Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) ("Wedgemount" or the "Company"), is pleased to provide an operations update for the Company's west central Texas oil and gas operations.
Since the closing of the Company's recently announced Huggy asset acquisition and concurrent financing, Wedgemount's operations team has commenced optimization of wells and surface facilities in both the Echo and Novice fields which make up the core of the Huggy assets. As a result, the Company now has a total of 72 wells producing up from 23 prior to the Huggy purchase. Initial work has been focused on our Echo operating unit where the Company has completed significant surface processing improvements and completed enhancement work on six producing wells. A Novice one production well has been repaired and turned back on.
In October Wedgemount plans to add a second workover rig and crew to the Echo and Novice units, which the Company anticipates running through the balance of calendar year with the goal of ramping up production and sales prior to the US holiday season. Current plans include optimizing an additional 10 wells during the month of October. For the balance of calendar 2024 the Company expects variability in the number of production wells on at any given time due to the continuing work on wells and surface infrastructure.
The Company expects to announce regular field and production updates in the coming weeks for each of the Company's operating areas including Novice, Echo, Crews and Talpa.
