WESTGATE ENERGY ANNOUNCES YEAR END 2025 FINANCIAL RESULTS

CALGARY, AB, April 30, 2026 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), is pleased to announce the filing of its audited financial and operating results for the three and twelve months ended December 31, 2025. The selected financial and operating information provided below should be read in conjunction with Westgate's audited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three and twelve months ended December 31, 2025 and 2024, as well as the annual information form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca and on Westgate's website at www.westgateenergy.ca.

Financial & Operating Results Summary

		Three Months Ended December 31,		Twelve Months Ended December 31,
($'s, unless otherwise stated)		2025	2024	2025	2024
Production
Oil	bbl/d	411	151	245	106
Natural gas	mcf/d	650	732	712	631
NGLs	bbl/d	6	5	5	5
Total	boe/d	525	278	369	216
Revenue:
Crude Oil		2,281,117	1,159,167	6,092,479	3,234,218
Natural Gas		109,025	54,377	308,339	198,401
NGLs		26,815	29,137	107,170	126,409
Petroleum, natural gas and NGL sales		2,416,957	1,242,681	6,507,988	3,559,028
Processing income		3,567	3,267	14,271	11,203
Total Revenue^(1)		2,420,524	1,245,948	6,522,259	3,570,231
Royalties		(376,785)	(158,081)	(928,770)	(415,546)
Operating expenses		(1,206,687)	(600,767)	(3,100,317)	(1,587,570)
Transportation expenses		(261,117)	(52,195)	(378,234)	(130,483)
Operating Income^(1)		575,935	434,905	2,114,938	1,436,632
Expenditures on E&E		-	(2,336,887)	-	(2,586,967)
Expenditures on P&E		(6,665,323)	(658,137)	(15,196,355)	(4,991,549)
Acquisition of P&E		-	-	-	-
REALIZED PRICES^(2)
Crude Oil	$/bbl	60.38	83.42	68.20	83.75
Natural Gas	$/mcf	1.82	0.81	1.19	0.86
NGLs	$/bbl	49.02	65.11	56.49	67.00
Realized Price^(2)	$/boe	50.05	48.60	48.36	45.06
Processing revenue	$/boe	0.07	0.13	0.11	0.14
Royalties	$/boe	(7.80)	(6.18)	(6.90)	(5.26)
Royalties as a percentage of revenue^(2)	%	16 %	13 %	14 %	12 %
Operating expenses	$/boe	(24.99)	(23.49)	(23.04)	(20.10)
Transportation expenses	$/boe	(5.41)	(2.05)	(2.81)	(1.65)
Operating Netback^(1)	$/boe	11.92	17.01	15.72	18.19
(1)    Non-GAAP financial measure or non-GAAP ratio. Refer to the "Advisories and Other Guidance" section within this press release for additional information (2)    Supplementary financial measure. Refer to the "Advisories and Other Guidance" section within this press release for additional information on supplementary financial measures

Q4 2025 ("Q4/25") and Annual ("2025") Highlights

• Production in Q4/25 averaged 525 boe/d compared to 278 boe/d in the same period of 2024, representing an 89% increase.
• December average production reached 566 boe/d with an oil weighting of 81%.
• During Q4/25, the Company completed the drilling of three horizontal wells and two vertical stratigraphic test wells, with production from the horizontal wells achieving a production rate of 360 bbl/d in early March 2026.

Drilling and Operations Update

As previously announced, Westgate is planning to commence a four well horizontal drilling program on its Beaverdam property near Cold Lake, Alberta. All wells will target the Colony Formation and represent a follow up to Westgate's most recent successful Colony well drilled in late 2025. Following a peak 30 day rate of 180 bbl/d in March, the well has averaged 167 bbl/d over the last 60 days. Drilling is expected to commence in late-May 2026, pending the timing of county road bans being lifted. The four wells are expected to be on production in late July 2026.

The Company reports that its recently commissioned tank treating facility at Beaverdam has been operating successfully, achieving expected operating cost savings related to sand handling, while also delivering incremental oil recovery. In addition, the Company assumed a nearby suspended natural gas well in March 2026 and subsequently performed a successful flow test. The test rates were sufficient in volume to displace all current propane fuel gas on the Beaverdam lease, which is expected to reduce operating costs by approximately $7.00 per barrel. The tie in of this gas well to the Beaverdam site is expected to commence in the summer of 2026.   

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in North-East Alberta and West Central Saskatchewan, a region with established medium and heavy oil accumulations. Producers in this fairway are increasingly unlocking these reservoirs with modern horizontal drilling and completion techniques, which have materially improved well performance and capital efficiencies. Activity to date has delivered some of the strongest oil well economics in Western Canada.

For more information, please visit www.westgateenergy.ca.

