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CSE:WDGY OTCQB: WDGRF
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Wedgemount Resources Signs Definitive Agreement to Acquire Oil and Gas Assets.

Read Full News Release Here (Dec 19, 2022)

 

Highlights of the Assets:

  • Premier location in the Permian Basin of West-Central Texas – North America’s #1 oil producing region

  • Partnered with San Antonio based turn-key oil field services operator with 20+ years track record in central Texas

  • High netback 42 API light oil with associated natural gas

  • Opportunity for low-cost optimization of producing and shut-in wells for significant organic

    production growth

  • Low decline production base with favourable operating costs

  • Multiple additional stacked shallow targets identified in unexploited oil-bearing formations accessible through conventional drilling

Wedgemount will acquire a 100% working interest in 640 acres including five leases, eleven producing wells and all surface facilities. Current production from the eleven wells is approximately 25 barrels of oil per day of high quality, low-decline, operated production. The area’s geology consists of numerous hydrocarbon producing formations which will also be targeted by the Company. The acquisition exhibits the flexibility in Wedgemount’s business strategy to target high quality assets in safe jurisdictions within the natural resources sector.

 

Terms of the Purchase

The vendor, Willowbend Investments Inc., is an arm’s length Texas company (the “Vendor”). Pursuant to the Agreement, Wedgemount will pay the Vendor aggregate cash consideration of US$1,500,000 in three installments: US$250,000 on or before December 31, 2022; US$500,000 on or before February 28, 2023; and US$750,000 on or before March 31, 2023.

 
Focused on maximizing shareholder value through the acquisition, optimization, and advancement of high quality natural resource projects in north america

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