Wedgemount Announces Corporate Update

Rhea-AI Summary

Wedgemount Resources (CSE: WDGY) (OTCQB: WDGRF) has provided an operational and corporate update. The company temporarily suspended oil production and processing operations due to extreme cold weather conditions to protect its wells and facilities. Production has now resumed with the return of seasonal temperatures.

Following the completion of surface facility and compliance work related to the Huggy acquisition, Wedgemount plans to focus on production growth and optimization through chemical treatments and well workovers to enhance efficiency and output.

The company has filed its delayed annual financial statements for the year ended July 31, 2024, along with related documentation and oil and gas filings. Additionally, it submitted interim financial statements for the three months ended October 31, 2024. Consequently, the British Columbia Securities Commission has revoked the company's Management Cease Trade Order on January 28, 2025.

Positive

• Resolution of Management Cease Trade Order through filing of required financial statements
• Resumption of oil production following weather-related shutdown
• Completion of Huggy acquisition surface facility and compliance work

Negative

• Recent production disruption due to extreme weather conditions
• Delayed filing of annual financial statements

Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company") is pleased to provide an update on its operations and corporate activities.

Operations Update

Due to extreme cold weather conditions over the past few weeks, Wedgemount proactively shut-in oil production and processing to protect its wells and facilities from potential damage. In light of the return of more seasonal temperatures this week, the Company has resumed production and is once again selling oil.

With the majority of surface facility and compliance work related to the recent Huggy acquisition now complete, the Company will focus on production growth and optimization for the remainder of the year. Efforts will include continued chemical treatments and well workovers to enhance efficiency and output.

Corporate Update

On January 27, 2025, Wedgemount filed both its delayed annual financial statements for the year ended July 31, 2024, the related management discussion and analysis, certifications of the chief executive officer (the CEO) and the chief financial officer (the CFO), and the annual oil and gas filings required under Part 2 of National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities for the year ended July 31, 2024 (collectively, the annual filings) as well as its interim financial statement for the three-months ended October 31, 2024, the related management discussion and analysis, and certifications of the CEO and CFO. As a result, the British Columbia Securities Commission (BCSC) issued a revocation of the Company's Management Cease Trade Order (MCTO) on January 28, 2025.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior oil & gas company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in the southern USA.

On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.

Mark Vanry, President and CEO

For more information, please contact the Company at:
Telephone: (604) 343-4743
info@wedgemountresources.com
www.wedgemountresources.com

Reader Advisory

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward-Looking statements made in this news release include the focus on production optimization for the remainder of the year including chemical treatments and well workovers to enhance efficiency and output. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration or development programs, successes of the Company's exploration efforts, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238808

FAQ

When did Wedgemount Resources (WDGRF) resume oil production after the weather-related shutdown?

Wedgemount Resources resumed oil production in the week of January 29, 2025, following the return of seasonal temperatures after a shutdown due to extreme cold weather conditions.

What is Wedgemount Resources' (WDGRF) operational focus for 2025?

Following the Huggy acquisition completion, Wedgemount's focus is on production growth and optimization through chemical treatments and well workovers to enhance efficiency and output.

When was Wedgemount's (WDGRF) Management Cease Trade Order revoked?

The British Columbia Securities Commission revoked Wedgemount's Management Cease Trade Order on January 28, 2025, after the company filed its required financial statements and documentation.

What financial statements did Wedgemount Resources (WDGRF) file in January 2025?

Wedgemount filed its annual financial statements for the year ended July 31, 2024, and interim financial statements for the three months ended October 31, 2024, along with related management discussions and certifications.