December 19, 2022 ( Source ) – Wedgemount Resources Corp. (CSE: WDGY) (OTCQB: WDGRF) (“ Wedgemount ” or the “ Company “), is pleased to announce the signing of a Definitive Agreement (the “ Agreement “), replacing the non-binding letter of intent announced October 27, 2022 for the acquisition of oil and gas assets (the “ Assets “) located in the prolific Permian Basin of West-Central Texas. Highlights of the Assets: Premier location in the Permian Basin of West-Central Texas – North America’s #1 oil producing region Partnered with San Antonio based turn-key oil field services operator with 20+ years track record in central Texas High netback 42 API light oil with associated natural gas Opportunity for low-cost optimization of producing and shut-in wells for significant organic production growth Low decline production base with favourable operating costs Multiple additional stacked shallow targets identified in unexploited oil-bearing formations accessible through conventional drilling Wedgemount will acquire a 100% working interest in 640 acres including five leases, eleven producing wells and all surface facilities. Current production from the eleven wells is approximately 25 barrels of oil per day of high quality, low-decline, operated production. The area’s geology consists of numerous hydrocarbon producing […]
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