Westgate to begin follow-up drilling at Beaverdam

Executive Summary

• Westgate Energy announces a five‑well Q4 2025 drilling program on the Beaverdam asset, with three horizontal production wells slated to start production by Dec. 20 2025 and two vertical stratigraphic test wells to delineate additional Mannville Stack horizons.
• The three summer‑program wells are already producing >500 bbl/d (average aggregate) – above management expectations – and the company forecasts corporate production >1,000 boe/d once the Q4 program is fully online in early 2026.
• Westgate has engaged Insight Capital Partners for capital‑market consulting ($3,500/mo) and ICP Securities for market‑making services ($7,500/mo), each on renewable term agreements.

Key Details

• Drilling Schedule: Commence ~Oct 15 2025; 30‑day program; horizontal wells on production by ~Dec 20 2025; peak production expected within two months of start‑up.
• Well Count & Types: 5 total – 3 horizontals from a single pad (production), 2 vertical stratigraphic test wells from temporary surface locations.
• Production Performance (Summer Program): Average aggregate output >500 bbl/d over the past seven days across three wells.
• Corporate Production Outlook: Forecast >1,000 boe/d after Q4 wells “clean up” in mid‑ to late Jan 2026.
• Shareholder Update Timeline: Results of Q4 program to be communicated before end of Jan 2026.
• Updated Corporate Presentation: Available on Westgate’s website; includes current financial and operational outlook.
• Consulting Agreement (Insight Capital Partners): 24‑month term, minimum 4‑month commitment, $3,500 monthly fee plus taxes; can be terminated with 30‑day notice by either party.
• Market‑Making Agreement (ICP Securities): Initial 4‑month term, auto‑renewal for one‑month periods, $7,500 monthly fee plus taxes; subject to TSX V exchange policies; no performance‑based compensation or equity interest.
• Purpose of Market‑Making: Correct temporary supply/demand imbalances; ICP bears its own transaction costs; no third‑party funding involved.

Notable Quotes

(No direct quotes were provided in the release.)