Wedgemount Resources Corp (CSE:WDGY, OTCQB:WDGRF) CEO Mark Vanry joined Proactive to discuss significant achievements from the company in 2024 and its outlook for the New Year.
He highlighted the Huggy acquisition, which has quadrupled Wedgemount’s operational scale.
Proactive: The company recently issued a news release highlighting 2024 milestones and looking ahead to 2025. Let’s start with west-central Texas and your oil and gas assets there. What’s happening in that region?
Mark Vanry: In August, we made our largest acquisition to date: the Huggy acquisition. It quadrupled the size of our company. Since closing that deal, our focus has been on optimizing those assets, completing compliance work, and preparing to sell oil from the new leases.
The press release highlighted the progress we've made at Huggy. We've completed compliance tasks, such as servicing facilities, flow lines, cleaning up old wells, and turning on compressors. While it’s not glamorous work, it’s critical. Last week, we received approval from the Texas Railroad Commission, allowing us to begin oil sales from these leases.
What’s the plan for Huggy moving forward?
Through the rest of this year and 2025, we’ll optimize the wells. This involves chemical stimulation treatments and well workovers to enhance production, similar to what we did with our legacy assets at Willowbend, Millican, and TCS. It’s a big workload, but we’re excited to ramp up these wells just like we did with our earlier acquisitions.
Let’s shift to the Davis leases. Optimization work has been key there. Can you share updates?
Davis has been a highlight. I’ve talked to investors about how well the wells there have responded to chemical treatments. These treatments are proprietary and not widely used, so there was skepticism about their sustainability.
The Davis leases have two producing vertical wells, and they were the first to receive these treatments over a year ago. The results have been remarkable—a near tenfold production increase that has been sustainable. This success shows that our approach can deliver long-term benefits.
Does the 2025 outlook mirror what you’ve achieved in 2024?
The type of work will be the same, but the scale will be much larger. Until August, we had 25 producing wells; now, we have 136. We expect to exit 2025 as a larger, stronger company with robust cash flows, gaining more visibility among investors.
Quotes have been lightly edited for clarity and style