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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 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.
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