Wedgemount Announces Operations Update

Wedgemount Announces Operations Update

Wedgemount Announces New Chief Financial Officer

Wedgemount Announces New Chief Financial Officer

Wedgemount Resources Closes Permian Basin Asset Acquisition

Wedgemount Resources Closes Permian Basin Asset Acquisition

Vancouver, BC – November 1, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)  (“Wedgemount” or the “Company”), announces that it has closed its recently disclosed (refer to press release dated August 23, 2023) TCS light oil acquisition (the “Assets”) located in the Permian Basin of west central Texas, USA. 

The Company completed a payment to the arm’s length vendor (the “Seller”)of US$50,000 and signed a US$600,000 vendor take back loan (“VTB”) for a 100% working interest in the Assets subject to a 20% underlying royalty. The VTB will mature on November 1, 2025, and will pay interest at an annual rate of 10%. The Seller has relinquished operator’s status and has transferred title of the nine oil and gas leases in addition to all surface facilities to Wedgemount’s subsidiary, Wedgemount Texas Corp. (“WTC”).

Wedgemount plans to commence field optimizations on the newly acquired Assets starting in late November.  Work will include chemical treatments, well workovers and surface facility improvements with the goal of increasing both production and overall recoveries similar to previous work done on the Company’s Willowbend and Millican leases.

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 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 Announces Warrant Exercise & Increased Cash Balance

Wedgemount Announces Warrant Exercise & Increased Cash Balance

Vancouver, BC – September 27, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)
(“Wedgemount” or the “Company”), announces that a total of 12,616,000 common share purchase
warrants (the “Warrants”) with an exercise price of C$0.10 were exercised prior to expiry on September
21, 2023. The exercises resulted in gross proceeds of C$1,261,600. Wedgemount’s current cash balance
has increased to approximately C$1.2 million. Post the exercise of the Warrants, the company has a total of 52,187,935 common shares issued and outstanding.


Wedgemount’s excess working capital combined with cash flows from operations is intended to be
utilized to further grow its production base. In particular, management plans to invest capital to
optimize Wedgemount’s current producing wells and to purchase additional assets in the Company’s
core central Texas operating area.


About Wedgemount Resources Corp.
Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, development and exploitation of oil and gas leases in Texas, 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 and the Transaction.
The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”
and similar expressions, as they relate to the Project, the Company, or its management, are intended to
identify such forward-looking statements. Forward looking statements made in this news release include
the Company’s plans for a next phase of field work at the projects and anticipated results therefrom.
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

programs, successes of the Company’s exploration programs, 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 Resources to Acquire Additional Central Texas Oil and Gas Assets 

Wedgemount Resources to Acquire Additional Central Texas Oil and Gas Assets 

Vancouver, BC – August 23, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) 

(“Wedgemount” or the “Company”), is pleased to announce that it has entered into a Purchase and Sale  Agreement (“PSA”) for the acquisition of additional oil and gas assets (the “Assets”) located in the  Permian Basin of west central Texas. The PSA is with an arm’s length private company (the “Seller”) located in Texas, USA.  

Highlights:                                 

  • 1200 acres including 9 oil and gas leases adjacent to Wedgemount’s core area
  • 8 producing and one injector well currently producing 27 barrels of oil per day 
  • Total consideration of US$650,000 comprised of US$50,000 cash and a US$600,000 vendor take back loan (“VTB”)
  • Non-dilutive to WDGY shareholders as purchase will be financed with cash on hand and VTB loan
  • Minimal capital required to significantly increase current production
  • Multiple up-hole shallow targets on acreage for potential future growth
  • Opportunity to add additional assets in immediate area

Wedgemount will acquire a 100% working interest in 1200 acres including nine oil and gas leases, eight producing and one injector well and all surface facilities. Current production from the eight wells is approximately 27 barrels of oil per day of high quality, low-decline operated production.  The area’s geology consists of numerous hydrocarbon producing formations which will be targeted by the Company. 

