Wedgemount Resources Corp. announced initial well production results from the Willowbend light oil project in the Permian Basin of central Texas. On January 23, 2023, three wells including the McBeth-2, McBeth-5 and Davis-3 underwent well and formation chemical treatments.

Prior to the treatments, the three wells were flowing at a combined rate of 10 barrels of oil per day. Post treatment, the three wells combined have tripled in production and are currently flowing at a rate of 31 barrels of oil per day. Total cost of the three well chemical treatment program was USD 45,000.

Overall field production is now 52 barrels of oil per day, more than double the average for Fourth Quarter 2022. Field work was carried out by the Company's San Antonio based operations contractor, Petrosaurus. The Company anticipates carrying out chemical treatments on three additional wells within the next two weeks and workovers on all of the Willowbend wells commening in late March 2023.

Wedgemount is optimistic that the well workovers will add incremental production to the field in addition to the increase from the previously mentioned well treatments. Petrosaurus' in-house developed chemical cleanouts combined with well workovers and new zone perforations are a key part of Wedgemounts's initial plan to grow production from underexploited and underdeveloped light oil formations in central and south Texas.