Highlights:
Building a new light oil focused
Minimal capital requirements to significantly increase current production
Stable low decline production base with low operating costs
Potential to activate and optimize previously shut-in natural gas production
Identified significant secondary shallow target in unexploited channel sand formation accessible through conventional drilling
Partnered with local
Significant opportunity to add more assets in the immediate area
Wedgemount will acquire a 100% working interest in 640 acres including five leases, eleven producing wells and all surface facilities. Current production from the eleven wells totals 25 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. The acquisition exhibits the flexibility in Wedgemount's business strategy to target high quality assets in safe jurisdictions within the natural resources sector.
'This is a significant step toward Wedgemount's goal of being a sustainable natural resources company,' said
Terms of the Purchase
In consideration for the purchase of the assets, Wedgemount will pay the Seller
About
Contact:
President and CEO
Telephone: (604) 343-4743
E: info@wedgemountresources.com
WEB: www.wedgemountresources.com
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 of 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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