“We’re excited to announce Wedgemount’s third Permian Basin light oil acquisition in our new core area in central Texas” stated Mark Vanry, CEO of Wedgemount.  “We believe the new assets offer the same low-cost production upside exhibited by our existing assets.  Further, the deal demonstrates the Company’s ability to source and execute on low-cost conventional oil acquisitions in central Texas. Field work including chemical treatments and well-workovers are expected to commence immediately upon closing.  Additional upside potential includes new zone perfs, and additional wells targeting undeveloped zones.”

Terms of the Purchase

In consideration for the purchase of the Assets, Wedgemount will pay the Seller US$50,000 in cash from the balance sheet and a 10%, 24-month take back loan of US$600,000.  Wedgemount expects to close the proposed transaction as outlined in the PSA on or before October 31, 2023.

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 US.

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 on the Assets, and potential additional acquisition opportunities in the area of the Assets. 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 Resources Announces Closing of Private Placement and Provides Corporate Update

Wedgemount Resources Announces Closing of Private Placement and Provides Corporate Update

Vancouver, BC – July 20, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)  (“Wedgemount” or the “Company”), is pleased to provide shareholders with a corporate update summarizing the past several months of activity since the company commenced oil and gas operations in the Permian Basin of west-central Texas.  

Since late December 2022, Wedgemount has raised over $3,000,000 in equity funding through a combination of private placements and warrant conversions, including the exercise of 11,611,000 warrants at a strike price of $0.10. Current cash on hand is approximately $1 million.

The Company’s Texas based subsidiary, Wedgemount Texas Corp. (“WTC”) completed the purchase of the Willowbend and Millican producing conventional light oil assets at the end of March, 2023.  Prior to Wedgemount taking control of the assets, their total combined oil and gas production was approximately 30 boepd.  As of July 14, 2023 total combined production at Willowbend and Millican was at a record high of 177boepd.  Production growth has been achieved through use of proprietary chemical treatments, well-workovers and optimization of surface facilities. WTC is optimistic further production growth in the existing conventional producing wells is achievable as our technical team gains further experience with the assets.

In addition to growth through optimization of existing wells, WTC now has a multitude of future drilling locations with targets in a variety of producing hydrocarbon zones at Willowbend and Millican.

The Company continues to evaluate further acquisition opportunities in our core focus area and is optimistic that additional assets will be added to the portfolio in the coming months.  The Company intends to finance future acquisitions through existing working capital and operating cash flows.

Closing Of Private Placement

Wedgemount also announces it has closed the non-brokered private placement announced July 11, 2023, by issuing 589,118 units (each a “Unit”) at CAD$0.17 per Unit for gross proceeds of CAD$100,150 (the “Offering”). Each Unit entitled the holder to receive one (1) common share in the capital of the Company (each a “Common Share“) and one (1) transferable Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire one (1) Common Share at CAD$0.30 until July 19, 2025, subject to an accelerated expiry provision, whereby in the event the closing price of the Company’s Common Shares on the Canadian Securities Exchange (the “Exchange”) exceeds CAD$0.60 for a period of 20 consecutive trading days, at the Company’s election, the period within which the Warrants are exercisable, will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides notice, any outstanding Warrants not exercised during the 30 day period will expire. The Company intends to use the net proceeds from the Offering for general working capital purposes. All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring November 20, 2023, in accordance with the rules and policies of the Canadian Securities Exchange and applicable Canadian securities laws.

The Company further announces that, pursuant to its 15% rolling equity compensation plan, it has approved the grant of 400,000 restricted share units (“RSUs”) to certain officers and consultants (the “Equity Grant”). The RSUs will vest and convert into cash, Common Shares, or any combination thereof, for no additional consideration, in tranches. Any Common Shares issued pursuant to the Equity Grant, are subject to a hold period expiring November 21, 2023, unless written approval to issue the Common Shares without the hold period is obtained from the Exchange.

 

 

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 and the Transaction. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Project, the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the Company’s plans for a next phase of field work at the projects  and anticipated results therefrom. 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 programs,  successes of the Company’s exploration programs, 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 Announces Five-Fold Increase in Daily Production

Wedgemount Announces Five-Fold Increase in Daily Production

 

Vancouver, BC – April 25, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)  (“Wedgemount” or the “Company”), is pleased to announce updated production results from the Company’s Willowbend project and  newly acquired Millican light oil project,  both located in the Permian Basin of Central Texas (the “Projects”).

