WESTGATE ENERGY ANNOUNCES Q4 2025 DRILLING PROGRAM AND PRODUCTION UPDATE
The Company also announces an updated presentation on its corporate website as well as the engagement of a market-maker
CALGARY, AB, Oct. 1, 2025 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), is pleased to provide an update on drilling plans for the fourth quarter of 2025 in the Beaverdam area of Alberta.
Q4 2025 Drilling Program
Westgate is pleased to announce that, based on the success of its recent three well summer drilling program at its Beaverdam asset near Cold Lake, Alberta, the Company is planning to commence a five well follow-up drilling program on the Beaverdam asset. Three of the wells are planned to be drilled as horizontals off the same pad for production. Two of the wells are planned to be vertical stratigraphic test wells off temporary surface locations. The stratigraphic test wells are expected to aid in delineating additional Mannville Stack horizons that showed potential for development and to support future horizontal drilling in 2026 and beyond.
Drilling is scheduled to commence on or about October 15, 2025 and is expected to continue for 30 days, with all three horizontal wells anticipated to be on production on or about December 20, 2025. Peak production is expected to be reached within two months of the wells coming on production. The Company anticipates updating shareholders before the end of January 2026 on the production results of the Q4 2025 drilling program.
Production Update
Westgate is pleased to announce that the three wells from the summer program at Beaverdam (the "New Wells") continue to produce above management's expectations. The average aggregate total production of the New Wells over the last seven days has been greater than 500 bbl/d. The Company is forecasting corporate production of greater than 1,000 boe/d once the Q4 2025 drilling program wells have cleaned up in mid-late January 2026.
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.
Market Making Services
The Company also announces that it has engaged the services of Insight Capital Partners Inc. ("Insight") and its market making service provider, ICP Securities Inc. ("ICP") effective October 1, 2025 (the "Engagements"), subject to receipt of final acceptance by the TSX Venture Exchange.
Pursuant to a consulting agreement entered into between the Company and Insight (the "Consulting Agreement"), Insight will provide capital markets consulting services, including providing the Company with market information on trade activity and advising on market related initiatives (the "Consulting Services"), for a term of 24 months, provided that, subject to a minimum four month term, either party may terminate the Consulting Agreement by providing 30 days' prior written notice to the other party.
In addition, pursuant to a market making agreement entered into between the Company and ICP (the "Market Making Agreement"), the Company has engaged ICP to provide market making services (the "Market Making Services") for the Company's common shares (the "Shares"), subject to and in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. The Market Making Agreement is for an initial four month term (the "Initial Term") and shall be automatically renewed for subsequent one month terms (each month an "Additional Term") unless either party provides at least 30 days' written notice prior to the end of the Initial Term or an Additional Term, as applicable.
In consideration for the Consulting Services, Insight will receive a monthly fee of $3,500, plus applicable taxes, and, in consideration for the Market Making Services, ICP will receive a monthly fee of $7,500, plus applicable taxes. Insight and ICP do not have any interest, directly or indirectly, in Westgate or its securities or any right or intent to acquire such an interest at this time; however, Insight and ICP and its clients may acquire an interest in the securities of the Company in the future. There are no performance factors contained in the Consulting Agreement or Market Making Agreement and no stock options or other compensation are being granted in connection with the Engagements.
Insight and ICP are each arm's length parties to the Company. The Market Making Services will be primarily to correct temporary imbalances in the supply and demand of the Shares. ICP will be responsible for the costs it incurs in buying and selling the Shares, and no third party will be providing funds or securities for the market making activities.
About ICP Securities Inc.
ICP is a Toronto based Canadian Investment Regulatory Organization dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP PremiumTM, that enhances the liquidity and quote health. ICP's office is located at 204 – 251 Queen's Quay East, Toronto, Ontario, M5A 0X3. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
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.
SOURCE Westgate Energy Inc.