Build new light oil focused
Minimum capital requirements to significantly increase current production
Stable low-decline production base with low operating costs
Potential for activation and optimization of previously shut down natural gas production
Shallow secondary target identified in an undeveloped channel sand formation accessible by conventional drilling
In partnership with locals
Significant opportunity to add more assets in the immediate area
Wedgemount will acquire a 100% working interest in 640 acres comprising 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 mined production. The geology of the area is made up of numerous hydrocarbon-producing formations that will be targeted by the Company. The acquisition demonstrates the flexibility of Wedgemount’s business strategy to target high quality assets in safe natural resource jurisdictions.
“This is an important step towards Wedgemount’s goal of being a sustainable natural resources company,” said
Terms of purchase
In consideration for the purchase of the assets, Wedgemount will pay the Seller
President and CEO
Phone: (604) 343-4743
This press release may contain statements that constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors or officers regarding the future business activities of the society. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and expressions similar, with respect to the Company, or its management, are intended to identify such forward-looking statements. Forward-looking statements made in this press release include the expected completion of the Acquisition and the proposed timing thereof, the anticipated benefits of the Acquisition, the potential for gas production and production from additional areas on the assets, and potential additional acquisition opportunities in the area of the Assets. Investors are cautioned that these forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the future business activities of the Company may differ materially from those contained in the forward-looking statements due to various factors. , including, but not limited to, the availability of funds, personnel and other resources necessary to conduct exploration or development programs, the successes of the Company’s exploration efforts, the availability of capital and financing and general economic, market or business conditions. There can be no assurance that such information will prove to be accurate and, therefore, readers are urged to rely on their own assessment of such uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable securities laws.
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