Westgate Energy announces Updated on Three Well Drilling Program and Q1 2025 Financial Results

Press Release

CALGARY, ALBERTA, May 28, 2025 – 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 months ended March 31, 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 months ended March 31, 2025 and 2024, which are available on SEDAR+ at www.sedarplus.ca and on Westgate’s website at www.westgateenergy.ca.

Financial & Operating Results Summary

Q1 2025 (“Q1/25”) Highlights

Increased average production volume to 259 boe/d (55% crude oil) in Q1/25 as compared to 178 boe/d (52% crude oil) in Q1/24, representing a 46% increase.
Achieved an operating netback([1]) of $22.30/boe in Q1/25, representing a $5.25/boe increase from $17.05/boe in Q1/24.
Closed a C$0.7MM private placement offering of convertible debentures with an insider of the Company.
Subsequent to the quarter, Westgate closed a US$25MM credit facility with a US private lender and also closed a C$2.5MM best efforts public financing of units of the Company, such units consisting of one common share and one common share purchase warrant. These funds are intended to be used for drilling on Westgate’s existing and potential new lands in the Cold Lake area, to fund the strategic acquisition of the previously announced asset in East-Central Alberta (the “Moonshine Acquisition”) and for general corporate purposes.

Operational Update

Westgate is pleased to announce the commencement of a three well horizontal drilling program on the Company’s Beaverdam asset in the Cold Lake area. These wells will target three distinct horizons within the Mannville Stack group of formations. Drilling is scheduled to commence on May 29th and is expected to continue for 28 days, with all three wells anticipated to be on production by early August. Peak production is expected to be reached within two months of the wells coming on production. Pending results of this program, the Company expects to formalize an additional drilling program for the second half of the year.

Updated Corporate Presentation

Investors can find an updated corporate presentation on the Company’s website at www.westgateenergy.ca. The presentation includes further information about the Company’s current financial and operational outlook.

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.

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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