WESTGATE ENERGY ANNOUNCES 2025 YEAR-END RESERVES

196% Increase in Total Proved Reserves on a Year-Over-Year Basis and Asset Value Expansion Driven by Beaverdam Development

CALGARY, AB, April 16, 2026 /CNW/ - – Westgate Energy Inc. ("Westgate", the "Company", "we" or "our") (TSXV: WGT), is pleased to announce the results of its independent reserves evaluation effective December 31, 2025, as prepared by Sproule ERCE (the "2025 Reserve Report").

We believe the 2025 Reserve Report highlights the strength of Westgate's Mannville Stack heavy oil development platform at Beaverdam and its ability to generate significant long-life reserves, strong capital efficiency, and meaningful net present value growth.

Westgate increased both the amount of oil it controls and the estimated value of its assets in 2025. The Company increased its Total Proved ("TP") reserves by 196% and the assets continue to demonstrate strong economics at its Beaverdam project. We believe these results support a clear growth path through additional drilling in 2026 and beyond.

2025 Reserves Evaluation Highlights

• After accounting for production, Proved Developed Producing ("PDP") reserves increased to 1.13 mmboe, representing an increase of 144% and TP reserves increased to 1.74 mmboe, representing an increase of 196%
• Before-tax NPV10 of approximately $17.3 million PDP reserves
• Before-tax NPV10 of approximately $20.8 million TP reserves
• TP FD&A costs of $17.38/boe
• TP reserves are now weighted 83% to oil and natural gas liquids ("NGLs")

Summary of Oil and Gas Reserves on Forecast Prices and Costs¹

	Heavy Crude oil	Bitumen	NGLs	Natural Gas Associated Gas	Natural Gas Solution Gas	Total
Reserves Category	(Mbbl)	(Mbbl)	(Mbbl)	(MMcf)	(MMcf)	(Mboe)
Proved Developed Producing	189.0	682.7	9.7	296.0	1,178.0	1,127.0
Proved Undeveloped	83.0	486.2	1.2	0.0	247.0	611.6
Total Proved	271.9	1,168.9	10.9	296.0	1,425.0	1,738.6
Total Probable	79.7	275.0	3.2	112.0	357.0	436.1
Total Proved + Probable	351.6	1,443.9	14.1	408.0	1,783.0	2,174.7

The Reserve Report was based on published average forecast pricing of three independent reserves evaluation firms at December 31, 2025 (McDaniel, GLJ Ltd. and Sproule ERCE). WTI pricing at this time was forecasted to be US$59.92/bbl for 2026 and US$65.10/bbl for 2027.

1.	Reserves have been presented on a gross basis, which are the Company's total working interest share before the deduction of any royalties.

Summary of Net Present Value of Future Net Revenue (Before Tax) on Forecast Prices and Costs²

As at December 31, 2025 ($M)
Category	5 %	10 %	15 %	20 %
Proved Developed Producing	$18,393	$17,318	$15,984	$14,772
Proved Undeveloped	$4,865	$3,512	$2,452	$1,619
Total Proved	$23,257	$20,829	$18,435	$16,391
Total Probable	$8,258	$6,413	$5,130	$4,208
Total Proved + Probable	$31,515	$27,242	$23,565	$20,599

2.	All future net revenues are stated prior to the provision for general and administrative expenses, other income and interest expenses and after deduction of royalties, net operating expenses, estimated well abandonment and reclamation costs and estimated future capital expenditures.

