Westgate Energy wells beat forecasts, hit 468 bbl/d

Executive Summary

• Westgate Energy Inc. reports that three new horizontal wells on its Beaverdam assets in northeastern Alberta are producing at rates significantly exceeding internal forecasts.
• The wells, targeting three distinct Mannville stack horizons, achieved an average aggregate production of approximately 468 barrels per day (bbl/d) in the seven days following their start-up on August 15, 2025.
• The success has increased confidence in unbooked drilling locations and revealed potential in additional Mannville stack zones, prompting plans for another drill program later in 2025.

Key Details

• Well Program: Three horizontal wells drilled on the Elizabeth Metis settlement lands in northeastern Alberta.
• Drilling Timeline: Wells drilled in June and July 2025; brought on production on August 15, 2025.
• Production Performance:
  • Internal forecast peak rate: ~110 barrels per day (bbl/d) per well.
  • Actual performance: All three wells produced above forecasted rates 30 days after on-stream.
  • Recent Average: ~468 bbl/d aggregate total production over the last seven days.
  • Management Expectation: Current rates are representative of stabilized rates.
• Corporate Production: Total current corporate production is 740 boe/d (barrels of oil equivalent per day), combining southern assets (Killam/Richdale) and northern assets (Beaverdam).
• Stratigraphic Findings: A stratigraphic test drilled during the summer program showed potential in other Mannville stack zones not previously included in the company's inventory.
• Future Plans: Management is evaluating the impact of these results on drilling location counts and is planning another drill program at Beaverdam later in 2025.

Notable Quotes

• Dan Brown, CEO: "We are very happy with the initial results from the new wells, as all three zones are producing extremely well. We are pleased to have significantly exceeded our internal forecasted rates on these wells, and we are evaluating how these successful results may affect our drilling location count. We are currently planning another drill program at Beaverdam later this year to continue to build on our recent success."