Westgate Energy Inc. Announces Closing of $6.9 Million Bought Deal LIFE Offering

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CALGARY, AB, Sept. 29, 2026 /CNW/ -- Westgate Energy Inc. (the "Company" or "Westgate") (TSXV: WGT) is pleased to announce that, further to its press releases dated September 15, 2026 and September 17, 2026, it has closed its bought deal private placement offering of 27,540,000 units of the Company (the "Units"), including 1,540,000 Units sold upon the partial exercise of the Underwriter's option, at a price of $0.25 per Unit (the "Issue Price"), for aggregate gross proceeds to the Company of $6,885,000 (the "Offering"). Haywood Securities Inc. (the "Underwriter") acted as the sole underwriter and bookrunner for the Offering.

Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.35 for a period of 24 months following the date hereof. The Warrants will not be exercisable prior to the date that is 61 days following the date hereof. If, at any time following the date that is 60 days after the date hereof, the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") equals or exceeds $0.45 for 10 consecutive trading days, the Company may accelerate the expiry of the Warrants by issuing a press release, whereupon the Warrants shall expire on the date that is 30 days following such notice.

As compensation for its services in connection with the Offering, the Company paid the Underwriter a cash fee of $535,800, equal to 8.0% of the gross proceeds from the sale of Units (reduced to 5.0% for subscribers on the Company's president's list (the "President's List")). The Company also issued 2,143,200 non-transferable compensation options (the "Compensation Options") to the Underwriter, exercisable for that number of Units that is equal to 8.0% of the Units issued under the Offering (reduced to 5.0% for Units sold to President's List subscribers). The Compensation Options have an exercise price equal to the Issue Price and expire 24 months from the date hereof. The Compensation Options are standalone finder's warrants and were not issued under the Company's stock option plan.

The Company intends to use the net proceeds from the Offering to fund drilling and development activities on the Company's Mannville Stack assets and for working capital and general corporate purposes, as further described in the amended and restated offering document relating to the Offering.

The Units were offered and sold pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106 – Prospectus Exemptions and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE Exemption") in each of the provinces of Canada, other than Quebec. As the Offering was completed pursuant to the LIFE Exemption, the Units issued pursuant to the Offering are not subject to a statutory hold period pursuant to applicable Canadian securities laws. The Units were also offered in the United States by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document was required to be filed in such jurisdiction.

The securities described herein have not been and will not be registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or ‎sold to, or for the account or benefit of, persons in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act), absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any ‎jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States.‎

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in East-Central 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.

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 news 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 news release contains forward-looking statements and information relating to the anticipated use of proceeds from the Offering. These statements and information are based on expectations and assumptions made by the Company, including prevailing commodity prices and exchange rates, the availability of capital, and the availability and cost of labor and services.

Although the Company believes these expectations and assumptions are reasonable, there can be no assurance that they will prove correct. Actual results may differ materially due to risks and uncertainties, including changes in market conditions or investor demand, failure to obtain required approvals, operational risks associated with oil and gas exploration, development and production, changes in capital expenditure plans, uncertainty in production and cost estimates, commodity price and exchange rate fluctuations, marketing and transportation constraints, environmental risks, competition, access to capital, and changes in tariff, tax, royalty and environmental legislation. Additional risks are described in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.com.

The forward-looking statements and information in this news release are made as of the date hereof to provide readers with the Company's current expectations and may not be appropriate for other purposes. Readers should not place undue reliance on them. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, except as required by applicable securities laws.

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]