Wedgemount Announces Initial Operations Update Post Huggy Acquisition
Vancouver, BC – November 15, 2024 – Wedgemount Resources Corp. (CSE: WDGY)(OTCQB: WDGRF) (“Wedgemount” or the “Company”), is pleased to announce details of its ongoing enhancement and remediation program for the Company’s recently acquired producing oil and gas assets (the “Huggy Asset” or “Huggy”) in west central Texas.
The Company’s Huggy Asset remediation program is designed to optimize well production through proprietary chemical treatments, well workovers and surface facility optimization. The Company has expanded field resources to two rigs and engaged multiple contractors in support of this program. Surface facility optimization includes extensive infrastructure upgrades and miles of pipe replacement to accommodate increased production levels.
The Company is using a powerful well-stimulation treatment provided by Valkyrie Specialty Corp. (“VSC”), the Company’s San Antonio-based upstream oil and gas chemical solutions provider. VSC’s eco-friendly, multi-modal treatment is a 100% non-toxic and non-caustic antimicrobial agent, corrosion inhibitor, cationic surfactant, emulsifier and cleaner that maximizes reservoir volume stimulation for a more productive and profitable well.
Wedgemount currently has 136 conventional vertical production wells in inventory including 119 at Huggy. It’s anticipated that approximately one-half of the wells at Huggy will undergo well-stimulation treatments over the coming 12 months.
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
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.