As of April 24, 2023, the Company’s total field production had increased to 153 boepd.  This represents a five-fold increase since the Willowbend and Millican assets were acquired by Wedgemount’s subsidiary, Wedgemount Texas Corp (“WTC”) during Q1 2023. A total of 16 wells are now producing in the Company’s core Runnels County operating area.

Recent field optimization work carried out during the first week of April 2023 included chemical treatments targeting both well and formation cleanouts in a total of 15 wells.  The proprietary treatments developed by WTC’s partner, Petrosaurus Inc. are designed to breakdown paraffins and asphaltenes which inhibit well productivity. The next phase of fieldwork will include well workovers and surface optimizations in early May which the Company anticipates will further boost daily production.

“Early production results from our Runnels County projects continue to track in line with corporate expectations”, commented Mark Vanry, President and CEO of Wedgemount.  “In particular, we’re encouraged by the initial results from our newly acquired, low cost Millican purchase.  To date WTC has organically grown production at US$2,450 per flowing barrel which is a fraction of where Permian light oil assets are valued in the secondary market.”

All fieldwork continues to be under the direction of Wedgemount’s San Antonio based partner, Petrosaurus Inc.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, discovery and advancement 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 and the Transaction. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Projects, the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the Company’s plans for a next phase of field work at the Projects and anticipated results therefrom. 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 programs,  successes of the Company’s exploration programs, 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 Resources Announces Closing of Willowbend Permian Basin Asset Acquisition

Wedgemount Resources Announces Closing of Willowbend Permian Basin Asset Acquisition

 

Vancouver, BC – April 3, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) (“Wedgemount” or the “Company”), is pleased to announce that it has closed its acquisition of certain West Texas, Permian Basin, oil and gas production assets know as the Willowbend assets (the “Assets”) (announced October 27, 2022 and December 19, 2022). Having completed payments totalling US$1,500,000, Wedgemount, through its wholly owned Texas subsidiary Wedgemount Texas Corp. (“WTC”), has assumed a 100% working interest, operatorship and title to the Assets, subject to underlying royalties averaging 19%. WTC will be credited with an amount equal to the net oil and gas revenue from the Assets, for the period commencing January 1, 2023 through March 31, 2023, the date of closing of the acquisition (the “Interim Period”), such amount will be reconciled via a settlement statement rendered within 60-days of closing, on or before May 30, 2023. During the Interim Period, the vendor of the Assets conducted operations at the direction of WTC and WTC remained responsible for property as well as oil and gas production taxes.

Loan

The Company also announces that it has entered into a loan agreement (the “Agreement”) pursuant to which it was loaned CAD$450,000, bearing interest at a rate of fifteen percent (15%) per annum, payable by the Company monthly on the last business day of every month for the first twenty-two (22) months from the date of initial advance, with the first payment commencing on June 30, 2023, and thereafter at the rate of eighteen percent (18%) per annum (the “Loan”). The Company will make payments on account of principal on the Loan commencing June 30, 2023 at the rate of CAD$20,000 per month plus an amount equal to 25% of net cash flows over USD$200,000. The Loan will mature, and all outstanding principal shall become due and payable, on February 28, 2025. The Company may repay the Loan at any time on 10- days’ notice without penalty. The Company intends to repay the Loan with cash received from cash flows. The Loan is guaranteed by WTC and a general security interest over the assets of WTC.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, discovery and advancement 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. 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 on the Assets, and potential additional acquisition opportunities in the area of the Assets and the proposed use of the proceeds of the Offering. 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,

Wedgemount Resources Closes Permian Basin Asset Acquisition and Financing

Wedgemount Resources Closes Permian Basin Asset Acquisition and Financing 

 

 

Vancouver, BC – March 28, 2023 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF)  (“Wedgemount” or the “Company”), announces that it has closed its recently announced Millican light oil (the “Assets”)acquisition (see press release dated March 21, 2023) located in the Permian Basin of west central Texas, USA. 

