Westgate Energy Inc. (“Westgate” or the “Company”) (TSXV:WGT), is pleased to announce 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, which are available on SEDAR+ at www.sedarplus.ca and on Westgate’s website at www.westgateenergy.ca.
Q2 2025 (“Q2/25”) Highlights
Increased average production volume to 253 boe/d (51% crude oil) in Q2/25 as compared to 193 boe/d (45% crude oil) in Q2/24, 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 US$25 million (the “Senior Secured Loan”) and made an initial draw of US$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 Q4 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.