WESTGATE ENERGY PROVIDES OPERATIONAL AND CAPITAL MARKETS UPDATES

Cision Canada

15-07-2025

CALGARY, AB, July 15, 2025 /CNW/ - Westgate Energy Inc. (" Westgate" or the " Company") (TSXV: WGT), is pleased to provide 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.
Management Commentary
We are very pleased with the operational success of our three well program. The stratigraphic test well confirmed our key zones of interest, and our team delivered the first wells in the area on or under budget. We're excited to bring these wells online and establish first production in our new Beaverdam area.
OTCQB Listing and DTC Eligibility
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.
Investor Relations
Westgate has entered into a marketing agreement (the "Marketing Agreement") with Epstein Research (Peter Epstein) pursuant to which Mr. Epstein will provide investor relations services to the Company for an initial six-month term commencing on May 29, 2025 in consideration for an aggregate of US$15,000 at a rate of US$2,500 per month. The Company has the right to renew the Marketing Agreement for an additional six months, subject to the approval of the TSX Venture Exchange. In accordance with the terms of the Marketing Agreement, Mr. Epstein will work with the Company on preparing and disseminating social media commentary and producing monthly articles and commentary designed to develop a positive and productive profile for the Company within the marketplace. The Marketing Agreement has been conditionally approved by the TSX Venture Exchange. Mr. Epstein is based in Upper Saddle River, New Jersey and operates the Epstein Research website. Mr. Epstein does not own any securities of the Company nor any right to acquire securities of the Company. Mr. Epstein is an arm's-length party to the Company.
About Westgate
Westgate is focused on the emerging Mannville Stack fairway located in North-East 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 utilize -various styles of horizontal drilling. Applying these horizontal drilling techniques has 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 is 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.
For more information, please visit www.westgateenergy.ca.
In this press release, all references to "$" are to Canadian dollars unless otherwise indicated.
Notice regarding forward-looking statements:
This press release includes forward-looking statements regarding Westgate and its business, which may include, but are not limited to, the construction of facilities at the new well locations, the expected timing that the new wells will be on production, Westgate's commitment to increasing its visibility and accessibility among a broader base of investors in both Canada and the United States, the provision of investor relations services by Mr. Epstein pursuant to the Marketing Agreement, the business and growth prospects of Westgate, and the characteristics of the Mannville Stack Fairway and the unique position of Westgate in respect thereof. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. The forward-looking statements included in this press release are based on management's current expectations and assumptions, including, but not limited to, the successful construction of facilities at the new well locations, the expected timing that the new wells will be on production, the effect of the trading of the Company's common shares on the OTCQB market on the Company's visibility and accessibility among investors in Canada and the United States, the Company's ability to execute its business strategy and market conditions. Although the Company believes that the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking statements involve significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to, an increase in the time to construct facilities at the new well locations and bring such wells on to production, production from wells being less than anticipated, decreases in the price of oil and natural gas and changes in market conditions. Moreover, exploration, appraisal, and development of oil and natural gas reserves are speculative activities and involve a degree of risk. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
SOURCE Westgate Energy Inc.