Wedgemount Announces Operations Update
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, OTCQB: WDGRF) ha fornito un aggiornamento sulle operazioni delle sue attività di petrolio e gas nel Texas Centrale Occidentale. Per quanto riguarda l'Acquisizione Huggy, l'azienda ha completato le riparazioni della linea di trasmissione del gas naturale, ha riclassificato alcuni pozzi di gas come pozzi di petrolio dopo trattamenti chimici riusciti e ha completato i lavori di conformità con il RRC. I trattamenti chimici per pozzi, formazioni e strutture di superficie sono iniziati e continueranno fino al 2025.
Per quanto riguarda le Attività Pre-Huggy, i pozzi stimolati non hanno mostrato declini di produzione quando combinati con trattamenti chimici mensili di manutenzione. I pozzi del lease Davis stanno producendo al di sopra dei tassi storici di produzione iniziale (IP) e oltre 20 barili/giorno nel primo trimestre del 2025. Si prevede che l'audit della chiusura dell'anno 2024 dell'azienda sarà completato entro il 15 gennaio 2025, con il ritardo attribuito all'onboarding di un nuovo revisore delle riserve.
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF) proporcionó una actualización sobre sus operaciones de petróleo y gas en el Oeste Central de Texas. Para la Adquisición Huggy, la compañía completó las reparaciones de la línea de transmisión de gas natural, reclasificó ciertos pozos de gas como pozos de petróleo tras tratamientos químicos exitosos y finalizó el trabajo de cumplimiento con la RRC. Los tratamientos químicos para pozos, formaciones e instalaciones en la superficie han comenzado y continuarán hasta 2025.
En cuanto a los Activos Pre-Huggy, los pozos estimulados no mostraron disminución en la producción cuando se combinan con tratamientos químicos de mantenimiento mensuales. Los pozos del arrendamiento Davis están produciendo por encima de las tasas históricas de IP y más de 20 barriles/día en el primer trimestre de 2025. Se espera que la auditoría de cierre del año fiscal 2024 de la compañía se complete para el 15 de enero de 2025, con el retraso atribuido a la incorporación de un nuevo auditor de reservas.
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF)는 서부 중앙 텍사스의 석유 및 가스 운영에 대한 운영 업데이트를 제공했습니다. 허기 인수와 관련하여, 회사는 천연 가스 송출 라인 수리를 완료하고 성공적인 화학 처리 후 일부 가스 우물을 석유 우물로 재분류했으며 RRC와의 준수 작업을 마쳤습니다. 우물, 지층 및 표면 시설에 대한 화학 처리가 시작되었으며 2025년까지 계속될 예정입니다.
프리 허기 자산에 대해, 자극된 우물들은 월별 유지 관리 화학 처리와 결합했을 때 생산 감소가 나타나지 않았습니다. 데이비스 임대 우물들은 2025년 1분기에 역사적인 초기 생산치(IP) 이상의 생산량을 기록하고 있으며 하루에 20배럴 이상의 생산을 보이고 있습니다. 회사의 2024 회계연도 종료 감사는 2025년 1월 15일까지 완료될 것으로 예상되며, 지연은 새로운 비축 감사인을 채용한 데 기인합니다.
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF) a fourni une mise à jour sur ses opérations pétrolières et gazières au Texas Central-Ouest. Pour l'Acquisition Huggy, l'entreprise a achevé les réparations de la ligne de transmission de gaz naturel, a reclassé certains puits de gaz en puits de pétrole suite à des traitements chimiques réussis et a terminé les travaux de conformité avec la RRC. Les traitements chimiques pour les puits, les formations et les installations de surface ont commencé et se poursuivront jusqu'en 2025.
Concernant les Actifs Pré-Huggy, les puits stimulés n'ont montré aucune diminution de production lorsqu'ils sont combinés avec des traitements chimiques de maintenance mensuels. Les puits du bail Davis produisent au-dessus des taux historiques d'IP et plus de 20 barils/jour au premier trimestre 2025. L'audit de clôture de l'exercice financier 2024 de l'entreprise devrait être terminé d'ici le 15 janvier 2025, le retard étant attribué à l'intégration d'un nouvel auditeur des réserves.
