Calgary, Alberta – WesCan Energy Corp. (TSXV: WCE) (“WesCan” or the “Company“) is pleased to provide a corporate update as to its recent operations and upcoming drilling program.
The Company is pleased to announce that it was successful at the most recent Alberta Crown Land Sale, securing an additional 40 acres (drilling spacing unit) within the Company’s core area at Provost, Alberta. This acquisition is of material significance to the Company and is expected to increase the overall recovery of reserves and further delineates the geological development and production anticipated from the drilling program.
Although the Company experienced global supply-chain issues that have plagued the industry causing certain delays in the preliminary planning stages of acquiring various materials required in advance of any drilling program, WesCan, through innumerable efforts and diligence, is pleased to announce that delivery has been successfully secured for the necessary casing materials to pursue the long-awaited drilling program at Provost. Our success in obtaining the required materials will now enable the Company to spud a well at its first drilling location at Provost.
As a result of such efforts, the Company is exceptionally pleased to advise that lease construction and drilling services have now been engaged in preparation for the rig to commence drilling within the next 7-10 days. WesCan has been advised by the drilling contractor that as soon as the rig has been released from its current contract, the rig is expected to arrive on location within the above-mentioned time frame. The Company also signed the drilling contract on September 1, 2022.
Further to the above, with the previously announced financing secured in the fourth quarter of the Company’s most recent fiscal year-ended March 31, 2022, as the Company looks forward to proceeding with its drilling program, further updates will be provided in subsequent news release(s) with respect to the anticipated spud date and preliminary results from the new well. All updates and press releases can also be found on the Company’s newly designed website at www.wescanenergycorp.com.