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September 8, 2022 · Press Release
Announces Corporate Update
WesCan Energy Corp. is pleased to provide a corporate update as to its recent operations and upcoming drilling program.
WesCan Energy Corp. is pleased to provide a corporate update as to its recent operations and upcoming drilling program.
September 8, 2022 - Calgary, Alberta - WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company”) is pleased to provide a corporate update as to its recent operations and upcoming drilling program.
The Company is pleased to announce that it was successful at the most recent Alberta Crown Land Sale, securing an additional 40 acres (drilling spacing unit) within the Company’s core area at Provost, Alberta. This acquisition is of material significance to the Company and is expected to increase the overall recovery of reserves and further delineates the geological development and production anticipated from the drilling program.
Although the Company experienced global supply-chain issues that have plagued the industry causing certain delays in the preliminary planning stages of acquiring various materials required in advance of any drilling program, WesCan, through innumerable efforts and diligence, is pleased to announce that delivery has been successfully secured for the necessary casing materials to pursue the long-awaited drilling program at Provost. Our success in obtaining the required materials will now enable the Company to spud a well at its first drilling location at Provost.
As a result of such efforts, the Company is exceptionally pleased to advise that lease construction and drilling services have now been engaged in preparation for the rig to commence drilling within the next 710 days. WesCan has been advised by the drilling contractor that as soon as the rig has been released from its current contract, the rig is expected to arrive on location within the above-mentioned time frame. The Company also signed the drilling contract on September 1, 2022.
Further to the above, with the previously announced financing secured in the fourth quarter of the Company’s most recent fiscal year-ended March 31, 2022, as the Company looks forward to proceeding with its drilling program, further updates will be provided in subsequent news release(s) with respect to the anticipated spud date and preliminary results from the new well. All updates and press releases can also be found on the Company’s newly designed website at www.wescanenergycorp.com.
Greg T. Busby, President & CEO WESCAN ENERGY CORP. Tel: (403) 265-9464
John H. Cassels, CFO WESCAN ENERGY CORP.
Tel: (403) 265-9464
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the use of proceeds from the previously disclosed financing, the anticipated date of spudding a well in the Provost area of Alberta and the expected results therefrom. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the drilling program discussed herein may not have the anticipated results. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as otherwise required by law.
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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