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Lean, low-G&A operator producing 29 API Mannville oil from the Provost area of east-central Alberta. Cash flow positive with a clear organic growth and acquisition path to scale towards 500 boe/d.
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McDaniel & Associates independently evaluated $7.8M TPP NPV10% and $0.15/share TPP NAV as of March 2025, providing a third-party verified floor to intrinsic value.
Generating $56/boe operating netback at 209 boe/d (Q1 FY2027). Fiscal 2026 funds from operations of $1.2M, up 134% year over year, with Q1 FY2027 alone contributing $0.96M.
Rex PUD multilateral drill planned for Q3 2026 following 3D seismic. Potential upside from 2022 multilateral re-entry and waterflood evaluation in existing pools.
Management and insiders hold above 40% of shares outstanding — interests fully aligned with shareholders in building long-term value.
Drill the Rex multilateral PUD location in Q3 2026 following 3D seismic acquisition. Re-enter the 2022 horizontal well and drill additional lateral legs to access pay zones bypassed during the original drill — at a fraction of the cost of a new well. Evaluate waterflood potential in existing pools.
Evaluating Mannville oil opportunities in the Provost area targeting the Rex, Cummings, Dina, and Lloydminster plays. Seeking assets with established infrastructure and pricing below 0.5x PDP NPV to grow efficiently.
Build production toward 500+ boe/d through organic and acquired growth — attracting institutional capital, improving trading liquidity, and closing the valuation gap between share price and reserve-backed NAV.
| Revenue | $105/bbl |
|---|---|
| Royalties | ($17/bbl) |
| Operating Costs | ($32/bbl) |
| Operating Netback | $56/bbl |
| Based on WTI ~$98 USD/bbl (Apr–Jun 2026 avg). Royalties reflect a combined rate of approximately 16% of revenue (Crown, freehold, and overriding royalties). Operating costs include workovers. | |
12-month rolling USD/bbl. WCS differential averages ~$14/bbl below WTI.
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All values in $/bbl. Highlighted row reflects July 2026 benchmark pricing.
| WTI (USD/bbl) | WCS (USD/bbl) | Realized (CAD/bbl) | Royalties | OpEx | Netback | Ann. NOI | NOI Yield |
|---|---|---|---|---|---|---|---|
| $60 | $46 | $64 | ($10) | ($32) | $22 | $1.7M | 29% |
| $70 | $56 | $75 | ($12) | ($32) | $31 | $2.4M | 40% |
| $80Jul 2026 | $66 | $86 | ($14) | ($32) | $40 | $3.1M | 52% |
| $90 | $76 | $96 | ($15) | ($32) | $49 | $3.7M | 64% |
| $100 | $86 | $107 | ($17) | ($32) | $58 | $4.4M | 75% |
For illustrative purposes only — actual realized prices, costs, and netbacks may differ. Model calibrated to Q1 FY2027 actuals (quarter ended June 30, 2026). Realized price: WTI (USD) × 1.07 (WTI-based pricing on trucked 29 API crude). WCS shown for reference at ~$14 USD/bbl below WTI (12-month average). Royalties: approximately 16% of revenue (Crown, freehold, and overriding royalties). OpEx: $32/bbl including workovers. NOI annualized at 209 boe/d. NOI Yield vs. market cap of ~$5.9M ($0.13/share × 45.1M shares, Sep 1, 2026). Excludes G&A and debt service.
Independent reserve evaluation of the Provost area. Report included two Rex multilateral PUD locations; one has since been drilled and is on production.
NAV per share calculated as reserve NPV10% less working capital deficiency of $1.3M, divided by 44,622,958 shares outstanding. BOE conversions based on 6 Mcf = 1 BOE.
Multiple organic and inorganic initiatives designed to grow production, convert reserves into cash flow, and close the gap to intrinsic value.
3D seismic acquisition underway to delineate the PUD Rex location. A successful drill replicates the August 2025 well design, targeting comparable production rates with existing infrastructure access.
Re-enter the 2022 horizontal well and drill additional lateral legs to access pay zones bypassed during the original drill — at a fraction of the cost of a new well.
Assessing waterflood potential in existing pools to enhance oil recovery factors, extend reservoir life, and add reserve bookings beyond primary depletion.
Evaluating Mannville oil assets in the Provost area at below 0.5x PDP NPV. Targeting deals with shared infrastructure to scale toward 500+ boe/d and attract institutional capital.
As of June 30, 2026 (Q1 FY2027).
| WesCan Energy Capital Structure | Value |
|---|---|
| Shares Outstanding (M - basic) | 45.1 |
| Share Price (Sep 1, 2026) | $0.13 |
| Market Cap ($M - basic) | $5.9M |
| Insider Ownership | ~40% |
| Exchange | TSX-V: WCE |
| Notes Payable | $3.3M |
| Working Capital Deficiency | $0.8M |
| Total Debt ($M) | $4.1M |
| Enterprise Value ($M - basic) | $10.0M |
| Asset Retirement Obligation | $2.0M |
| Professional Advisors | |
| Auditors | MNP LLP |
| Reserve Evaluator | McDaniel & Associates |
| Transfer Agent | Olympia Trust Company |
This website contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes statements regarding future production rates, drilling plans, capital expenditures, reserve estimates, operating costs, and corporate strategy. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated, including commodity price volatility, exchange rate fluctuations, regulatory changes, geological risk, and the ability to obtain financing. Readers are cautioned not to place undue reliance on forward-looking information. WesCan Energy Corp. assumes no obligation to update forward-looking information except as required by applicable securities legislation. BOE conversions are based on 6 Mcf = 1 BOE, which may not reflect actual energy equivalency. Reserve estimates are based on McDaniel & Associates March 2025 evaluation of the Provost area.
Specified Financial Measures: This website refers to certain financial measures — including operating netback, net operating income (NOI), and NOI yield — that are not standardized financial measures under IFRS and may not be comparable to similar measures presented by other issuers. Operating netback is calculated as revenue less royalties, operating expenses, and workover costs, and excludes general and administrative expenses and debt service; it is therefore not a measure of free cash flow. Management uses these measures to assess operating performance; they should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Refer to the Company’s disclosure filings on SEDAR+ for the composition of these measures and reconciliations to the most directly comparable IFRS measures.
Oil & Gas Advisory: Reserve estimates and related information on this website are derived from an independent reserves evaluation prepared by McDaniel & Associates Consultants Ltd. with an effective date of March 2025, prepared in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation (COGE) Handbook. Reserve estimates are based on forecast prices and costs assumptions and are estimates only; actual reserves may be greater than or less than the estimates provided, and the estimated values do not represent fair market value. Net present values (including NPV10) are calculated using a 10% discount rate and do not necessarily represent fair market value. The reserves evaluation predates the Company’s subsequent operational activity and does not reflect results after its effective date.
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