Leo Berezan (the “Offeror”), a current insider WesCan Energy Corp. by virtue of being a 10% shareholder through his holdings personally and through a company controlled by him, 401601 BC Ltd.
Calgary, Alberta – Leo Berezan (the “Offeror”), a current insider WesCan Energy Corp. (“Wescan”) by virtue of being a 10% shareholder through his holdings personally and through a company controlled by him, 401601 BC Ltd. (“Holdco”) as well as being a director and officer of WesCan, announces that effective March 28, 2024, the Offeror has acquired an additional 2,313,000 common shares in the capital of Wescan (“Common Shares”) from an arm’s length shareholder and creditor of WesCan at a price of $0.04 per Common Share pursuant to the terms of an agreement as part of a negotiated settlement of outstanding debt and to settle a lawsuit with said creditor. Prior to completion of the issuance, the Offeror beneficially owned and controlled 7,632,800 Common Shares, constituting approximately 18.4% of the outstanding 41,472,957 Common Shares issued and outstanding on both an undiluted and diluted basis. Following the acquisition described above, the Offeror holds a total of 9,945,800 Common Shares, representing approximately 23.98% of the issued and outstanding 41,472,957 Common Shares on both an undiluted and diluted basis.
Mr. Berezan has acquired the Common Shares for investment purposes and from time to time, Mr. Berezan may acquire additional securities of Wescan, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.
An early warning report is being filed concurrently with this news release under Wescan’s SEDAR profile at www.sedar.com and a copy of the report may be obtained from SEDAR or by contacting Mr. Berezan at the address below.
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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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