The PSA is with an arm's length private company (the 'Seller') located in
Highlights: 1200 acres including 9 oil and gas leases adjacent to Wedgemount's core area
8 producing and one injector well currently producing 27 barrels of oil per day
Total consideration of
Non-dilutive to WDGY shareholders as purchase will be financed with cash on hand and
Minimal capital required to significantly increase current production
Multiple up-hole shallow targets on acreage for potential future growth
Opportunity to add additional assets in immediate area
Wedgemount will acquire a 100% working interest in 1200 acres including nine oil and gas leases, eight producing and one injector well and all surface facilities. Current production from the eight wells is approximately 27 barrels of oil per day of high quality, low-decline operated production. The area's geology consists of numerous hydrocarbon producing formations which will be targeted by the Company.
'We're excited to announce Wedgemount's third
Terms of the Purchase
In consideration for the purchase of the Assets, Wedgemount will pay the Seller
About
Contact:
Tel: (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 on the Assets, and potential additional acquisition opportunities in the area of the Assets. 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.
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