Wedgemount Announces Commencement of Summer Field Program and Production Update

Rhea-AI Summary

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.

Positive

• Commencement of summer field program on TCS assets.
• Workovers and chemical treatments on eight wells and one injector.
• Past treatments have shown a 7x increase in production.
• Production has reached a new corporate high of 285 boepd.
• Average production per fully optimized well is 22.1 boepd.
• Exploring further growth opportunities and additional acquisitions in 2024.

Negative

• Program completion and results are speculative, not guaranteed.
• Dependence on successful implementation of chemical treatments.
• Potential costs associated with the workovers and treatments not disclosed.
• Future acquisitions are uncertain and may not materialize.

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2024) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to announce details of its upcoming summer 2024 field program focusing on the Company's recently acquired TCS assets.

The TCS leases consist of eight vertical production wells and one injector. All eight wells will undergo workovers and chemical treatments similar to our Willowbend and Millican assets. To date, the average sustained production increase of Wedgemount's treated and optimized wells has been approximately 7x.

The Company anticipates the program will run from June 16 through to mid-July. Post program completion, Wedgemount is optimistic that the Company will continue to see strong production and reserve gains.

Production Update

Wedgemount's current production is at a new corporate high of 285boepd. Of note, the average production per well on our fully optimized McBeth, Pirtle and Davis leases is 22.1boepd.

Future Growth Opportunities

Wedgemount continues to be focused on further growth opportunities in our immediate operating area and is optimistic that one or more additional acquisitions could be completed during calendar 2024.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior oil & gas company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in the southern USA.

On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.

Mark Vanry, President and CEO

For more information, please contact the Company at:
Telephone: (604) 343-4743
info@wedgemountresources.com
www.wedgemountresources.com

Reader Advisory

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212413

FAQ

What is the focus of Wedgemount's summer 2024 field program?

The focus is on workovers and chemical treatments of eight vertical production wells and one injector at the TCS assets, aiming to enhance production.

When will Wedgemount's summer 2024 field program take place?

The program is scheduled to run from June 16 to mid-July 2024.

What are the production results from Wedgemount's previous treatments?

Previous treatments have resulted in an average sustained production increase of approximately 7x.

What is Wedgemount's current production rate?

Wedgemount's current production rate has reached a new corporate high of 285 boepd.

What is the average production per fully optimized well for Wedgemount?

The average production per fully optimized well is 22.1 boepd.

Is Wedgemount planning any future acquisitions?

Yes, Wedgemount is exploring further growth opportunities and anticipates potential acquisitions within 2024.