- Wedgemount (WDGY) reported additional updated production results from the Willowbend light oil project in the Permian Basin of Central Texas
- The five-day average Willowbend field production was 104 barrels of oil equivalent per day (BOE/D), a significant increase from the Q4 2022 average of 25 BOE/D
- To date, three of 11 wells on the project have undergone both well and formation chemical treatments, with the balance anticipated to be treated by the end of March 2023
- Wedgemount Resources Corp. (WDGY) opened trading at C$0.20 per share
Wedgemount (WDGY) reported additional updated production results from the Willowbend light oil project.
The project is located in the Permian Basin of Central Texas.
As of February 16, 2023, the five-day average Willowbend field production was 104 barrels of oil equivalent per day (BOE/D), a significant increase from the Q4 2022 average of 25 BOE/D. To date, three of 11 wells on the project have undergone both well and formation chemical treatments, with the balance anticipated to be treated by the end of March 2023.
The company’s President and CEO, Mark Vanry, said that the initial production results from Willowbend continue to track above corporate expectations.
“Our next three well and formation treatments are scheduled to start next week. The Company anticipates well workovers and surface optimizations will commence in April 2023, which Wedgemount is optimistic will continue to add incremental production to the field.”
All fieldwork continues to be under the direction of Wedgemount’s San Antonio-based partner, Petrosaurus Inc.
Wedgemount Resources is a junior natural resources company. It focuses on maximizing shareholder value through the acquisition, discovery, and advancement of natural resource projects in North America.
Wedgemount Resources Corp. (WDGY) opened trading at C$0.20 per share.
