Westgate drops Moonshine acquisition, extends debenture

Mr. Dan Brown reports WESTGATE ENERGY PROVIDES ACQUISITION UPDATE Westgate Energy Inc. is providing an update on the previously announced acquisition of assets in east-central Alberta from a private oil and gas company. Acquisition update The company has not obtained certain third party approvals and consents required to close the Moonshine acquisition. Accordingly, the company has notified the vendor that it was unable to obtain such third party approvals and consents, and the parties have mutually agreed to terminate the Moonshine acquisition. The vendor has returned the company's $700,000 deposit, including all interest earned thereon. In connection with the termination of the Moonshine acquisition, the company and Art Agolli, a director of the company, have agreed, subject to TSX Venture Exchange approval, to amend the convertible unsecured subordinated debenture of the company, previously announced in the company's press release dated March 10, 2025, to extend the maturity date of the convertible debenture to Feb. 27, 2026, and to remove the requirement for the company to use the deposit to satisfy the outstanding principal amount of the convertible debenture. All other terms and conditions of the convertible debenture remain unchanged. Operational update The three wells brought on following the company's previously announced three-well Beaverdam asset drilling program all continue to produce oil at rates management is pleased with. The company expects to provide a fulsome report on the new wells in the coming weeks following their first 30 days of production. About Westgate Energy Inc. Westgate is focused on the emerging Mannville stack fairway located in northeastern Alberta and west-central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil, which is being unlocked through the application of innovative drilling techniques that utilize various styles of horizontal drilling. Applying these horizontal drilling techniques has yielded some of the strongest oil well economics across Western Canada. We seek Safe Harbor.