WESTGATE ENERGY COMMENCES TWO-WELL DRILLING PROGRAM

CALGARY, AB, July 9, 2024 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), a high-growth junior exploration and production company targeting untapped Mannville Stack medium and heavy oil resources in East-Central Alberta and West Central Saskatchewan, announces the commencement of the initial portion of its second half 2024 ("2H/24") drilling campaign. This summer program (the "Program") will consist of two horizontal multi-lateral oil wells at the Company's core Killam property in Eastern Alberta. This marks the first stage of the Company's 2H/24 drilling plans, which are aimed at significantly boosting the Company's production and reserves.

The Program's first well will feature a four-leg, open-hole horizontal design targeting the Mannville Sparky Formation. This well will directly offset the Company's last well drilled in December of 2023 and will be drilled off the same pad and feature an on-lease tie-in for solution gas. The Program's second well is planned as a six-leg, open-hole horizontal well also targeting the Mannville Sparky Formation, and will be drilled off of a new pad within Westgate's Killam Field. The new pad is designed to accommodate two additional follow-on wells, predicated on successful results from the Program's second well.

Success from the two-well Program will contribute to the Company's previously communicated average 2H/24 production range of 350 to 400 boe/d¹. The first well is anticipated to take 14 days to drill, after which the drilling rig will be moved to the second location for a subsequent 14-day drill. Completion, equipping, and tie-in of each well will follow shortly thereafter. The Company expects to provide initial production results in September 2024, after 'clean-up' or recovery of the drilling fluid from the two wells has been achieved.

Westgate's CEO, Dan Brown commented, "We are excited to initiate the two-well Program and look forward to sharing its results in the coming weeks. This marks a significant step forward in our strategy to unlock the potential of our Killam assets using advanced drilling techniques."

Note: ¹ Production split is expected to be 70% crude oil and natural gas liquids and 30% natural gas.

Westgate's Differentiated Strategy

Westgate is focused on the emerging Mannville Stack fairway located in East-Central Alberta and West Central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil which are being 'unlocked' via the application of innovative drilling techniques that utilize multi-lateral horizontal drilling. Applying these multi-lateral drilling techniques has yielded some of the strongest oil well economics across Western Canada.

The management team and board of Westgate have extensive experience building and leading successful energy companies in Canada. The collective successes of the leadership group share common characteristics: a strategy of targeting high-quality oil assets with large quantities of oil-in-place, and driving growth through successful drilling as well as strategic merger and acquisition opportunities. This proven blueprint of delivering shareholder value will be foundational to Westgate's strategy, positioning the Company as one of a select few pure-play, high-growth, publicly-traded junior oil companies focused on the Mannville Stack fairway.

For more information, please visit www.westgateenergy.ca.

Abbreviations
bbl	barrel of oil
boe	barrel of oil equivalent
boe/d	barrel of oil equivalent per day
Mcf	thousand cubic feet

Reader Advisories

In this press release, all references to "$" are to Canadian dollars.

This press release contains metrics commonly used in the oil and gas industry. These oil and gas metrics do not have any standardized meaning or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies where similar terminology is used and should therefore not be used to make comparisons. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Notice regarding forward-looking statements:

This press release includes forward-looking statements regarding Westgate and its business, which may include, but are not limited to, the commencement of the Program, the drilling and spudding of wells and timing thereof, the anticipated success of the Program, the expected 2H/24 production range, expected announcement of initial production results and timing thereof, the business and growth prospects of Westgate, and the characteristics of the Mannville Stack fairway and the unique position of Westgate in respect thereof. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. The forward-looking statements included in this press release are based on management's current expectations and assumptions, including, but not limited to, the successful drilling of the two planned wells and production therefrom, the expected time to drill, complete, equip and tie-in each of the two planned wells, the Company's ability to execute its business strategy and market conditions. Although the Company believes that the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking statements involve significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to, an increase in the time to drill the two planned wells and bring on to production, production from wells being less than anticipated, decreases in the price of oil and natural gas and changes in market conditions. Moreover, exploration, appraisal, and development of oil and natural gas reserves are speculative activities and involve a degree of risk. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Westgate Energy Inc.

For further information concerning Westgate Energy Inc., please contact: Dan Brown, Chief Executive Officer and Director, Email: [email protected]; Nick Grafton, Chief Financial Officer, Email: [email protected], Phone: [phone]