Wedgemount Announces Initial Operations Update Post Huggy Acquisition

Rhea-AI Summary

Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) has provided an operations update for its west central Texas oil and gas operations following the recent Huggy asset acquisition. Key highlights include:

• Total producing wells increased from 23 to 72
• Significant surface processing improvements completed in the Echo field
• Enhancement work completed on six producing wells in Echo
• One production well repaired and reactivated in Novice
• Plans to add a second workover rig and crew in October
• Goal to optimize an additional 10 wells in October

The company aims to ramp up production and sales before the US holiday season and expects to announce regular field and production updates for its operating areas including Novice, Echo, Crews, and Talpa.

Positive

• Increase in total producing wells from 23 to 72 post-acquisition
• Completion of significant surface processing improvements in Echo field
• Enhancement work on six producing wells in Echo field
• Addition of second workover rig and crew planned for October
• Plans to optimize 10 more wells in October

Negative

• Expectation of variability in the number of production wells due to ongoing work

Vancouver, British Columbia--(Newsfile Corp. - October 9, 2024) - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to provide an operations update for the Company's west central Texas oil and gas operations.

Since the closing of the Company's recently announced Huggy asset acquisition and concurrent financing, Wedgemount's operations team has commenced optimization of wells and surface facilities in both the Echo and Novice fields which make up the core of the Huggy assets. As a result, the Company now has a total of 72 wells producing up from 23 prior to the Huggy purchase. Initial work has been focused on our Echo operating unit where the Company has completed significant surface processing improvements and completed enhancement work on six producing wells. A Novice one production well has been repaired and turned back on.

In October Wedgemount plans to add a second workover rig and crew to the Echo and Novice units, which the Company anticipates running through the balance of calendar year with the goal of ramping up production and sales prior to the US holiday season. Current plans include optimizing an additional 10 wells during the month of October. For the balance of calendar 2024 the Company expects variability in the number of production wells on at any given time due to the continuing work on wells and surface infrastructure.

The Company expects to announce regular field and production updates in the coming weeks for each of the Company's operating areas including Novice, Echo, Crews and Talpa.

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. 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 Canadian Investment 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/226114

FAQ

How many wells are now producing after Wedgemount's Huggy asset acquisition?

After the Huggy asset acquisition, Wedgemount Resources Corp. (OTCQB: WDGRF) now has a total of 72 wells producing, up from 23 prior to the purchase.

What improvements has Wedgemount made to the Echo field?

Wedgemount Resources Corp. (OTCQB: WDGRF) has completed significant surface processing improvements in the Echo field and enhancement work on six producing wells.

What are Wedgemount's plans for October 2024 regarding its oil and gas operations?

In October 2024, Wedgemount Resources Corp. (OTCQB: WDGRF) plans to add a second workover rig and crew to the Echo and Novice units, and optimize an additional 10 wells.

What is Wedgemount's goal for production before the US holiday season?

Wedgemount Resources Corp. (OTCQB: WDGRF) aims to ramp up production and sales before the US holiday season through ongoing optimization work on wells and surface infrastructure.