WESTGATE ENERGY ANNOUNCES GRANT OF EQUITY INCENTIVE AWARDS

CALGARY, AB, Aug. 16, 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, today announces that the Company's Board of Directors has approved the inaugural grant of 3,600,000 incentive stock options ("Options") to certain officers, directors, employees and consultants of the Company; 1,674,000 restricted share units ("RSUs") to officers and employees of the Company; and 126,000 deferred share units ("DSUs") to directors of the Company (collectively, the "Awards"), pursuant to the terms and conditions of Westgate's Omnibus Equity Compensation Plan ("Omnibus Plan"), approved by the shareholders at the most recent annual meeting of shareholders on July 17, 2024 and subject to the policies of the TSX Venture Exchange (the "TSXV").

Prior to this inaugural grant, no Options, RSUs, PSUs, or DSUs existed. The issuance of the Awards was recommended by the Governance, Compensation and Nomination Committee (the "Committee'), with specific details of the Awards as follows:

• Options: The Options granted are exercisable into common shares of the Company ("Common Shares") at a price of $0.30 per Common Share, vest over a three-year period in increments of 33% every 12 months and have a term of five years with expiry on August 14, 2029.
  
  
• DSUs: The DSUs vest over a two-year period with 50% vesting on the 12-month anniversary and 25% vesting every six months thereafter. Each DSU entitles the holder to receive one Common Share of the Company at the time the holder ceases to be a Director of Westgate.
  
  
• RSUs: RSUs vest over a two-year period with 50% vesting on the 12-month anniversary and 25% vesting every six months thereafter.

Notwithstanding the ability of the Company to settle RSUs or DSUs in Common Shares, Westgate may, at its discretion, permit applicable participants to elect to receive an amount in cash (net of applicable withholding taxes) equal to all or a portion of the vested RSUs, PSUs or DSUs (and related Dividend Equivalents, if any) being settled by the participant, multiplied by the VWAP as at the applicable settlement date.

The Omnibus Plan's objective is to provide Westgate with a mechanism to attract, retain and motivate talent, promote share ownership of eligible individuals to align their interests with the interests of the Company's shareholders, and enable and encourage eligible individuals to participate in the long-term growth and success of the Company.

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.

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SOURCE Westgate Energy Inc.

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