Mr. Mark Vanry reports

WEDGEMOUNT RESOURCES CLOSES PERMIAN BASIN ASSET ACQUISITION

Wedgemount Resources Corp. has closed its recently disclosed (refer to press release dated Aug. 23, 2023) TCS light oil acquisition located in the Permian basin of west-central Texas, United States.

The company completed a payment to the arm's-length vendor (the seller) of $50,000 (U.S.) and signed a $600,000 (U.S.) vendor takeback loan (VTB) for a 100-per-cent working interest in the assets subject to a 20-per-cent underlying royalty. The VTB will mature on Nov. 1, 2025, and will pay interest at an annual rate of 10 per cent. The seller has relinquished operator's status and has transferred title of the nine oil and gas leases in addition to all surface facilities to Wedgemount's subsidiary, Wedgemount Texas Corp. (WTC).

Wedgemount plans to commence field optimizations on the newly acquired assets starting in late November. Work will include chemical treatments, well workovers and surface facility improvements with the goal of increasing both production and overall recoveries similar to previous work done on the company's Willowbend and Millican leases.

About Wedgemount Resources Corp.

Wedgemount Resources is a junior oil and gas company focused on maximizing shareholder value through the acquisition, development and exploitation of natural resource projects in the Southern United States.

We seek Safe Harbor.