Welcome to our dedicated page for WEDGEMOUNT RES news (Ticker: WDGRF), a resource for investors and traders seeking the latest updates and insights on WEDGEMOUNT RES stock.
Wedgemount Resources Corp. (WDGRF) is a junior oil and gas company that reports on its efforts to acquire, develop and exploit natural resource projects in the southern USA. Its news releases provide insight into both field operations and corporate developments, giving investors and observers a view into how the company manages its oil and gas assets.
Recent operations updates have focused on west central Texas oil and gas activities, including the company’s Huggy asset and operating areas such as Echo and Novice. Wedgemount has reported work on optimizing wells and surface facilities, conducting remediation and enhancement programs, repairing and replacing natural gas transmission flow lines, and applying chemical treatments and well workovers. These updates highlight how the company is working with its inventory of conventional vertical production wells and surface infrastructure.
Corporate news has also covered regulatory and financial reporting matters. Wedgemount has issued multiple releases about a management cease trade order imposed by the British Columbia Securities Commission due to delayed annual financial statements and related oil and gas filings, followed by an update that the order was revoked after the required documents were filed. Other announcements have included the grant of stock options to acquire common shares and the signing of marketing and advisory agreements with third-party firms to enhance awareness of the company.
On this news page, readers can review these types of updates, including operations reports, regulatory and filing announcements, equity incentive grants and corporate marketing arrangements. Regularly following Wedgemount’s news can help users understand how the company is managing its oil and gas projects in the southern USA and responding to regulatory and corporate requirements.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has successfully closed the second tranche of its over-subscribed convertible debenture offering, raising $745,000. The total gross proceeds from both tranches amount to $2,450,000. Each $1,000 Debenture Unit includes convertible debentures with a 10% annual interest rate and 2,941 warrants exercisable at $0.30 until September 10, 2027.
The debentures are convertible to common shares at $0.17 per share and mature in 36 months. The company plans to use the proceeds for the Huggy assets acquisition, optimization of oil and gas assets, and working capital. Wedgemount has also engaged Canaccord Genuity as a financial advisor and entered into marketing agreements with Outside the Box Capital Inc. and Proactive Investors North America Inc. to enhance its market presence.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has successfully closed the acquisition of additional oil and gas assets in the Permian Basin of west central Texas. The Huggy Assets include a 100% working interest in 20,000 acres covering 37 oil and gas leases, with 111 producing wells, 8 injectors, and all surface facilities. Current production is approximately 72 boe/d of high-quality, low-decline operated production. The company made total cash payments of US$840,000 for the assets, adjusted from the previously announced price of US$900,000. Management anticipates targeting numerous hydrocarbon-producing formations in the area.
Mark Vanry, an investor in Wedgemount Resources Corp (WDGRF), has filed an early warning report following a significant investment in the company. On August 21, 2024, Vanry purchased 500 Debenture Units at $1,000 each, totaling $500,000. Each unit includes a $1,000 convertible debenture and 2,941 warrants. The debentures are convertible at $0.17 per share, while warrants are exercisable at $0.30 per share, both expiring on August 21, 2027.
Prior to this transaction, Vanry held approximately 16.44% of Wedgemount's shares on a partially diluted basis. After the transaction, assuming full conversion of debentures and exercise of warrants, Vanry's ownership could increase to 22.73% of the company's outstanding shares. This report is filed in compliance with National Instrument 62-103, and further details are available on SEDAR+.
Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has announced a transformational acquisition of additional Permian Basin oil and gas assets, known as the Huggy Assets. The acquisition includes 20,000+ acres with 111 vertical production and 8 injector wells, currently producing 72 boe/d. The purchase price is US$900,000, with estimated production to reach 900 boe/d within 1 year and 1600 boe/d within 2 years.
To finance the acquisition, Wedgemount is launching a CAD$2.0 million convertible debenture offering. The debentures will bear 10% interest annually and be convertible into common shares at CAD$0.17 per share. The company plans to use the proceeds for the Huggy Assets acquisition and optimization of its existing oil and gas assets.
Wedgemount Resources Corp. (CSE: WDGY, OTCQB: WDGRF) has announced the commencement of its summer 2024 field program, focusing on the recently acquired TCS assets. The program includes workovers and chemical treatments on eight vertical production wells and one injector, modeled after successful treatments on their Willowbend and Millican assets, which have shown a 7x increase in production. The program is set to run from June 16 to mid-July 2024. Additionally, the company reported a new corporate high in production at 285 boepd, with an average of 22.1 boepd per fully optimized well. Wedgemount is also exploring further growth opportunities and anticipates potential acquisitions within 2024.
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