Calgary, Alberta - October 5, 2022 (Newsfile Corp.) (Investorideas.com Newswire) WesCan Energy Corp. (TSXV: WCE) ("WesCan" or the "Company") is pleased to provide an update to its previously announced news release with respect to the Company's drilling program at Provost, Alberta.
On September 15, 2022, the Company announced that drilling had commenced and the new well spudded on September 13, 2022. The vertical section was completed to a depth of approximately 490 meters and the build section of the well was drilled, cased and completed.
The rig was formally released on September 30, 2022. The Company is pleased with the results of its multi-leg horizontal well that has provided positive characterizations with good oil staining that was prevalent in the core samples that were taken during the entire drilling operation.
As a result, the Company is now proceeding with the process of completing, equipping and tie-in of the well to WesCan's wholly own infrastructure and production facility. It is expected the well will be completed over the next 7 to 10 days subject to the available scheduling of the required services. Production results from the completion of the well will be announced in a future news release.
The overall results of the drilling program were so encouraging that the Company is now in the preliminary planning stages of drilling a second multi-leg horizontal well in the same core area at Provost, Alberta. Further updates will be available over the course of the drilling program as the Company advances towards the completion and production stages of the new well. All updates and press releases will also be available on the Company's website at www.wescanenergycorp.com
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg T. Busby, President & CEO
WESCAN ENERGY CORP.
Tel: (403) 265-9464
John H. Cassels, CFO
WESCAN ENERGY CORP.
Tel: (403) 265-9464
TSX Venture: WCE
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the drilling of the well and the timing of obtaining results therefrom. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the drilling program discussed herein may not have the anticipated results. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as otherwise required by law.
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