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Aug 30, 2024 7:10 AM

WESTGATE ENERGY ANNOUNCES Q2 2024 FINANCIAL RESULTS

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

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