N E W S R E L E A S E TSXV: WCE | For Immediate Release WesCan Energy Brings Third Provost Multilateral On Production Within Budget; Sohaib Abbas Rejoins Board
N E W S R E L E A S E TSXV: WCE | For Immediate Release WesCan Energy Brings Third Provost Multilateral On Production Within Budget; Sohaib Abbas Rejoins Board
CALGARY, Alberta, October 19, 2026 – WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company”) is pleased to announce that its third multilateral horizontal well in the Provost area of east-central Alberta, 105/15-21-38-3W4 (the “Provost Well”), began producing on October 9, 2026. The well was drilled, completed, equipped and tied in within budget following the Company’s $1.3 million convertible debenture financing.
■ On production October 9, 2026: tied in and producing, the Company’s third multilateral in the Provost area.
■ Water cut falling every day: now approximately 58% as load fluid is recovered, with oil rates rising as water cut declines.
■ Delivered within budget: drilled, completed, equipped and tied in following the Company’s $1.3 million convertible debenture financing.
The Provost Well is in the early stage of its clean-up and flow-back period. Over its first nine days on production, water cut has declined every day and now stands at approximately 58% as load fluid is recovered. Oil rates have increased as water cut has fallen. The Company is producing the well at a steady, controlled rate while clean-up continues.
“Delivering a third Provost multilateral on budget tells us this program is repeatable,” said Leo Berezan, Chief Executive Officer and Chairman. “Water cut has come down every single day since start-up and oil rates are climbing with it.”
BOAR D APPOI NT ME NT The Company is also pleased to announce that Sohaib Abbas has rejoined WesCan’s Board of Directors, effective
October 19, 2026. The Board welcomes Mr. Abbas back and looks forward to his continued contribution as the company advances its Provost development program.
ABOUT WE SCAN E NE R G Y COR P.
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.wescanenergycorp.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca.
FOR FUR T HE R I NFOR MAT I ON WesCan Energy Corp. | 1900, 350 – 7th Avenue SW, Calgary, Alberta T2P 3N9 Leo Berezan Chief Executive Officer and Chairman
T: +1 604-240-3064
E: leo@berezan.ca
Sarshar Ahmed Chief Operating Officer and Director T: +1 403-816-4037 E: sahmed@wescanenergycorp.com ADV I SOR IE S
Production information. The water cut and oil rate trends described in this release reflect the Provost Well’s first nine days of production during clean-up and flow-back. Early-time production results are not necessarily indicative of long-term performance or ultimate recovery. Forward-looking information. This news release contains forward-looking information and statements (“forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements in this release include, but are not limited to, statements regarding the clean-up and flow-back of the Provost Well, expected trends in water cut and oil rates, the Company’s Provost development program, and the anticipated contribution of Mr. Abbas to the Board. These 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. Actual results may differ materially from those expressed or implied due to a variety of factors, including operational risks, reservoir performance, commodity price fluctuations, regulatory changes, and the other risks described in the Company’s public disclosure documents. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update these forward-looking statements except as required by applicable securities laws.
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.
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.