Change • Dec 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 26
Third quarter 2024 earnings released Third quarter 2024 results: CA$0.01 loss per share. Net loss: CA$487.5k (flat on 3Q 2023). Announcement • Oct 29
Westgate Energy Inc. (TSXV:WGT) acquired 100% Working interest in six sections (1,536 hectares) of mineral rights located in Alberta. Westgate Energy Inc. (TSXV:WGT) acquired 100% Working interest in six sections (1,536 hectares) of mineral rights located in Alberta on October 28, 2024.
Westgate Energy Inc. (TSXV:WGT) completed the acquisition of 100% Working interest in six sections (1,536 hectares) of mineral rights located in Alberta on October 28, 2024. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$12.1m market cap, or US$8.97m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (CA$2.1m revenue, or US$1.6m). Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: CA$0.03 loss per share. Net loss: CA$1.28m (flat on 2Q 2023). New Risk • Aug 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.1m (US$9.72m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$9.0m free cash flow). Market cap is less than US$10m (CA$13.1m market cap, or US$9.72m). Minor Risks Less than 3 years of financial data is available. Revenue is less than US$5m (CA$1.6m revenue, or US$1.2m). Announcement • Aug 06
Westgate Energy Inc. Announces Completion of Summer Drilling Program Westgate Energy Inc. confirmed the successful drilling of two wells as part of the initial portion of its second half 2024 (2H/24) drilling campaign. This summer program consisted of two horizontal multi-lateral oil wells drilled at the Company's core Killam property in Eastern Alberta. The Program's first well (16-15) was successfully drilled using a four-leg, open-hole horizontal design targeting the Mannville Sparky Formation. The well was drilled in eight days from spud to rig release, resulting in the drilling costs coming in under budget, with a total of 5,056 metres of lateral length drilled within the Sparky Formation. The 16-15 was subsequently brought on production July 28, 2024 via an on-lease tie-in. The total field estimate cost to drill, complete, equip and tie-in this well is estimated to be $1.43 million. The coming weeks of production represent the clean up period for the 16-15 as drilling fluids are recovered and the pumping parameters optimized. Management expects the true productive capabilities of this well will be evident approximately 45 days from the on-stream date. The Program's second well (11-21) has been successfully drilled as a six-leg, open-hole horizontal well, also targeting the Mannville Sparky Formation, and was drilled from a new pad within Westgate's Killam Field. The 11-21 was also drilled in eight days from spud to rig release, resulting in this well also coming in under budget, with a total of 5,140 metres of lateral length drilled in the Sparky Formation. This well is awaiting completion, equipping and a short pipeline tie-in for solution gas and is anticipated to have an on-stream date of approximately August 15, 2024. The total field estimate cost to drill the 11-21 is estimated to be $1.17 million, with upcoming costs related to completion, equipping and tie-in of the new pad estimated at an incremental $0.46 million. The productive capabilities of this well are expected to be observed approximately 45 days from the on-stream date. Based on a successful result from the 11-21 well, the new pad has been designed to accommodate additional follow-up wells. Westgate anticipates releasing a report on the production rates of these two new wells in late September. Success from the Program will contribute to the Company's previously communicated average 2H/24 production range of 350 to 400 boe/d. A third well at the Company's Killam Field is planned for the fourth quarter of this year, which is also expected to contribute to the previously announced 2024 exit rate of 450-500 boe/d. Announcement • Jul 09
Westgate Energy Inc. Announces the Commencement of the Initial Portion of Its Second Half 2024 Drilling Campaign Westgate Energy Inc. announced the commencement of the initial portion of its second half 2024 drilling campaign. This summer program (the Program) will consist of two horizontal multi-lateral oil wells at the Company's core Killam property in Eastern Alberta. This marks the first stage of the Company's second half 2024 drilling plans, which are aimed at significantly boosting the Company's production and reserves. The Program's first well will feature a four-leg, open-hole horizontal design targeting the Mannville Sparky Formation. This well will directly offset the Company's last well drilled in December of 2023 and will be drilled off the same pad and feature an on-lease tie-in for solution gas. The Program's second well is planned as a six-leg, open-hole horizontal well also targeting the Mannville Sparky Formation, and will be drilled off of a new pad within Westgate's Killam Field. The new pad is designed to accommodate two additional follow-on wells, predicated on successful results from the Program's second well. Success from the two-well Program will contribute to the Company's previously communicated average second half 2024 production range of 350 to 400 boe/d. The first well is anticipated to take 14 days to drill, after which the drilling rig will be moved to the second location for a subsequent 14-day drill. Completion, equipping, and tie-in of each well will follow shortly thereafter. The Company expects to provide initial production results in September 2024, after 'clean-up' or recovery of the drilling fluid from the two wells has been achieved. 