May 9, 2023 (Source) – Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) (“Wedgemount” or the “Company“), is pleased to announce the commencement of the Company’s initial Permian Basin well workover program.
Workovers will be completed on a minimum of six producing Willowbend and Millican wells. The goal of the program is to optimize well pump performance, post the recently completed chemical treatments to further enhance well productivity. Since the acquisition of Millican and Willowbend, the Company has raised production five-fold by completing chemical treatments and surface optimizations.
“We’re eagerly anticipating the results of the workover program as the majority of our recently acquired wells have been starved of maintenance capital for the majority of their operational lives,” stated Mark Vanry, President and CEO of Wedgemount. “We’re optimistic that the workovers will further increase production beyond what was achieved with recent chemical treatments.”
Field work is being carried out by the Company’s San Antonio, Texas based operations contractor, Petrosaurus Inc. Petrosaurus’ in-house developed chemical cleanouts combined with well workovers and new zone perforations are a key part of Wedgemounts’s initial plan to grow production from underexploited and underdeveloped light oil formations in central and south Texas.
About Wedgemount Resources Corp.
Wedgemount Resources is a junior natural resources company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in North America.
On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.
Mark Vanry, President and CEO
For more information, please contact the Company at:
Telephone: (604) 343-4743
[email protected]
www.wedgemountresources.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
