Wedgemount Resources Corp. provided a production update for the Company's west central Texas oil and gas operations. During February 2024, Wedgemount completed the majority of its planned `23/'24 capital expenditure programs on its Willowbend and Millican assets including chemical well stimulations and work-overs as well as surface facility improvements.

Over the most recent seven-day period, with 19 of Wedgemount's 25 total wells in operation, production reached a new high of 258 boepd. Of note, 16 of the 19 operating wells which have been treated and optimized are doing a combined 248 boepd, while the other 3 wells which have yet to be treated are doing a combined 10 boepd. Organic production growth in treated wells is over 7x since being acquired by the Company 11 months ago.

The remaining 6 wells are forecast to be online and producing during the month of March. Based on historic analogues, once restarted, wells which have undergone similar chemical treatments continue to show increased production of oil and gas until approximately 15-17 weeks post chemical stimulation. On average, Wedgemount's treated wells have been back on production for five weeks.

It's anticipated that an additional eight wells from the Company's recently completed TCS transaction will undergo similar optimization and chemical treatments.