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An update from Target Capital ( (TSE:WGT) ) is now available.
Westgate Energy Inc. has announced the termination of its planned acquisition of assets in East-Central Alberta due to the inability to secure necessary third-party approvals. The company has received a return of its $700,000 deposit and has amended the terms of its convertible debenture, extending its maturity date and removing the requirement to use the deposit for principal repayment. Despite this setback, Westgate reports positive production rates from its three new wells in the Beaverdam Assets, with a comprehensive report on their performance expected soon. This development may impact Westgate’s strategic positioning in the oil industry, as it continues to focus on leveraging its drilling techniques in the Mannville Stack fairway.
More about Target Capital
Westgate Energy Inc. is focused on the emerging Mannville Stack fairway located in North-East Alberta and West Central Saskatchewan. This region is known for accumulations of medium and heavy oil, which Westgate is accessing through innovative horizontal drilling techniques, resulting in strong oil well economics across Western Canada.
Average Trading Volume: 61,340
Technical Sentiment Signal: Sell
Current Market Cap: C$9.22M
Learn more about WGT stock on TipRanks’ Stock Analysis page.