Major Update on Moonshine Acquisition

CALGARY, AB, Sept. 4, 2025 – Westgate Energy Inc. (TSXV: WGT) has announced a significant development regarding its ambitious Moonshine Acquisition in East-Central Alberta. Unfortunately, the company has not secured crucial third-party approvals, prompting both Westgate and the Vendor to mutually agree to terminate the deal.

What This Means for Westgate

As a result of this termination, the Vendor will return Westgate's $700,000 deposit, including accrued interest. Moreover, in a strategic move, Westgate has come to an agreement with its director, Art Agolli, to amend the terms of a previously announced convertible unsecured subordinated debenture. This adjustment—pending approval from the TSX Venture Exchange—extends the debenture's maturity date to February 27, 2026, easing financial pressure on the company.

Exciting Production News!

While the acquisition news is a setback, Westgate is not standing still. The three new wells, part of the Beaverdam Assets drilling program, continue to yield impressive oil production rates. The management team is optimistic and intends to release a comprehensive report on these wells shortly, following their first 30 days of production.

Spotlight on Westgate's Operations

Westgate Energy remains focused on the promising Mannville Stack fairway in North-East Alberta and West Central Saskatchewan. This region is heralded for its substantial medium and heavy oil reserves, which are being accessed through innovative horizontal drilling techniques. These methods not only enhance production but are also proving to be economically favorable across Western Canada.

Don't Miss the Updates!

Despite the cancellation of the Moonshine Acquisition, Westgate Energy is maintaining a proactive approach in the oil sector. Keep your eyes peeled for their upcoming report on the new wells, as well as any future developments in their strategic plans.