Mr. Dan Brown reports

WESTGATE ENERGY INC. ANNOUNCES CLOSING OF $6.9 MILLION BOUGHT DEAL LIFE OFFERING

Further to Westgate Energy Inc.'s press releases dated Sept. 15, 2026, and Sept. 17, 2026, it has closed its bought deal private placement offering of 27.54 million units of the company, including 1.54 million units sold upon the partial exercise of the underwriter's option, at a price of 25 cents per unit, for aggregate gross proceeds to the company of $6,885,000. Haywood Securities Inc. acted as the sole underwriter and bookrunner for the offering.

Each unit comprises one common share in the capital of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to purchase one additional common share at an exercise price of 35 cents for a period of 24 months following the date hereof. The warrants will not be exercisable prior to the date that is 61 days following the date hereof. If, at any time following the date that is 60 days after the date hereof, the volume-weighted average trading price of the common shares on the TSX Venture Exchange equals or exceeds 45 cents for 10 consecutive trading days, the company may accelerate the expiry of the warrants by issuing a press release, whereupon the warrants shall expire on the date that is 30 days following such notice.

As compensation for its services in connection with the offering, the company paid the underwriter a cash fee of $535,800, equal to 8.0 per cent of the gross proceeds from the sale of units (reduced to 5.0 per cent for subscribers on the company's president's list). The company also issued 2,143,200 non-transferable compensation options to the underwriter, exercisable for that number of units that is equal to 8.0 per cent of the units issued under the offering (reduced to 5.0 per cent for units sold to president's list subscribers). The compensation options have an exercise price equal to the issue price and expire 24 months from the date hereof. The compensation options are stand-alone finders' warrants and were not issued under the company's stock option plan.

The company intends to use the net proceeds from the offering to finance drilling and development activities on the company's Mannville Stack assets and for working capital and general corporate purposes, as further described in the amended and restated offering document relating to the offering.

About Westgate Energy Inc.

Westgate is focused on the emerging Mannville Stack fairway located in east-central Alberta and west-central Saskatchewan, a region with established medium and heavy oil accumulations. Producers in this fairway are increasingly unlocking these reservoirs with modern horizontal drilling and completion techniques, which have materially improved well performance and capital efficiencies.

We seek Safe Harbor.