Wedgemount Announces Huggy Asset Update
Vancouver - Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company") is pleased to provide an update on field activity at its recently acquired Huggy Assets. Operations Update
With the return of seasonal temperatures in west-central Texas over the past two weeks, Wedgemount has resumed all field activities, including pumping, surface facility optimization, maintenance, chemical treatments and well workovers. The majority of work has been and will continue to be focused on the Echo and Novice operational areas at Huggy, where five additional wells have been brought back online.
Each of these five wells had been inactive for a significant period before the Wedgemount acquisition. Historic initial production (IP) rates for these reactivated wells ranged from 15 to 65 barrels of oil equivalent per day (boepd). Based on prior successful chemical stimulations on select of the Company's Willowbend leases, management expects that, following workovers and chemical treatments, well performance for these reactivated wells should meet or even exceed the original IP rates.
Wedgemount has over 100 wells yet to undergo chemical stimulation, presenting a significant production upside for the Company over the next two years.
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 continued focus on field work at Echo and Novice; management expectation that, following workovers and chemical treatments, well performance for these reactivated wells should meet or even exceed the original IP rates; and with 100 wells yet to undergo chemical stimulation, significant production upside for the Company may be achieved over the next two years. 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.
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