CALGARY, AB, Aug. 30, 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 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%.
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.
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.
Raised Over $7.0 million of Equity Financing – Proceeds from additional equity financing fully fund the 2024 drilling budget and ensure a strong, debt free balance sheet.
Significantly Higher Realized Oil Pricing – The Company improved its realized oil price at the wellhead during Q2/24 due to optimizing the marketing of Killam's 29o API oil.
Q2/24 Financial & Operating Results Summary
($'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
