Wescan Energy Set to Commence Drilling on Multilateral Well in Provost

Wescan Energy Corp. is set to commence drilling on a new multilateral well in the Provost area of east-central Alberta, a move that marks an important step in the company’s ongoing exploration efforts. The well, known as the Provost Well, is expected to be spudded this week, pending favorable weather conditions, and drilling is anticipated to take approximately 15 days.

To fully fund the Provost Well, Wescan Energy has launched a non-brokered private placement of convertible debentures, aiming to raise up to $1.3 million. These debentures will bear 10% annual interest, paid quarterly over a two-year term, and are convertible at any time at a price of $0.25 per share, a significant premium to the current market price. The company expects to close the Offering on or about September 30, 2026.

Wescan Energy plans to drill the Provost Well as part of its third multilateral well in the Provost area. This well design involves multiple horizontal legs from a single wellbore and surface location, allowing the company to maximize reservoir contact while keeping costs low. The company anticipates that the well will be on production in the fourth quarter of 2026, and it will provide regular updates on the progress of the drilling and completion.

Leo Berezan, Chief Executive Officer of Wescan Energy, expressed optimism about the upcoming well. “Getting the Provost Well licensed and funded in the same week is a clear sign of the momentum we are building for our shareholders,” Berezan said. “The convertible debenture is a clean, low-cost way to fully fund the well from spud to sales line, and it provides holders with the option to convert into shares at a meaningful premium.”

Sarshar Ahmad, Chief Operating Officer, added, “Our team has refined the drilling plan and completion design based on the lessons learned from our first two multilateral wells. The services and rig are lined up to move in this week, weather permitting. Multilateral wells let us access more reservoir from a single surface location for a modest increase in cost, and that translates directly into lower per-barrel costs.”

The Provost Well is part of Wescan Energy’s strategy to optimize its operations in the Provost area. The company’s common shares trade on the TSX Venture Exchange under the symbol "WCE." Further information is available at [www.wescanenergy.com].

Wescan Energy’s latest move underscores its commitment to advancing its exploration and production capabilities in the region. The company’s financial and operational focus remains on efficiently developing its resources while maintaining a commitment to shareholder value.