The Company completed a payment to the arm’s length vendorof USD$160,000 for a 100% working interest in the Assets, subject to a 19% underlying royalty. The vendor has relinquished operator status and has transferred title of the four oil and gas leases and all surface facilities to Wedgemount’s subsidiary, Wedgemount Texas Corp.

Financing

The Company also announces it has closed the first tranche of a non-brokered private placement by issuing 3,580,557 units (each a “Unit”) at CAD$0.17 per Unit for gross proceeds of CAD$608,695 (the “Offering”). Each Unit entitled the holder to receive one (1) common share in the capital of the Company (each a “Common Share“) and one (1) transferable Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire one (1) Common Share at CAD$0.30 until March 24, 2025, subject to an accelerated expiry provision, whereby in the event the closing price of the Company’s Common Shares on the Canadian Securities Exchange (the “Exchange”) exceeds CAD$0.60 for a period of 20 consecutive trading days, at the Company’s election, the period within which the Warrants are exercisable, will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides notice, any outstanding Warrants not exercised during the 30 day period will expire (the “Accelerated Expiry Provision”).             

In connection with the Offering, the Company paid finder’s fees of CAD$24,903, equal to 7% of the total proceeds raised by eligible finders, and issued 146,487 finder warrants (each, a “Finder Warrant”), equal to 7% of the number of Units sold by eligible finders. The Finder Warrants are exercisable at $0.30 until March 24, 2025, subject to the Accelerated Expiry Provision.

The Company intends to use the net proceeds from the Offering for general working capital purposes and for the acquisition of the Assets.

All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring July 25, 2023, in accordance with the rules and policies of the Canadian Securities Exchange and applicable Canadian securities laws.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, discovery and advancement 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. 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 on the Assets, and potential additional acquisition opportunities in the area of the Assets and the proposed use of the proceeds of the Offering. 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,

Wedgemount Resources to Acquire Additional Texas Permian Basin Oil and Gas Assets

Wedgemount Resources to Acquire Additional Texas Permian Basin Oil and Gas Assets

Vancouver, BC – March 21, 2022 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) (“Wedgemount” or the “Company”), is pleased to announce that it has entered into a Purchase and Sale Agreement (“PSA”) for the acquisition of additional oil and gas assets (the “Assets”) located in the prolific Permian Basin of west central Texas. The PSA is with an arm’s length private company (the “Seller”) located in Texas, USA.
 
Highlights:
  • 2000 acres including 7 oil leases adjacent to current central Texas Permian Basin core area
  • 8 producing wells and all surface facilities included in purchase price
  • Upon closing existing wells will be optimized using chemical treatments and workovers
  • Minimal capital requirements to significantly increase current production
  • Stable low decline production base (42 API oil) with low operating costs
  • Multiple uphole shallower targets on acreage for potential future growth
  • Significant opportunity to add more assets in the immediate area

Wedgemount will acquire a 100% working interest in 2000 acres including seven leases, eight producing wells and all surface facilities. Current production from the eight wells is approximately eight barrels of oil per day of high quality, low-decline operated production. The area’s geology consists of numerous hydrocarbon producing formations which will be targeted by the Company.

“We’re excited to announce Wedgemount’s second Permian Basin light oil acquisition in our new core area south of Abilene, Texas” stated Mark Vanry, CEO of Wedgemount. “We believe the Millican Assets offer the same low-cost production upside exhibited by our Willowbend project. Further, the deal demonstrates the Company’s ability to source and execute on low-cost conventional oil acquisitions in west central Texas. Field work including chemical treatments and well-workovers are expected to commence during the first week of April. Additional upside potential includes new zone perfs, vertical and horizontal well targeting undeveloped zones.”

Terms of the Purchase

In consideration for the purchase of the Assets, Wedgemount will pay the Seller US$160,000. The Company expects to finance the acquisition through cash on hand. Wedgemount expects to close the proposed transaction as outlined in the PSA on or before March 24, 2023.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, discovery and advancement 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. 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 on the Assets, and potential additional acquisition opportunities in the area of the Assets and the proposed use of the proceeds of the Offering. 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