WesCan Energy Corp. announces that it has entered into a loan arrangement with a numbered British Columbia company (the “Lender”) whereby the Lender will provide a loan to the Company (the “Loan”).
August 6, 2025 - Calgary, Alberta WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company”) announces that it has entered into a loan arrangement with a numbered British Columbia company (the “Lender”) whereby the Lender will provide a loan to the Company (the “Loan”). Under the terms of the Loan, the Lender will provide a loan financing amount of $2,000,000 for a three-year term at an annual interest rate of 12%, with interest payments completed monthly and with amortization of same over a period of three years from the date of the loan. The purpose of the Loan is to fund the drilling of a multilateral horizontal oil well in the Provost area of Alberta, as part of the Company’s 2025 capital program targeting oil development in the Mannville Group. The loan proceeds will be used to finance drilling, completion, and associated capital expenditures. The Loan is secured by way of a general security agreement covering all of the personal property of the Company. Final details of the Loan are subject to acceptance of the TSX Venture Exchange (“TSXV”).
This loan is considered to be a “related party transaction” pursuant to Multilateral Instrument 61-101 as the sole director, officer and controlling shareholder of the Lender is a director, officer and a control person of the Company, but the Company is availing itself of the exemptions from obtaining a formal valuation and obtaining “majority of the minority” approval due to the exemptions available in Sections 5.5(b) and 5.7(1)(f) of said instrument.
All updates and press releases will be available on the Company’s website at www.wescanenergycorp.com. Further information regarding the Company and its future plans will be disseminated in future press releases.
Leo Berezan, Interim President & CEO WESCAN ENERGY CORP. Tel: (604) 240-3064
Ed Leung, Interim CFO WESCAN ENERGY CORP.
Tel: (604) 861-6900
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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”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. 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 a suitable successor is not identified or engaged in a timely fashion. The Company assumes no obligation to update the forwardlooking 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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