WESTGATE ENERGY ANNOUNCES ANTICIPATED CONVERSION OF CONVERTIBLE DEBENTURE

CALGARY, AB, March 6, 2026 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT), is pleased to announce that Art Agolli (the "Debenture Holder"), a director of the Company, has agreed, subject to the approval of the TSX Venture Exchange (the "TSXV") of the Private Placement Warrant Amendment (as described and defined below), to convert the convertible unsecured debentures of the Company (the "Convertible Debentures") issued to the Debenture Holder on March 7, 2025 into common shares ("Common Shares") at the conversion price of $0.25.

The Company announces that the Debenture Holder has agreed, subject to TSXV approval of the Private Placement Warrant Amendment, to convert the Convertible Debentures issued to the Debenture Holder on March 7, 2025 into Common Shares. The Convertible Debentures were issued pursuant to a non-brokered private placement offering of 700 units of the Company (the "Private Placement Units") at a price of $1,000 per Private Placement Unit for gross proceeds of $700,000. Each Private Placement Unit was comprised of $1,000 principal amount of Convertible Debentures and 285 Common Share purchase warrants of the Company (the "Private Placement Warrants"). Each Private Placement Warrant entitles the holder to acquire one Common Share at an exercise price of $0.27. The Convertible Debentures will be converted at the conversion price of $0.25 into 2,800,000 Common Shares in accordance with the terms of the Convertible Debentures. In addition, subject to TSXV approval, the Company expects to satisfy and pay accrued and unpaid interest on the Convertible Debentures from the date of issuance to February 27, 2026 by issuing an additional 316,971 Common Shares and by issuing such number of Common Shares as is equal to the amount of accrued interest owing from February 27, 2026 to the date of conversion divided by the market price on the date of conversion. In completing the share issuances to the Debenture Holder, the Company is relying on the exemptions from the formal valuation and minority approval requirements in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions contained in sections 5.5(b) and 5.7(1)(a), respectively.

The Company and the Debenture Holder have agreed, subject to TSXV approval, to extend the expiry date of the Private Placement Warrants from March 7, 2026 to March 7, 2027 (the "Private Placement Warrant Amendment"). All other terms of the Private Placement Warrants remain unchanged.

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 efficiency. 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

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

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

ADVISORIES AND OTHER GUIDANCE   

Forward-Looking Statements

Certain statements and information contained in this press release constitute forward-looking statements or forward-looking information (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words or phrases such as "will", "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projects", "could", "vision", "goals", "objective", "outlook" or similar words suggesting future outcomes or language suggesting an outlook. In particular, this press release contains forward-looking statements with respect to, among other things, the following: the conversion of the Convertible Debentures, including all accrued interest thereon, into Common Shares; the extension of the expiry date of the Private Placement Warrants; and TSXV approvals for the above stated transactions.  

By their nature, forward-looking statements involve numerous assumptions, and while management of the Company believes the assumptions reflected in its forward-looking statements to be reasonable, there can be no guarantee that actual results will be consistent with these forward-looking statements. In particular, with respect to forward-looking statements contained in this press release and the documents incorporated by reference herein and therein the Company has made assumptions regarding, among other things: the receipt of all required TSXV approvals.

Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release and the documents incorporated by reference herein and therein. Forward-looking statements are subject to various known and unknown risks, both general to the industry as a whole and specific to the Company, that contribute to the possibility that the forward-looking statements contained in this press release may not occur. Although management of the Company believes that the expectations reflected in its forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of known and unknown risks, uncertainties and other factors, many of which are outside the Company's control, including, but not limited to, the following risk factors: failure to receive required TSXV approvals.

The above summary of assumptions and risks related to forward-looking statements are provided in this press release to provide readers with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation or is under any duty to publicly update or revise any forward-looking statements. Readers should also carefully consider the matters discussed under the heading "Risk Factors" in the Company's annual information form, a copy of which is available on the Company's SEDAR+ profile at www.sedarplus.ca.

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]