WESTGATE ENERGY ANNOUNCES Q3 2024 FINANCIAL RESULTS

CALGARY, AB, Nov. 26, 2024 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), is pleased to announce the filing of its unaudited financial and operating results for the three and nine months ended September 30, 2024. Selected financial and operating information should be read in conjunction with Westgate's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2024 and 2023, which are available on SEDAR+ at www.sedarplus.ca and on Westgate's website at www.westgateenergy.ca.

Financial & Operating Results Summary

			Three Months Ended September 30,			Nine Months Ended September 30,
($'s, unless otherwise stated)			2024	2023	2024		2023
Production:
Oil	bbl/d		97	36	90		18
Natural gas	mcf/d		661	510	597		422
NGLs	bbl/d		7	5	5		5
Total	boe(6:1)		213	126	195		92
Revenue:
Crude Oil			746,176	322,601	2,075,051		439,337
Natural Gas			14,476	106,044	144,024		275,372
NGLs			33,750	31,636	97,272		92,455
Petroleum, natural gas and NGL sales			794,402	460,281	2,316,347		807,164
Processing income			3,783	-	7,936		-
Total Revenue(2)			798,185	460,281	2,324,283		807,164
Royalties			(98,551)	(60,554)	(257,465)		(109,261)
Operating expenses			(363,264)	(281,235)	(1,065,091)		(536,842)
Operating Income (loss)(1)			336,370	118,492	1,001,727		161,061
Expenditures on exploration and evaluation			250,080	-	250,080		-
Expenditures on property and equipment			3,413,834	93,800	4,333,412		93,800
Acquisition of property and equipment			-	-	-		1,526,114
REALIZED PRICES(2)
Crude oil	$/bbl		83.85	97.91	83.94		77.17
Natural gas	$/mcf		0.24	2.26	0.88		2.38
NGLs	$/bbl		56.18	70.29	67.62		65.81
Realized Price(2)	$/boe		40.47	39.82	43.37		31.68
Processing revenue	$/boe		0.19	-	0.15		-
Royalties	$/boe		(5.02)	(5.24)	(4.82)		(4.29)
Royalties as a percentage of revenue(2)	%		12 %	13 %	11 %		14 %
Operating expenses	$/boe		(18.50)	(24.33)	(19.94)		(21.07)
Operating Netback(1)	$/boe		17.14	10.25	18.76		6.32
(1) Non-GAAP financial measure. Refer to the "Non-GAAP Measures" section within the MD&A for additional information. (2) Supplementary financial measure. Refer to the "Supplementary Measures" section within the MD&A for additional information on supplementary financial measures..

Q3 2024 ("Q3/24") Highlights

•  Quarterly Production Growth – Achieved average daily production of 213 boe/d during Q3/24, exceeding Q2/24 by 10%.
•  Operating Netback⁽¹⁾ – Maintained an improved operating netback of $17.14/boe, driven by a lower operating expense of $18.50/boe.
• Successful Summer Drilling Program – Drilled two horizontal multilateral wells at core Killam property, both of which came on production in August and achieved peak production in October.
• New Peak Corporate Production – Subsequent to the end of Q3/24, October production averaged 290 boe/d

Forward Planning at New Core Area

As previously announced, Westgate has acquired new lands in the Cold Lake Oil Sands area of Northern Alberta. Six sections (1,536 hectares) of mineral rights were acquired from the Crown and are prospective for multilateral horizontal drilling in the Mannville Stack. Q4 2024 is being spent on designing and planning a drilling program for these new lands which is expected to commence in Q1 2025. An updated 2025 capital budget will be provided in early 2025

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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