Wedgemount Announces Upsized Non-Brokered Private Placement

Wedgemount Resources Corp. has announced the upsizing of its non-brokered private placement to raise up to $1 million CAD through the issuance of 20 million common shares at $0.05 per share. The financing increase reflects growing investor confidence in the company's operational potential and development plans across its Permian Basin asset base in west central Texas.

The company intends to deploy approximately one-third of the net proceeds toward marketing initiatives, with the remainder allocated to oil field operations and general working capital purposes. A key component of the operational plan involves advancing infrastructure upgrades across Wedgemount's wells and facilities, specifically targeting oil and water handling systems to increase well uptime and reduce operating costs. These improvements are designed to support sustained production levels approaching the company's previously reported 24-hour combined test rate of over 800 barrels of oil equivalent per day.

CEO Mark Vanry provided strategic context around current global oil market dynamics, citing the ongoing Middle East conflict as a driver of elevated oil and gas prices in both the short and medium term. He noted that worldwide inventories are facing significant disruption, creating what he believes will be a sustained geopolitical risk premium in energy pricing that has been absent from global markets for decades.

The financing is subject to customary closing conditions and regulatory approvals, with securities subject to a four-month hold period. The transaction allows for insider participation, though the extent remains to be determined. For Wedgemount, this upsized financing provides the capital foundation to execute operational improvements that could enhance the efficiency and economics of its Texas oil operations during a period of favorable commodity pricing dynamics.