Mr. Leo Berezan reports

WESCAN ENERGY CORP. ANNOUNCES FISCAL 2025 YEAR-END FINANCIAL AND OPERATING RESULTS, PROVIDES OPERATIONS UPDATE

Wescan Energy Corp. has released its financial and operational results for the 12 months ended March 31, 2025. The company's consolidated financial statements and management's discussion and analysis (MD&A) are available on SEDAR+.

Financial and operational highlights:

• Revenue: Petroleum and natural gas revenue increased 45 per cent to $4.0-million, compared with $2.8-million in the prior year, reflecting increased production and improved commodity prices.
• Production: Average daily production grew 44 per cent year over year to 147 boe/d (barrels of oil equivalent per day), up from 102 boe/d in 2024, primarily due to successful workover programs and facility optimization.
• Cash flow: Cash flow from operations was $587,164, a significant improvement over the prior year's cash outflow of $270,543.
• Net income: Wescan recorded a net loss of $799,969 for the year, compared with net income of $233,911 in 2024, largely attributable to increased royalty and operating expenses, higher depletion, and finance charges.
• Operating netback: Operating netback for the year was $17.31/boe, down from $26.47/boe, primarily due to higher costs and royalties, partially offset by higher production volumes.

Strategic and operational progress:

• Wescan's 100-per-cent-operated, oil-weighted assets in east-central Alberta are characterized by multizone oil reservoirs with low declines and a portfolio of low-risk, multilateral horizontal development drilling locations.
• The company remains focused on disciplined development, optimizing its core properties and actively evaluating strategic acquisition opportunities to add long-life, low-decline producing assets.
• During the year, significant investments were made in well workovers and facility upgrades, resulting in both higher oil and natural gas production.

Upcoming operations:

• Wescan is advancing preparations for its next multilateral drilling program, expected to spud in August, 2025. This well is designed to enhance oil recovery and maximize resource efficiency from the company's core Alberta asset base.
• In addition, Wescan is evaluating potential re-entries into existing single leg horizontal wells, targeting incremental production growth and optimized returns from previously drilled assets. These initiatives reflect the company's continuing commitment to capital-efficient growth and the maximization of shareholder value.

CEO's comment

"The past year's results demonstrate the resilience of our team and the strength of our core assets," stated Leo Berezan, president and chief executive officer of Wescan Energy. "With preparations under way for our upcoming multilateral well and planned re-entries, we are well positioned to deliver production growth and improved efficiencies for our shareholders. We remain committed to disciplined capital allocation and operational excellence as we advance our development program in east-central Alberta."

Outlook

Wescan's management remains confident in the company's asset base and operational strategy. The ongoing focus on low-cost optimization, new development drilling and the reactivation of shut-in wells is expected to support future cash flows and long-term value for shareholders. The company is actively reviewing new drilling opportunities and remains vigilant in its capital allocation given the current commodity price environment.

Liquidity

Wescan continues to manage its capital resources with a focus on financial discipline. The company is seeking additional equity financing to support continuing development activities and address its working capital deficiency, which was $981,640 at March 31, 2025.

About Wescan Energy Corp.

Wescan Energy is a Calgary-based exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in Alberta.

We seek Safe Harbor.