Westgate Energy raises $5 million via private placement

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES .

CALGARY, Alberta, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Westgate Energy Inc. (the “ Company ” or “ Westgate ”) (TSXV: WGT) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (“ Haywood ” or the “ Underwriter ”) as sole underwriter and bookrunner, pursuant to which the Underwriter has agreed to purchase, on a bought deal private placement basis, 20,000,000 units of the Company (the “ Units ”), each consisting of one common share in the capital of the Company (a “ Common Share ”) and one Common Share purchase warrant (a “ Warrant ”), at a price of $0.25 per Unit (the “ Issue Price ”) for aggregate gross proceeds to the Company of $5,000,000 (the “ Offering ”), subject to the terms and conditions of the agreement. Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.35 for a period of 24 months following the Closing Date (as defined herein). The Warrants will not be exercisable prior to the date that is 61 days following the Closing Date. If, at any time following the date that is 60 days after the Closing Date, the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “ TSXV ”) equals or exceeds $0.45 for 10 consecutive trading days, the Company may accelerate the expiry of the Warrants by issuing a press release, whereupon the Warrants shall expire on the date that is 30 days following such notice.

In connection with the Offering, the Company hereby grants the Underwriter an option (the “ Underwriter’s Option ”), exercisable in whole or in part, by Haywood giving notice to the Company at any time up to 48 hours prior to the Closing Date, to purchase, or to find substituted purchasers for, up to an additional 3,000,000 Units (the “ Additional Units ”) at a price per Additional Unit equal to the Issue Price for additional gross proceeds to the Company of $750,000. In the event that the Underwriter’s Option is exercised in its entirety, the total gross proceeds to the Company from the Offering will be $5,750,000. All references herein to the “Offering” shall be deemed to include any exercise of the Underwriter’s Option and all references herein to the “Units” shall be deemed to include the Additional Units.

The Company intends to use the net proceeds from the Offering to fund drilling and development activities on the Company’s Mannville Stack assets and for working capital and general corporate purposes, as further described in the offering document relating to the Offering.

The Units will be offered and sold pursuant to the “listed issuer financing exemption” under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“ NI 45-106 ”) and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “ LIFE Exemption ”) in each of the provinces of Canada, other than Quebec. As the Offering is being completed pursuant to the LIFE Exemption, the Units issued pursuant to the Offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws. The Units may also be offered in the United States by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933 , as amended (the “ U.S. Securities Act ”), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. Notwithstanding anything contained herein, Haywood may offer and sell Units pursuant to the “accredited investor”, “minimum amount investment” and “family, friends and business associates” private placement exemptions in accordance with NI 45-106.

The securities described herein have not been and will not be registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or ‎sold to, or for the account or benefit of, persons in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act), absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any ‎jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States.‎

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.com and at www.westgateenergy.ca . Prospective investors should read the offering document before making an investment decision. The offering document includes information with respect to the Company’s use of the net proceeds from the Offering and the impact thereof on the Company’s guidance for 2026 and 2027.

The Offering is expected to close on or about September 30, 2026 (the “ Closing Date ”), subject to customary closing conditions and receipt of all required regulatory approvals, including approval of the TSXV. If completed, the Offering will close no later than 45 days after the date of this news release.

In consideration for their services rendered in connection with the issue and sale of the Units, the Company, on the Closing Date, shall pay to the Underwriter a cash fee in an amount equal to 8.0% of the gross proceeds from the sale of the Units under the Offering, reduced to 5.0% in respect of subscriptions by purchasers introduced by the Company and identified to the Underwriter on a president’s list (the “ President’s List ”). Additionally, subject to compliance with all required regulatory approvals, the Company will issue to the Underwriter non-transferable compensation options (the “ Compensation Options ”) entitling the Underwriter to purchase that number of Units that is equal to 8.0% of the aggregate number of Units issued under the Offering, reduced to 5.0% in respect of the Units sold and issued in connection with orders on the President’s List. The Compensation Options shall have an exercise price per Unit that is equal to the Issue Price and a term of 24 months from the Closing Date.

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in East-Central Alberta and West-Central Saskatchewan, a region with established medium and heavy oil accumulations. Producers in this fairway are increasingly unlocking these reservoirs with modern horizontal drilling and completion techniques, which have materially improved well performance and capital efficiencies.

For more information, please visit www.westgateenergy.ca .

Reader Advisories

In this press release, all references to “$” are to Canadian dollars.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “should”, “believe”, “intends”, “forecast”, “plans”, “guidance” and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this news release contains forward-looking statements and information relating to the proposed Offering, its size and terms, the anticipated Closing Date, the receipt of required approvals and the anticipated use of proceeds from the Offering and impact thereof on the Company’s guidance for 2026 and 2027. These statements and information are based on expectations and assumptions made by the Company, including completion of the Offering on the proposed terms, receipt of required approvals, prevailing commodity prices and exchange rates, the availability of capital, and the availability and cost of labor and services.

Although the Company believes these expectations and assumptions are reasonable, there can be no assurance that they will prove correct or that the Offering will be completed on the proposed terms or at all. Actual results may differ materially due to risks and uncertainties, including changes in market conditions or investor demand, failure to obtain required approvals, operational risks associated with oil and gas exploration, development and production, changes in capital expenditure plans, uncertainty in production and cost estimates, commodity price and exchange rate fluctuations, marketing and transportation constraints, environmental risks, competition, access to capital, and changes in tariff, tax, royalty and environmental legislation. Additional risks are described in the Company’s continuous disclosure filings available on SEDAR+ at www.sedarplus.com.

The forward-looking statements and information in this news release are made as of the date hereof to provide readers with the Company’s current expectations and may not be appropriate for other purposes. Readers should not place undue reliance on them. The Company undertakes no obligation to publicly update or revise any forward-looking statements or information, except as required by applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information concerning Westgate Energy Inc., please contact:

Dan Brown Chief Executive Officer and Director Email: dbrown@westgateenergy.ca

Nick Grafton Chief Financial Officer Email: ngrafton@westgateenergy.ca Phone: 403.984.6724

GlobeNewswire

September 15, 2026 - 3:01 PM PDT

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