WEDGEMOUNT RES CORP - WDGRF STOCK NEWS

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.

Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has successfully closed the acquisition of additional oil and gas assets in the Permian Basin of west central Texas. The Huggy Assets include a 100% working interest in 20,000 acres covering 37 oil and gas leases, with 111 producing wells, 8 injectors, and all surface facilities. Current production is approximately 72 boe/d of high-quality, low-decline operated production. The company made total cash payments of US$840,000 for the assets, adjusted from the previously announced price of US$900,000. Management anticipates targeting numerous hydrocarbon-producing formations in the area.

Mark Vanry, an investor in Wedgemount Resources Corp (WDGRF), has filed an early warning report following a significant investment in the company. On August 21, 2024, Vanry purchased 500 Debenture Units at $1,000 each, totaling $500,000. Each unit includes a $1,000 convertible debenture and 2,941 warrants. The debentures are convertible at $0.17 per share, while warrants are exercisable at $0.30 per share, both expiring on August 21, 2027.

Prior to this transaction, Vanry held approximately 16.44% of Wedgemount's shares on a partially diluted basis. After the transaction, assuming full conversion of debentures and exercise of warrants, Vanry's ownership could increase to 22.73% of the company's outstanding shares. This report is filed in compliance with National Instrument 62-103, and further details are available on SEDAR+.

Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has announced a transformational acquisition of additional Permian Basin oil and gas assets, known as the Huggy Assets. The acquisition includes 20,000+ acres with 111 vertical production and 8 injector wells, currently producing 72 boe/d. The purchase price is US$900,000, with estimated production to reach 900 boe/d within 1 year and 1600 boe/d within 2 years.

To finance the acquisition, Wedgemount is launching a CAD$2.0 million convertible debenture offering. The debentures will bear 10% interest annually and be convertible into common shares at CAD$0.17 per share. The company plans to use the proceeds for the Huggy Assets acquisition and optimization of its existing oil and gas assets.

Wedgemount Resources Corp. (CSE: WDGY, OTCQB: WDGRF) has announced the commencement of its summer 2024 field program, focusing on the recently acquired TCS assets. The program includes workovers and chemical treatments on eight vertical production wells and one injector, modeled after successful treatments on their Willowbend and Millican assets, which have shown a 7x increase in production. The program is set to run from June 16 to mid-July 2024. Additionally, the company reported a new corporate high in production at 285 boepd, with an average of 22.1 boepd per fully optimized well. Wedgemount is also exploring further growth opportunities and anticipates potential acquisitions within 2024.