Wedgemount Resources Corp. Announces Operations Update

18.12.2024  |  Newsfile

Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to provide an operations update for the Company's West Central Texas oil and gas operations.

Huggy Acquisition Update

• All natural gas transmission flow lines have been repaired and replaced where necessary in order to facilitate gas sales to third party purchasers
• Certain gas wells have been re-classified as oil wells with the RRC as successful chemical treatments caried out by the Company proved oil production
• Needed compliance work has been completed with the RRC including testing
• Well, formation and surface facility chemical treatments have commenced and will continue throughout 2025
• Management anticipates continued production improvements and reserve recovery

Pre-Huggy Assets

• No production declines observed to date on stimulated wells when combined with small monthly maintenance chemical treatments
• Sustained increase in liquids production from all chemical stimulation work to date
• Fully optimized Davis lease wells (Willowbend property) producing above historic IPs throughout fiscal year 2024, and >20bbls/day in Q1 2025
• 2025 focus will be continuing maintenance chemical treatments across all leases

2024 FYE Audit Update

• The Company announced on November 29, 2024 that it would be late in fling Part 2 of National Instrument 51-101. The reason for the delay was the late completion of the July 31, 2024 reserve report due in part to the engagement and onboarding of a new reserve auditor in fiscal 2024. Wedgemount anticipates the audit to be completed and filed by approximately January 15, 2025.

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

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: commencement of sales, facilitation of gas sales, blending of condensate with oil, continued chemical treatments in 2025 and improved production and reserve recovery at Huggy; 2025 focus on chemical treatments for Pre-Huggy assets; and anticipated filing of NI 51-101 and FY24 audit related documents. 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.