Reconciliation of Company Gross Reserves on Forecast Prices and Costs

				Conventional
	Heavy Oil	Bitumen	NGLs	Natural Gas	Total
Proved	mbbl	mbbl	mbbl	mmcf	mboe
Dec 31 2024	336.7	0.0	9.6	1,445.0	587.2
Discoveries	0.0	0.0	0.0	0.0	0.0
Extensions	0.0	1,212.8	0.0	0.0	1,212.8
Acquisitions	0.0	0.0	0.0	0.0	0.0
Dispositions	0.0	0.0	0.0	0.0	0.0
Economic Factors	(10.3)	0.0	(0.1)	(27.0)	(15.0)
Technical Revisions	(8.8)	0.0	3.3	563.0	88.3
Production	(45.6)	(43.9)	(1.9)	(260.0)	(134.7)
Dec 31 2025	271.9	1,168.9	10.9	1,721.0	1,738.6
				Conventional
	Heavy Oil	Bitumen	NGLs	Natural Gas	Total
Proved + Probable	mbbl	mbbl	mbbl	mmcf	mboe
Dec 31 2024	440.1	0.0	12.3	1,868.0	763.9
Discoveries	0.0	0.0	0.0	0.0	0.0
Extensions	0.0	1,487.8	0.0	0.0	1,487.8
Acquisitions	0.0	0.0	0.0	0.0	0.0
Dispositions	0.0	0.0	0.0	0.0	0.0
Economic Factors	(13.2)	0.0	0.2	(12.0)	(14.9)
Technical Revisions	(29.8)	0.0	3.5	594.0	72.7
Production	(45.6)	(43.9)	(1.9)	(260.0)	(134.7)
Dec 31 2025	351.6	1,443.9	14.1	2,191.0	2,174.7

Future Development Costs

The following table provides the undiscounted estimated future development costs deducted in the estimation of future net revenue.

	Proved Developed	Proved	Proved Plus
	Producing	Reserves	Probable Reserves
	$M	$M	$M
2026	400	7,200	7,200
2027	-	1,836	1,836
Total Undiscounted	400	9,036	9,036

Management Commentary and Future Drilling

We pleased with the results of our 2025 drilling program at Beaverdam and the resulting reserve additions, which continue to demonstrate the strength and scalability of the asset. These results reinforce Beaverdam as a high-quality development opportunity with attractive economics. As we continue to optimize costs and advance our development program, we believe Westgate is well positioned to deliver meaningful growth in production, reserves, and shareholder value through the balance of 2026 and beyond.

Planning is underway for the next phase of development, with the Company targeting nine additional horizontal wells at Beaverdam through the remainder of 2026. A pad extension has been completed to support the drilling of the next four Colony wells, with operations expected to commence in June 2026. The full year program is anticipated to increase the total number of producing wells at Beaverdam to 15 by year-end 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 unless otherwise indicated.

Reader Advisories

Oil and Gas Advisories

Reserves disclosed in this press release are based on an independent engineering evaluation of the oil, NGLs and natural gas interests attributable to the Westgate assets prepared by Sproule ERCE effective December 31, 2025. The estimates of Sproule ERCE were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The recovery and reserve estimates of oil, NGLs and natural gas reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein. The estimated future net revenues disclosed in this press release do not necessarily represent the fair market value of the reserves associated therewith.

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.

Oil and Gas Metrics

This press release contains metrics commonly used in the oil and gas industry. These metrics have been prepared by management and do not have standardized meanings or standardized methods of calculation, and therefore such measures may not be comparable to similar measures presented by other companies and should not be used to make comparisons. Such measures are not reliable indicators of the future performance of the Corporation, and future performance may not compare to the performance in prior periods, and therefore such metrics should not be unduly relied upon. The Corporation uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Corporation's operations over time. The oil and gas metrics used in this press release are as follows:

"Finding, development and acquisition costs" or "FD&A costs" are calculated by dividing total capital expenditures, including acquisitions and net of dispositions, plus the change in estimated future development capital, by the applicable reserve additions for the period.

Notice regarding forward-looking statements:

This press release includes forward-looking statements regarding Westgate and its business, which may include, but are not limited to: the number and timing of additional wells and expected benefits therefrom, the characteristics of the Mannville Stack Fairway and the unique position of Westgate in respect thereof. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. The forward-looking statements included in this press release are based on management's current expectations and assumptions, including, but not limited to, the successful construction of facilities at the new well locations, the expected timing that the new wells will be on production and the Company's ability to execute its business strategy and market conditions. Although the Company believes that the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking statements involve significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by the Company, including but not limited to, an increase in the time to construct facilities at the new well locations and bring such wells on to production, production from wells being less than anticipated, decreases in the price of oil and natural gas and changes in market conditions. Moreover, exploration, appraisal, and development of oil and natural gas reserves are speculative activities and involve a degree of risk. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

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.

Abbreviations

bbl	barrels of oil
bbl/d	barrels of oil per day
boe	barrels of oil equivalent
WTI	West Texas Intermediate
NPV10	net present value of future net revenue (discounted at 10%)
FD&A	finding, development and acquisition costs

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]