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 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.