Westgate Energy announces Proposed Amendment to previously issued Convertible Debenture

Press Release

CALGARY, ALBERTA, – Westgate Energy Inc. (“Westgate” or the “Company”) (TSXV:WGT) announces that the Company and Art Agolli (the “Holder”), a director of the Company, have agreed, subject to TSX Venture Exchange (“TSXV”) approval, to amend the convertible unsecured subordinated debenture of the Company (the “Convertible Debenture”) issued on March 7, 2025.

Pursuant to the proposed amendments, the maturity date of the Convertible Debenture will be extended to April 1, 2027 and the Company will be permitted to pay accrued and unpaid interest on the Convertible Debenture up to the date hereof in advance by issuing common shares in the capital of the Company (“Common Shares”) to the Holder. All other terms and conditions of the Convertible Debenture remain unchanged.

In connection with the proposed amendments, the Company has agreed, subject to TSXV approval, to issue to the Holder 316,971Common Shares in satisfaction of interest accrued on the Convertible Debenture from the date of issuance to the date hereof (the “Share Issuance”). In completing the Share Issuance, the Company is relying on the exemptions from the formal valuation and minority approval requirements in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions) contained in sections 5.5(b) and 5.7(1)(a), respectively.

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in North-East Alberta and West Central Saskatchewan, a region with established medium and heavy oil accumulations. Producers in this fairway are increasingly unlocking these reservoirs with modern horizontal drilling and completion techniques, which have materially improved well performance and capital efficiency. Activity to date has delivered some of the strongest oil well economics in Western Canada.

For more information, please visit www.westgateenergy.ca.

For further information concerning Westgate Energy Inc., please contact:

Dan Brown
Chief Executive Officer and Director

Email: dbrown@westgateenergy.ca

Nick Grafton
Chief Financial Officer

Email: ngrafton@westgateenergy.ca

Phone: 403.984.6724

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