Target Capital ( (TSE:WGT) ) has provided an update.
Westgate Energy Inc. reported a significant increase in production and reserves for the year ending 2024, with a 153% rise in average production volumes in Q4 2024 compared to the previous year. The company added 197.5 mboe of proved plus probable reserves, marking a 31% increase from the previous year, driven by organic growth. The acquisition of new lands at Beaverdam and plans to drill three wells near Cold Lake, Alberta, highlight Westgate’s strategic focus on expanding its operations and leveraging its innovative drilling techniques to enhance production and reserve growth.
More about Target Capital
Westgate Energy Inc. operates in the energy sector, focusing on oil and natural gas production. The company is engaged in the exploration and development of oil and gas reserves, particularly in the Mannville Stack fairway located in East-Central Alberta and West Central Saskatchewan. Westgate employs innovative multi-lateral horizontal drilling techniques to unlock medium and heavy oil accumulations, aiming to enhance oil well economics in Western Canada.
YTD Price Performance: -38.64%
Average Trading Volume: 61,229
Technical Sentiment Signal: Buy
Current Market Cap: C$5.55M
For detailed information about WGT stock, go to TipRanks’ Stock Analysis page.