Reader Advisories

In this press release, all references to "$" are to Canadian dollars.

Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward-looking statements and information relating to the Company's drilling and capital expenditure programs and the timing thereof; the performance characteristics of the Company's oil and natural gas properties; potential cost savings from replacing current propane fuel gas use on the Beaverdam lease; the Company's objective and growth strategy; and oil, NGLs and natural gas production levels. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to the ability of management to successfully implement and execute its business plan, prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the timing and success of its future drilling plans and its ability to identify new drilling locations, the anticipated benefits of its relationships with the applicable Metis Settlements, the ability of the Company to integrate its current and proposed assets, drilling and production potential from its current and proposed assets and the Mannville Stack more generally, the availability of capital to undertake planned activities, the Company's ability to generate sufficient cash flow to meet its current and future obligations, assumptions regarding the ability to use multilateral horizontal drilling, including its expected decreased capital expenses and increased production benefits, the availability and cost of labour and services and the receipt of all necessary approvals.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure of management to successfully implement its business plan and/or the failure of such initiatives to yield the expected benefits and results, the failure of the Company to successfully implement its future drilling plans and identify new drilling locations, the accuracy of analogous information, the failure to realize the anticipated benefits of the Company's relationships with applicable Metis Settlements, the failure of the Company to successfully integrate its current and proposed assets and other risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tariff, tax, royalty and environmental legislation. Further important factors affecting forward-looking statements and management's assumptions and analysis thereof is available in filings made by the Company with Canadian provincial securities commissions available on SEDAR+ at www.sedarplus.ca.

The forward-looking statements and information contained in this press release are made as of the date hereof for the purpose of providing the readers with the Company's expectations. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Oil and Gas Advisories

Barrels of Oil Equivalent
Boe may be misleading, particularly if used in isolation. In accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, a conversion ratio for conventional natural gas of 6 Mcf:1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, utilizing a conversion on a 6 Mcf:1 bbl basis may be misleading as an indicator of value as the value ratio between conventional natural gas and heavy crude oil, based on the current prices of natural gas and crude oil, differ significantly from the energy equivalency of 6 Mcf:1 bbl.

Initial Production Rates
Initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. Readers are cautioned that short-term rates should not be relied upon as indicators of future performance of these wells and therefore should not be unduly relied upon for investment or other purposes. All initial production rates presented herein represent the results from wells after all "load" fluids (used in well completion) have been recovered. The Company cautions that the results should be considered preliminary.

Advisories and Other Guidance

Non-GAAP Financial Measures and Ratios
This press release contains non-GAAP financial measures, non-GAAP ratios and supplementary financial measures, including operating income (loss), operating netback, total revenue, realized price, and royalties as a percentage of revenue which are not recognized measures under GAAP. Management believes these measures are useful for reporting purposes and for evaluating the consolidated financial position of the Company but cautions readers that these measures should not be considered as alternatives to measures calculated in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers for these non-GAAP financial measures.

Operating Income (Loss)
Operating income (loss) is a non-GAAP financial measure calculated by subtracting the cost of royalties and operating expenses from total revenue. Operating income (loss) is a component of operating netback, a non-GAAP ratio that management believes is a key industry benchmark and a measure of performance of the Company that provides investors/readers with information that is commonly used by other petroleum and natural gas producers. For a reconciliation of operating income (loss) to revenue, the most directly comparable GAAP measure, see the table under the heading "Financial & Operating Results Summary" within this press release.

Operating Netback
Operating Netback is a non-GAAP financial ratio calculated by dividing operating income (loss) by production volumes. Operating Netback allows management and others to evaluate the production results from the Company's assets. Management feels that operating netback is a key industry benchmark and a measure of performance of the Company that provides investors/readers with information that is commonly used by other petroleum and natural gas producers.

Total Revenue
Total revenue is a non-GAAP financial measure calculated by adding processing revenue to petroleum, natural gas and NGL sales. Management uses total revenue evaluate the cash flow generated from the Company's assets and believes it is useful to investors as a key industry benchmark and a measure of performance of the Company that provides investors/readers with information that is commonly used by other petroleum and natural gas producers. For a reconciliation of petroleum, natural gas and NGL sales, the most directly comparable GAAP measure, see the table under the heading "Financial & Operating Results Summary" within this press release.

Realized Price
Realized price is a supplementary financial measure calculated as the revenue by product divided by the production by product and is a key industry benchmark and a measure of performance of the Company that provides investors/readers with information that is commonly used by other petroleum and natural gas producers.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Westgate Energy Inc.

For further information concerning Westgate Energy Inc., please contact: Dan Brown, Chief Executive Officer and Director, Email: [email protected]; Nick Grafton, Chief Financial Officer, Email: [email protected], Phone: [phone]