WESTGATE ENERGY ANNOUNCES Q4 2025 DRILLING PROGRAM AND PRODUCTION UPDATE

The Company also announces an updated presentation on its corporate website as well as the engagement of a market-maker

CALGARY, ALBERTA, October 1, 2025 – Westgate Energy Inc. (“Westgate” or the “Company”) (TSXV:WGT), is pleased to provide an update on drilling plans for the fourth quarter of 2025 in the Beaverdam area of Alberta.

Q4 2025 Drilling Program

Westgate is pleased to announce that, based on the success of its recent three well summer drilling program at its Beaverdam asset near Cold Lake, Alberta, the Company is planning to commence a five well follow-up drilling program on the Beaverdam asset. Three of the wells are planned to be drilled as horizontals off the same pad for production. Two of the wells are planned to be vertical stratigraphic test wells off temporary surface locations. The stratigraphic test wells are expected to aid in delineating additional Mannville Stack horizons that showed potential for development and to support future horizontal drilling in 2026 and beyond.

Drilling is scheduled to commence on or about October 15, 2025 and is expected to continue for 30 days, with all three horizontal wells anticipated to be on production on or about December 20, 2025. Peak production is expected to be reached within two months of the wells coming on production. The Company anticipates updating shareholders before the end of January 2026 on the production results of the Q4 2025 drilling program.

Production Update

Westgate is pleased to announce that the three wells from the summer program at Beaverdam (the “New Wells”) continue to produce above management’s expectations. The average aggregate total production of the New Wells over the last seven days has been greater than 500 bbl/d. The Company is forecasting corporate production of greater than 1,000 boe/d once the Q4 2025 drilling program wells have cleaned up in mid-late January 2026.

Updated Corporate Presentation

Investors can find an updated corporate presentation on the Company’s website at www.westgateenergy.ca. The presentation includes further information about the Company’s current financial and operational outlook.

Market Making Services

The Company also announces that it has engaged the services of Insight Capital Partners Inc. (“Insight”) and its market making service provider, ICP Securities Inc. (“ICP”) effective October 1, 2025 (the “Engagements”), subject to receipt of final acceptance by the TSX Venture Exchange.

Pursuant to a consulting agreement entered into between the Company and Insight (the “Consulting Agreement”), Insight will provide capital markets consulting services, including providing the Company with market information on trade activity and advising on market related initiatives (the “Consulting Services”), for a term of 24 months, provided that, subject to a minimum four month term, either party may terminate the Consulting Agreement by providing 30 days’ prior written notice to the other party.

In addition, pursuant to a market making agreement entered into between the Company and ICP (the “Market Making Agreement”), the Company has engaged ICP to provide market making services (the “Market Making Services”) for the Company’s common shares (the “Shares”), subject to and in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. The Market Making Agreement is for an initial four month term (the “Initial Term”) and shall be automatically renewed for subsequent one month terms (each month an “Additional Term”) unless either party provides at least 30 days’ written notice prior to the end of the Initial Term or an Additional Term, as applicable.

In consideration for the Consulting Services, Insight will receive a monthly fee of $3,500, plus applicable taxes, and, in consideration for the Market Making Services, ICP will receive a monthly fee of $7,500, plus applicable taxes. Insight and ICP do not have any interest, directly or indirectly, in Westgate or its securities or any right or intent to acquire such an interest at this time; however, Insight and ICP and its clients may acquire an interest in the securities of the Company in the future. There are no performance factors contained in the Consulting Agreement or Market Making Agreement and no stock options or other compensation are being granted in connection with the Engagements.

Insight and ICP are each arm’s length parties to the Company. The Market Making Services will be primarily to correct temporary imbalances in the supply and demand of the Shares. ICP will be responsible for the costs it incurs in buying and selling the Shares, and no third party will be providing funds or securities for the market making activities.

About ICP Securities Inc.

ICP is a Toronto based Canadian Investment Regulatory Organization dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP PremiumTM, that enhances the liquidity and quote health. ICP’s office is located at 204 – 251 Queen’s Quay East, Toronto, Ontario, M5A 0X3. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in North-East Alberta and West Central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil which are being ‘unlocked’ via the application of innovative drilling techniques that utilize -various styles of horizontal drilling. Applying these horizontal drilling techniques has yielded some of the strongest oil well economics across Western Canada.

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

For further information concerning Westgate Energy Inc., please contact:

Dan Brown
Chief Executive Officer and Director

Email: dbrown@westgateenergy.ca

Nick Grafton
Chief Financial Officer

Email: ngrafton@westgateenergy.ca

Phone: 403.984.6724

Reader Advisories

In this press release, all references to “$” are to Canadian dollars unless otherwise indicated. 

*                *                *

 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. Condensate and NGLs are converted to boe at a ratio of 1bbl:1 bbl. 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.

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 commencement of the Q4 2025 drilling program, including the timing and duration thereof; the types of wells to be drilled pursuant to the five well drilling program; the expected use of the stratigraphic test wells to be drilled; future follow up horizontal drilling in 2026 and beyond; the expected timing to reach peak production on the new wells drilled as part of the Q4 drilling program; the expected timing of future production results updates; the Company’s corporate production; the provision of Consulting Services by Insight; the provision of Market Making Services by ICP; the business and growth prospects of Westgate; and 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. 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 completion of the Q4 2025 drilling program; the expected timing that the new wells from the Q4 2025 drilling program will be on production; 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: the inability to service providers to conduct the Q4 2025 drilling program; 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