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF) hat ein Update zu seinen Öl- und Gasbetrieben im Westzentral-Texas bereitgestellt. Im Zusammenhang mit der Huggy-Akquisition hat das Unternehmen Reparaturen an der natürlichen Erdgas-Übertragungsleitung abgeschlossen, bestimmte Gasbrunnen nach erfolgreichen chemischen Behandlungen als Ölbrunnen umklassifiziert und die Compliance-Arbeiten mit der RRC abgeschlossen. Chemische Behandlungen für Brunnen, Formationen und Oberflächenanlagen haben begonnen und werden bis 2025 fortgesetzt.
Bezüglich der Pre-Huggy-Aktivposten zeigte sich, dass stimulierte Brunnen keinen Produktionsrückgang aufwiesen, wenn sie mit monatlichen Wartungsbehandlungen kombiniert wurden. Die Brunnen des Davis-Leasings produzieren über historischen IPs und mehr als 20 BBL/Tag im ersten Quartal 2025. Die Abschlussprüfung des Geschäftsjahres 2024 des Unternehmens wird voraussichtlich bis zum 15. Januar 2025 abgeschlossen sein, wobei die Verzögerung auf die Einarbeitung eines neuen Rücklageprüfers zurückzuführen ist.
- Successful chemical treatments led to oil production in previously classified gas wells
- No production declines observed in stimulated wells
- Davis lease wells producing above historic levels at >20bbls/day in Q1 2025
- Sustained increase in liquids production from chemical stimulation work
- Delay in filing National Instrument 51-101 Part 2
- Required repairs and replacements needed for gas transmission flow lines
Vancouver, British Columbia--(Newsfile Corp. - December 18, 2024) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to provide an operations update for the Company's West Central Texas oil and gas operations.
Huggy Acquisition Update
- All natural gas transmission flow lines have been repaired and replaced where necessary in order to facilitate gas sales to third party purchasers
- Certain gas wells have been re-classified as oil wells with the RRC as successful chemical treatments caried out by the Company proved oil production
- Needed compliance work has been completed with the RRC including testing
- Well, formation and surface facility chemical treatments have commenced and will continue throughout 2025
- Management anticipates continued production improvements and reserve recovery
Pre-Huggy Assets
- No production declines observed to date on stimulated wells when combined with small monthly maintenance chemical treatments
- Sustained increase in liquids production from all chemical stimulation work to date
- Fully optimized Davis lease wells (Willowbend property) producing above historic IPs throughout fiscal year 2024, and >20bbls/day in Q1 2025
- 2025 focus will be continuing maintenance chemical treatments across all leases
2024 FYE Audit Update
- The Company announced on November 29, 2024 that it would be late in fling Part 2 of National Instrument 51-101. The reason for the delay was the late completion of the July 31, 2024 reserve report due in part to the engagement and onboarding of a new reserve auditor in fiscal 2024. Wedgemount anticipates the audit to be completed and filed by approximately January 15, 2025.
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. Forward looking statements made in this news release include: commencement of sales, facilitation of gas sales, blending of condensate with oil, continued chemical treatments in 2025 and improved production and reserve recovery at Huggy; 2025 focus on chemical treatments for Pre-Huggy assets; and anticipated filing of NI 51-101 and FY24 audit related documents. 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, availability of funds, personnel and other resources necessary to conduct exploration or development programs, successes of the Company's exploration efforts, 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 Investment Industry Regulatory Organization of Canada 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/234266
FAQ
What operational improvements has WDGRF made to its Huggy Acquisition assets in Texas?
How are WDGRF's Pre-Huggy assets performing in 2024-2025?
When will WDGRF complete its 2024 fiscal year-end audit?
What is WDGRF's chemical treatment strategy for 2025?
