Wedgemount Announces Operations Update
Rhea-AI Summary
Wedgemount Resources (CSE: WDGY, OTCQB: WDGRF) provided an operations update for its West Central Texas oil and gas operations. For the Huggy Acquisition, the company completed natural gas transmission flow line repairs, reclassified certain gas wells as oil wells following successful chemical treatments, and completed compliance work with the RRC. Chemical treatments for wells, formations, and surface facilities have begun and will continue through 2025.
Regarding Pre-Huggy Assets, stimulated wells showed no production declines when combined with monthly maintenance chemical treatments. The Davis lease wells are producing above historic IPs and over 20 bbls/day in Q1 2025. The company's 2024 FYE audit is expected to be completed by January 15, 2025, with the delay attributed to onboarding a new reserve auditor.
Positive
- Successful chemical treatments led to oil production in previously classified gas wells
- No production declines observed in stimulated wells
- Davis lease wells producing above historic levels at >20bbls/day in Q1 2025
- Sustained increase in liquids production from chemical stimulation work
Negative
- Delay in filing National Instrument 51-101 Part 2
- Required repairs and replacements needed for gas transmission flow lines
Vancouver, British Columbia--(Newsfile Corp. - December 18, 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.
Huggy Acquisition Update
- All natural gas transmission flow lines have been repaired and replaced where necessary in order to facilitate gas sales to third party purchasers
- Certain gas wells have been re-classified as oil wells with the RRC as successful chemical treatments caried out by the Company proved oil production
- Needed compliance work has been completed with the RRC including testing
- Well, formation and surface facility chemical treatments have commenced and will continue throughout 2025
- Management anticipates continued production improvements and reserve recovery
Pre-Huggy Assets
- No production declines observed to date on stimulated wells when combined with small monthly maintenance chemical treatments
- Sustained increase in liquids production from all chemical stimulation work to date
- Fully optimized Davis lease wells (Willowbend property) producing above historic IPs throughout fiscal year 2024, and >20bbls/day in Q1 2025
- 2025 focus will be continuing maintenance chemical treatments across all leases
2024 FYE Audit Update
- The Company announced on November 29, 2024 that it would be late in fling Part 2 of National Instrument 51-101. The reason for the delay was the late completion of the July 31, 2024 reserve report due in part to the engagement and onboarding of a new reserve auditor in fiscal 2024. Wedgemount anticipates the audit to be completed and filed by approximately January 15, 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: commencement of sales, facilitation of gas sales, blending of condensate with oil, continued chemical treatments in 2025 and improved production and reserve recovery at Huggy; 2025 focus on chemical treatments for Pre-Huggy assets; and anticipated filing of NI 51-101 and FY24 audit related documents. 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/234266
FAQ
What operational improvements has WDGRF made to its Huggy Acquisition assets in Texas?
How are WDGRF's Pre-Huggy assets performing in 2024-2025?
When will WDGRF complete its 2024 fiscal year-end audit?
What is WDGRF's chemical treatment strategy for 2025?
