Westgate completes fall drilling at Beaverdam

Executive Summary

• Westgate Energy Inc. completed its fall drilling program in the Beaverdam area of Alberta, consisting of two vertical stratigraphic test wells and three horizontal wells targeting Mannville Stack horizons.
• The company achieved significant cost efficiencies, drilling three horizontal wells in an average of 6.7 days per well at an average cost of $1.06 million, representing a 25% cost decrease on the drilling portion compared to the previous program.
• All three horizontal wells encountered target zones with observed oil shows; current operations involve downhole completion and facility construction, with an expected on-stream date of mid-December.

Key Details

• Well Count and Type: Two vertical stratigraphic test wells and three horizontal wells.
• Target: Two Mannville Stack horizons.
• Drilling Efficiency: Average of 6.7 days per well for the horizontal wells.
• Cost Metrics: Average cost of $1.06 million per well; 25% reduction in drilling costs compared to the previous three-well program; four-day reduction in drilling time per well.
• Results: All three horizontal wells encountered respective target zones; oil shows observed in all three wells.
• Stratigraphic Data: The two vertical test wells enhanced geological mapping and inventory definition.
• Next Steps: Downhole completion and facility construction are underway.
• Timeline: Expected on-stream date for all three wells is mid-December.
• Strategic Outlook: Data from this program will inform and optimize the 2026 drilling program.

Notable Quotes

• "We are very pleased with the strong results delivered by our second three-well program at Beaverdam. The stratigraphic test wells enhanced our geological mapping and inventory definition, providing high-value data that will directly inform and optimize the 2026 drilling program. Importantly, the fall 2025 program was executed under budget, reinforcing our commitment to disciplined capital allocation. Westgate looks forward to building on both our operational performance and cost efficiencies as we advance into 2026." — Management Commentary