Wescan Energy Set to Spud Multilateral Well in Provost This Week, Announces $1.3 Million Convertible Debenture Financing
(TheNewswire) WesCan Energy Corp. Calgary, Alberta – TheNewswire - September 9th, 2026 – Wescan Energy Corp. (TSXV: WCE) ("Wescan" or the "Company") is pleased to announce two milestones: the Company has been granted a licence by the Alberta Energy Regulator for a multilateral horizontal well in the Provost area of east-central Alberta (the "Provost Well"), and, weather permitting, the drilling rig is expected on location this week with spud to follow immediately. To fully fund the well through to production, Wescan is also launching a non-brokered private placement of convertible debentures for gross proceeds of up to $1,300,000 (the "Offering"). Highlights Drilling now. Licence received; weather permitting, the rig is expected on location this week and the Provost Well will spud on arrival, with drilling expected to take approximately 15 days. Fully funded. The $1.7 million all-in cost to drill, complete, equip and tie in the well is covered by the Offering plus existing cash on hand. Multilateral design. Wescan's third multilateral in the area, with multiple horizontal legs from a single wellbore and surface location, maximizing reservoir contact while lowering per-barrel capital and operating costs. Shareholder-friendly financing. 10% annual interest paid quarterly over a two-year term, convertible at any time at $0.25 per share, a meaningful premium to the current share price. No finder's fees. The Provost Well The Provost Well will be Wescan's third multilateral well in the Provost area, building on the Company's experience with the design and applying the lessons learned from its first two wells. Drilling multiple horizontal legs from one wellbore allows Wescan to access substantially more reservoir than a conventional single-leg horizontal well at a fraction of the incremental cost, and to do so from a single surface location with a smaller footprint. Wescan expects the well to be on production in the fourth quarter of 2026, and will update shareholders as drilling and completion progress. Terms of the Offering The Company will issue unsecured convertible debentures (the "Debentures") in the aggregate principal amount of up to $1,300,000 on the following terms: Interest: 10% per annum (2.5% per quarter), calculated and paid quarterly in cash ($32,500 per quarter on the full Offering). Interest accrues from closing, expected on or about September 30, 2026, with the first payment due December 30, 2026. Term: Two years, maturing on or about September 30, 2028 (the "Maturity Date"). Principal not converted by the Maturity Date will be repaid in cash with accrued interest. The Debentures are not redeemable by the Company before the Maturity Date [without the holder's consent]. Conversion: At the holder's option, at any time prior to the Maturity Date, into common shares of the Company ("Common Shares") at a conversion price of $0.25 per Common Share. Full conversion of a fully subscribed Offering would result in the issuance of up to 5,200,000 Common Shares. Use of proceeds: Drilling, completion, equipping and tie-in of the Provost Well, with any balance applied to working capital. Closing: On or about September 30, 2026, in one or more tranches. No finder's fees or commissions are payable. The Debentures and any Common Shares issued on conversion will be subject to a statutory hold period of four months and one day from issuance under applicable Canadian securities laws and the policies of the TSX Venture Exchange (the "TSXV"). Closing is subject to receipt of all necessary regulatory approvals, including TSXV acceptance. Certain directors, officers and other insiders of the Company, and persons related to or associated with them, are expected to participate in the Offering. Such participation constitutes a "related party transaction" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Debentures issued to, nor the consideration paid by, related parties will exceed 25% of the Company's market capitalization. Management Commentary "Getting the Provost Well licensed and funded in the same week is exactly the kind of momentum we want to build for our shareholders," said Leo Berezan, Chief Executive Officer of Wescan. "The convertible debenture is a clean, low-cost way to fully fund the well from spud to sales line. Holders earn a 10% coupon while the well is drilled and brought on, and they keep the option to convert at $0.25 at any time over the two-year term and participate directly in the upside. We are grateful for the confidence our supporters continue to show in Wescan." "This is our third multilateral in the Provost area, and each one has made us better at it," said Sarshar Ahmad, Chief Operating Officer of Wescan. "Our team has refined the drilling plan and completion design based on what we learned from the first two wells, and the services and rig are lined up to move in this week, weather permitting. Multilateral wells let us contact far more reservoir from a single surface location for a modest increase in cost, and that translates directly into lower per-barrel costs. We are ready to get the bit turning and look forward to reporting results as the well is drilled and tied in." About Wescan Energy Corp. Wescan Energy Corp. is a junior oil and gas exploration and production company headquartered in Calgary, Alberta, with operations focused in the Provost area of east-central Alberta. The Company's Common Shares trade on the TSX Venture Exchange under the symbol "WCE". Further information is available at [www.wescanenergy.com] and under the Company's profile on SEDAR+ at www.sedarplus.ca. TSX Venture Exchange 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 release. For further information WesCan Energy Corp. | 1900, 350 – 7th Ave SW, Calgary, Alberta. T2P 3N9 Leo Berezan, Chief Executive Officer and Chairman Telephone: +1-604-240-3064 | Email: leo@berezan.ca Sarshar Ahmad, Chief Operating Officer and Director Telephone: +1-403-816-4037 | Email: sahmed@wescanenergycorp.com Company filings are available on SEDAR+ at www.sedarplus.ca. "Forward-Looking Information This press release contains forward-looking information and statements (“forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements are based on current expectations, assumptions, estimates, and projections that involve a number of risks and uncertainties, many of which are beyond the Company’s control. Forward-looking statements in this release include, but are not limited to, statements regarding future production performance, optimization plans, development opportunities, and the Company’s growth trajectory. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors, including operational risks, commodity price fluctuations, regulatory changes, and other risks described in the Company’s public disclosure documents. Readers are cautioned not to place undue reliance on forward-looking statements. WesCan Energy Corp. undertakes no obligation to update these forward-looking statements except as required by law." Copyright (c) 2026 TheNewswire - All rights reserved.