Wedgemount Wells Test at 840 BOE/D

Executive Summary

• Wedgemount reported combined 24‑hour well test production of 841 BOE/D, comprising ~80% light oil/condensates and 20% natural gas.
• The company plans to increase production through chemical treatments, additional workovers, and surface facility upgrades as part of its 2026 capital program focused on high‑return, quick‑payback development in the Permian Basin.
• Wedgemount is actively seeking additional financing to fund Texas field operations, cover overhead, settle payables, and implement water‑handling and surface‑facility improvements.

Key Details

• Test Period: December 2025 – February 2026 (24‑hour compliance tests for all producing wells).
• Combined Production Rate: 841 barrels of oil equivalent per day (BOE/D).
• Product Mix: ~80% light oil & condensates; ~20% natural gas.
• Capital Program Focus (2026): High‑return, quick‑payback development across four Permian Basin operating areas; emphasis on low‑cost well optimizations and rapid production uplift.
• Planned Enhancements: Chemical treatments, additional workovers, upgraded surface facilities, improved water handling to enable higher sustained rates.
• Funding Needs: Additional capital sought for Texas field operations, general & overhead expenses, accounts payable settlement, and implementation of the above capital investments.
• Cautionary Note: 24‑hour test rates are short‑term and not indicative of long‑term average production, ultimate recovery, or sustained deliverability.

Notable Quotes

“Our 2026 capital program is focused on high‑return, quick‑payout development across each of Wedgemount’s four Permian Basin operating areas.” – Mark Vanry, President and CEO

Materiality Assessment: Non-Material – Positive (operational update with forward‑looking statements but no immediate financial impact disclosed).