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Wedgemount Resources Corp. (WDGRF) is a junior oil & gas company based in Vancouver, BC, focused on maximizing shareholder value through the acquisition, development, and exploitation of natural resource projects in the southern USA.
Recently, Mr. Steve Vanry, CFA, has been appointed as the Chief Financial Officer, bringing 25 years of professional experience in senior management positions across various industries. Wedgemount has also provided a production update for its west central Texas oil and gas operations, with significant growth in treated wells and anticipates further optimization for additional wells.
With a focus on production growth and reserve gains, Wedgemount is committed to expanding its operations through upcoming field programs and potential acquisitions in 2024.
Wedgemount Resources (CSE: WDGY) (OTCQB: WDGRF) has provided an operational and corporate update. The company temporarily suspended oil production and processing operations due to extreme cold weather conditions to protect its wells and facilities. Production has now resumed with the return of seasonal temperatures.
Following the completion of surface facility and compliance work related to the Huggy acquisition, Wedgemount plans to focus on production growth and optimization through chemical treatments and well workovers to enhance efficiency and output.
The company has filed its delayed annual financial statements for the year ended July 31, 2024, along with related documentation and oil and gas filings. Additionally, it submitted interim financial statements for the three months ended October 31, 2024. Consequently, the British Columbia Securities Commission has revoked the company's Management Cease Trade Order on January 28, 2025.
Wedgemount Resources (CSE: WDGY) has provided its third update regarding the management cease trade order (MCTO) issued by the British Columbia Securities Commission on November 29, 2024. The company and its auditors are working to file the required annual financial statements and related documents for the fiscal year ended July 31, 2024, with a deadline of January 27, 2025.
Under the MCTO, the CEO and CFO are restricted from trading company securities until the required filings are completed and the MCTO is revoked. Other shareholders maintain their ability to trade. The company confirms there have been no material changes since the initial default announcement and continues to follow the Alternative Information Guidelines under National Policy 12-203.
Wedgemount Resources (CSE: WDGY) has provided a second update regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission on November 29, 2024. The company and auditors are working to file the required annual financial statements and related documents for the year ended July 31, 2024, with a deadline of January 27, 2024.
Under the MCTO, the CEO and CFO are restricted from trading company securities until the required filings are completed and the order is revoked. Other shareholders maintain their ability to trade. The company confirms no material changes since the initial default announcement and will continue issuing bi-weekly status reports in accordance with National Policy 12-203.
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF) provided an operations update for its West Central Texas oil and gas operations. For the Huggy Acquisition, the company completed natural gas transmission flow line repairs, reclassified certain gas wells as oil wells following successful chemical treatments, and completed compliance work with the RRC. Chemical treatments for wells, formations, and surface facilities have begun and will continue through 2025.
Regarding Pre-Huggy Assets, stimulated wells showed no production declines when combined with monthly maintenance chemical treatments. The Davis lease wells are producing above historic IPs and over 20 bbls/day in Q1 2025. The company's 2024 FYE audit is expected to be completed by January 15, 2025, with the delay attributed to onboarding a new reserve auditor.
Wedgemount Resources (CSE: WDGY) provided an update regarding its management cease trade order (MCTO) issued by the British Columbia Securities Commission on November 29, 2024. The company is working with auditors to file required financial statements and related documents for the year ended July 31, 2024, with a deadline of January 27, 2024.
Under the MCTO, the CEO and CFO are restricted from trading company securities until the required filings are completed and the order is revoked. Other shareholders maintain their ability to trade. The company confirmed no material changes since the initial default announcement and will continue issuing bi-weekly status reports.
Wedgemount Resources (CSE: WDGY) announces a delay in filing its 2024 annual financial statements and related documents beyond the November 28, 2024 deadline. The delay is attributed to delays in receiving financial information regarding the company's reserves data. The company expects to complete the filings by January 27, 2025. A management cease trade order (MCTO) has been imposed against the CEO and CFO, restricting their ability to trade company securities until the annual filings are completed.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) announces details of its ongoing enhancement and remediation program for the recently acquired Huggy Asset in west central Texas. The program aims to optimize well production through chemical treatments, well workovers, and surface facility optimization. The company has expanded to two rigs and is implementing infrastructure upgrades including pipe replacement. Wedgemount is utilizing VSC's eco-friendly well-stimulation treatment. The company has 136 conventional vertical production wells, including 119 at Huggy, with plans to treat approximately half of the Huggy wells over the next 12 months.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has provided an operations update for its west central Texas oil and gas operations following the recent Huggy asset acquisition. Key highlights include:
- Total producing wells increased from 23 to 72
- Significant surface processing improvements completed in the Echo field
- Enhancement work completed on six producing wells in Echo
- One production well repaired and reactivated in Novice
- Plans to add a second workover rig and crew in October
- Goal to optimize an additional 10 wells in October
The company aims to ramp up production and sales before the US holiday season and expects to announce regular field and production updates for its operating areas including Novice, Echo, Crews, and Talpa.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has entered into agreements with Outside the Box Capital Inc. (OBC), Proactive Investors North America Inc., and Oak Hill Financial Inc. to enhance its market presence and awareness. OBC will provide marketing services for a $75,000 fee from September 3, 2024, to January 3, 2025. Proactive will boost Wedgemount's online presence for a $45,000 fee in a one-year agreement ending August 20, 2025, with automatic renewal options. Oak Hill will offer advisory and marketing services at $10,000 per month, plus a 5% finder's fee on any financing sourced through their introductions. These agreements aim to increase Wedgemount's visibility in the global investment community.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has successfully closed the second tranche of its over-subscribed convertible debenture offering, raising $745,000. The total gross proceeds from both tranches amount to $2,450,000. Each $1,000 Debenture Unit includes convertible debentures with a 10% annual interest rate and 2,941 warrants exercisable at $0.30 until September 10, 2027.
The debentures are convertible to common shares at $0.17 per share and mature in 36 months. The company plans to use the proceeds for the Huggy assets acquisition, optimization of oil and gas assets, and working capital. Wedgemount has also engaged Canaccord Genuity as a financial advisor and entered into marketing agreements with Outside the Box Capital Inc. and Proactive Investors North America Inc. to enhance its market presence.
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