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 â Achieved
average daily production of 213 boe/d during Q3/24, exceeding Q2/24
by 10%.
- Operating Netback(1) â
Maintained an improved operating netback of $17.14/boe, driven by a lower operating expense
of $18.50/boe.
- Successful Summer Drilling Program â 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 â 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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release.
SOURCE Westgate Energy Inc.
