CALGARY, AB, Aug. 30, 2024 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") WGT, is pleased to announce the filing of its unaudited financial and operating results for the three and six months ended June 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 six months ended June 30, 2024 and 2023, which are available on SEDAR+ at www.sedarplus.ca and on Westgate's website at www.westgateenergy.ca.

Q2 2024 ("Q2/24") Financial and Operational Highlights

Quarterly Production Growth – Achieved average daily production of 193 boe/d during Q2/24, exceeding Q1/24 by more than 8%.

– Achieved average daily production of 193 boe/d during Q2/24, exceeding Q1/24 by more than 8%. Increasing Operating Netback (1) – Improved the operating netback to $22.14 /boe, driven by a lower operating expense of $18.18 /boe versus a Q1/24 operating expense of $23.60 /boe.

– Improved the operating netback to /boe, driven by a lower operating expense of /boe versus a Q1/24 operating expense of /boe. Completed Go-Public Transaction – Closed the Company's go-public transaction on May 23, 2024 , which is intended to provide broader access to capital and facilitate Westgate's ability to complete M&A transactions.

– Closed the Company's go-public transaction on , which is intended to provide broader access to capital and facilitate Westgate's ability to complete M&A transactions. Raised Over $7.0 million of Equity Financing – Proceeds from additional equity financing fully fund the 2024 drilling budget and ensure a strong, debt free balance sheet.

– Proceeds from additional equity financing fully fund the 2024 drilling budget and ensure a strong, debt free balance sheet. Significantly Higher Realized Oil Pricing – The Company improved its realized oil price at the wellhead during Q2/24 due to optimizing the marketing of Killam's 29o API oil.

Q2/24 Financial & Operating Results Summary

($'s, unless otherwise stated)

Q2-2024 Q1-2024 Q4-2024 Q3-2023 Production

Oil bbl/d 86 88 33 36 Natural gas mcf/d 618 511 437 510 NGLs bbl/d 4 5 4 5 Total boe/d(6:1) 193 178 110 126 Revenue:

Crude oil

713,611 615,264 272,172 322,601 Natural gas

43,904 85,644 81,264 106,044 NGLs

33,642 29,880 25,844 31,636 Petroleum, natural gas and NGL sales

791,157 730,788 379,280 460,281 Processing revenue

3,789 364 13,404 - Total Revenue(1)

794,946 731,152 392,686 460,281 Royalties

(87,026) (71,888) (66,866) (60,554) Operating expenses

(319,159) (382,668) (345,366) (281,235) Operating Income (loss)(1)

388,761 276,596 (19,548) 118,492 Expenditures on property and equipment (326,374) (593,204) (2,466,978) (93,800) Acquisition of property and equipment - - (11,683) - REALIZED PRICES(2)

Crude oil $/bbl 91.68 76.54 89.36 97.91 Natural gas $/mcf 0.78 1.84 2.02 2.26 NGLs $/bbl 83.17 68.81 66.31 70.29 Realized Prices $/boe 45.06 45.06 37.43 39.82 Processing revenue $/boe 0.22 0.02 1.32 - Royalties $/boe (4.96) (4.43) (6.60) (5.24) Royalties as a percentage of revenue(2) % 11 % 10 % 18 % 13 % Operating expenses $/boe (18.18) (23.60) (34.08) (24.33) Operating Netback(1) $/boe 22.14 17.05 (1.93) 10.25 (1) Non-GAAP financial measure. Refer to the "Non-GAAP Measures" section within this MD&A for additional information on non-GAAP financial measures. (2) Supplementary financial measure, Refer to the "Supplementary Measures" section within this MD&A for additional information.

Operations Update

As previously communicated, the Company drilled two horizontal multi-lateral oil wells in July. These wells are now both on production and recovering load fluid. The Company expects to be in a position to provide a production update by the end of September.

Westgate's Differentiated Strategy

For more information, please visit www.westgateenergy.ca.

In this press release, all references to "$" are to Canadian dollars.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Westgate Energy Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/30/c3964.html

• Read More