Wedgemount Announces Largest Production Enhancement Program to Date

Wedgemount Announces Largest Production Enhancement Program to Date

Vancouver, BC – October 17, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)  (“Wedgemount” or the “Company”), is pleased to announce  commencement of a large scale production enhancement program, including both chemical reservoir stimulations and extensive improvements to surface facilities for its central Texas oil and gas assets.

Reservoir stimulations will initially be conducted on fifteen of the Company’s operating wells, with the goal of improving production rates and enhancing overall oil recoveries. Wedgemount is optimistic that the chemical stimulation program will again materially enhance production as it has in prior treatments completed earlier this year.

In addition to reservoir stimulations, Wedgemount will invest in optimization of existing surface facilities in order to speed up post-production treatment of oil to WTI sales quality. It’s anticipated that the program will be completed prior to year-end 2023.

“We’re excited to kick off our largest ever production enhancement program”, stated Mark Vanry, President and CEO of Wedgemount.  “Based on our early results with much smaller chemical treatments we’re optimistic that the larger reservoir stimulations to be undertaken will further increase production rates and oil recovery.  Additions to our surface facilities should significantly speed up oil processing times thus enabling the Company to improve our sales and cash flow cycle.”

The Company continues to target closing of its recently announced acquisition, see press release dated August 23, 2023 (the “TCS Project”), on or before October 31, 2023. Upon closing, Wedgemount anticipates commencing chemical treatments and reservoir stimulations on each of the nine producing TCS Project wells to be acquired. 

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 anticipated completion of the acquisition and the proposed timing thereof, the anticipated benefits of the acquisition, the potential for gas production and production from additional zones as a result of the acquisition. 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.

Wedgemount Commences Initial Well Workover Program

Wedgemount Commences Initial Well Workover Program

Vancouver, BC – May 9, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) (“Wedgemount” or the “Company”), is pleased to announce the commencement of the Company’s initial Permian Basin well workover program.
 
Workovers will be completed on a minimum of six producing Willowbend and Millican wells. The goal of the program is to optimize well pump performance, post the recently completed chemical treatments to further enhance well productivity. Since the acquisition of Millican and Willowbend, the Company has raised production five-fold by completing chemical treatments and surface optimizations.
 
“We’re eagerly anticipating the results of the workover program as the majority of our recently acquired wells have been starved of maintenance capital for the majority of their operational lives”, stated Mark Vanry, President and CEO of Wedgemount. “We’re optimistic that the workovers will further increase production beyond what was achieved with recent chemical treatments.”
 
Field work is being carried out by the Company’s San Antonio, Texas based operations contractor, Petrosaurus Inc. Petrosaurus’ in-house developed chemical cleanouts combined with well workovers and new zone perforations are a key part of Wedgemounts’s initial plan to grow production from underexploited and underdeveloped light oil formations in central and south Texas.
 
About Wedgemount Resources Corp.
 
Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in North America.
 
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, fluctuations in market prices, successes of the operations of the Company, continued 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.