The Conversation (0)
(TheNewswire)
 | |||||||||
Vancouver, BC TheNewswire - June 23, 2026 - Wedgemount Resources Corp. (CSE: WDGY) (FSE:8H5) ("Wedgemount" or the "Company"), is pleased to provide an operational update on its ongoing oil and gas production enhancement program in west central Texas.
Production Update
During the past three weeks total production has increased 62% to an average of 203 BOEPD (average based on past seven days). Current production mix is approximately 60% light oil and 40% natural gas and condensate. The increase is despite record rainfall and recent flash floods in the immediate area of Wedgemount's operations.
D-29 Well
Highlighting the increase in production is the Company's D-29 well which has averaged 34.2 BOEPD over the past nine days including 27 bbls/d of light oil. The excellent production rates are in spite of the fact the Company has performed neither a workover nor a large chemical stimulation on it. The D-29 well had not been in production for six years prior to being turned on by Wedgemount in mid-June. The Company is optimistic that D-29 production can be sustained at current or higher levels after full optimization.
Management Commentary
CEO Mark Vanry comments, "we're very encouraged by our early well results since our spring financing and in particular the notable performance of our D-29 well which has come on multiples higher than our expectations. There are eight additional inactive wells located on leases immediately adjacent to D-29 so we're hopeful we'll see close to similar results once those are back on. Overall, we continue to be slightly ahead of our internal projections for production since our April financing."
Upcoming Operational Focus
As previously disclosed, the operational team's focus over our 22,000 acres will be surface and subsurface improvements to increase production, sales and reserve recoveries. In addition, Wedgemount will initiate a development plan focusing on by-passed pay zones and prioritizing future drilling locations on the Company's large land position. Short term June and July Initiatives will continue to prioritize bringing additional wells onto production, including;
-
Pump replacements and repairs
-
Chemical cleanouts of wells
-
Replacement of legacy electrical components
-
Further injection well work
-
Road improvements due to flooding damage
Future Development
Following optimization of the Company's existing vertical production wells, significant growth potential remains across the balance of Wedgemount's leases, with an estimated inventory of over 500 drilling locations based on allowable 40-acre well spacing
About Wedgemount Resources Corp.
Wedgemount Resources is a junior natural resource company focused on maximizing shareholder value through the acquisition, development and exploitation of energy projects in the southern, USA.
On behalf of the Board of Directors,
Mark Vanry, President and CEO
For more information, please contact the Company at:
Telephone: (604) 343-4743
Reader Advisory
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release includes; eight additional inactive wells expected to achieve results similar to D-29; the operational team continuing to bring additional wells onto production including related work; intends to initiate a development plan focusing on by-passed pay zones and prioritizing future drilling locations; significant growth potential is expected to remain across the balance of Wedgemount's leases; once optimized with chemical treatments, additional workovers and improved surface facilities, total production could be higher. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration or development programs, successes of the Company's exploration efforts, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION, DISSEMINATION, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES
Copyright (c) 2026 TheNewswire - All rights reserved.
