WESTGATE ENERGY PROVIDES OPERATIONAL UPDATE

Executive Summary

• Westgate Energy completed its fall 2025 drilling program at the Beaverdam asset, finishing three horizontal wells in an average of 6.7 days per well at a cost of $1.06 MM each – a 25% cost reduction versus the prior program.
• All three horizontal wells intersected their target Mannville Stack horizons and showed oil indications; completion work is underway with expected first‑production dates in mid‑December 2025.
• Management highlighted that the stratigraphic test wells improve geological mapping and will inform the 2026 drilling plan, emphasizing disciplined capital allocation and operational efficiency.

Key Details

• Program Scope: 2 vertical stratigraphic test wells + 3 horizontal production wells targeting two Mannville Stack horizons.
• Drilling Efficiency: Average of 6.7 days per horizontal well; 4‑day reduction per well compared with the previous three‑well program.
• Cost Efficiency: Average drilling cost of $1.06 MM per horizontal well, representing a 25% cost decrease versus the prior program.
• Well Results: All three horizontals encountered target zones and displayed oil shows; no quantitative production data disclosed.
• Current Status: Downhole completions and facility construction in progress; on‑stream date targeted for mid‑December 2025 for all three wells.
• Management Commentary: Emphasized the value of high‑resolution geological data from the test wells for optimizing the 2026 drilling program and reaffirmed commitment to disciplined capital allocation.

Notable Quotes

“We are very pleased with the strong results delivered by our second three‑well program at Beaverdam… the fall 2025 program was executed under budget, reinforcing our commitment to disciplined capital allocation.” – Management, Westgate Energy Inc.