Westgate Energy Announces Year End 2024 Financial Results and Reserve Additions

Press Release

CALGARY, ALBERTA, April 24, 2025 – Westgate Energy Inc. (“Westgate” or the “Company”) (TSXV:WGT), is pleased to announce the filing of its audited financial and operating results for the three and twelve months ended December 31, 2024. The selected financial and operating information provided below should be read in conjunction with Westgate’s audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the three and twelve months ended December 31, 2024 and 2023, as well as the  annual information form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca and on Westgate’s website atwww.westgateenergy.ca.

Financial & Operating Results Summary

Q4 2024 (“Q4/24”) and Annual (“2024”) Highlights

·       Average production volumes increased to 278 boe/d (54% crude oil) in Q4/24 compared to 110 boe/d (30% crude oil) in Q4/23, representing a 153% increase.

·       Achieved 2H/2024 production of 246 boe/d, in line with the previously guided 250 boe/d.

·       Achieved an operating netback([1]) of $17.01per boe in Q4/24, representing a $18.94/boe increase from ($1.93) per boe in Q4/23.

·       Acquired new lands at Beaverdam that are prospective for horizontal drilling in the Mannville Stack, adding 40 multilateral drill locations.

·       During 2024, the Company added 197.5 mboe of proved plus probable (“2P”) reserves, a 31% increase from year end 2023, driven by organic additions. 2P reserves totaled 763.9 Mboe, proved reserves totaled 587.2 Mboe and proved developed producing reserves totaled 461.7 Mboe.

Forward Planning at New Core Area

As previously announced, Westgate plans to drill three wells on its newly acquired lands near Cold Lake Alberta. Drilling is expected to commence in mid-May 2025, pending the timing of county road bans being lifted. The three wells are expected to be on production in July 2025. This program will be funded using the recently closed credit facility.

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 utilize multi-lateral horizontal drilling. Applying these multi-lateral 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 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.

Reader Advisories

In this press release, all references to “$” are to Canadian dollars.

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

IBF4