Wescan Energy Corp. is pleased to announce that it has closed its previously announced non-brokered private placement of unsecured convertible debentures (the "Debentures") for aggregate gross proceeds of $1,300,000 (the "Offering"). The Offering was fully subscribed.
WesCan Energy Corp. (TSXV: WCE) News Release Page 1 WESCAN ENERGY CORP.
Calgary, Alberta October 5th, 2026 Wescan Energy Corp. (TSXV: WCE) ("Wescan" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of unsecured convertible debentures (the "Debentures") for aggregate gross proceeds of $1,300,000 (the "Offering"). The Offering was fully subscribed.
The Debentures bear interest at 10% per annum, calculated and payable quarterly in cash, mature two years from the date of issuance, and are convertible at the option of the holder at any time prior to maturity into common shares of the Company at a conversion price of $0.25 per share. No finder's fees or commissions were paid in connection with the Offering. The Debentures and any common shares issued on conversion are subject to a statutory hold period expiring four months and one day from the date of issuance. The Offering was completed pursuant to the conditional acceptance of the TSX Venture Exchange and remains subject to the Exchange's final acceptance.
Certain directors, officers and other insiders of the Company, and persons related to or associated with them, subscribed for an aggregate of $1,300,000 principal amount of Debentures. 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 relied 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 exceeded 25% of the Company's market capitalization.
The net proceeds of the Offering have been applied to fund the drilling, completion, equipping and tie-in of the Company's Wescan 105 Provost 15-21-38-3 multilateral horizontal well, with any balance applied to general working capital.
"We are grateful to the shareholders and supporters who stepped up to fund this well, and we are pleased to have been able to put their capital to work immediately," said Leo Berezan, Chief Executive Officer and Chairman of Wescan. "The well has been drilled and completed, and pressure testing is currently underway. Once pressure testing is finished, the Company's focus will be on equipping and tying in the well and bringing it on production." 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.
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. WesCan Energy Corp. (TSXV: WCE) News Release Page 2 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- -
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 -looking statements in this release include, but are not limited to, statements regarding future production performance, optimization plans, development opportunities, and the - looking statements due to a variety of factors, including operational risks, commodity price fluctuations, regulatory ch 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."
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.
Exchange Disclaimer: Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this website.