WesCan Energy Corp V.WCE

WCE Hits 8 Year High - Financing/Drilling/Workovers Underway

[Roddiggiti]

Wescan Energy hit an 8 year high yesterday as technical and fundamental indicators show that this company has tremendous opportunity right now:
 

- Current production of 56boed with several workover projects that could easily triple this number
 

- 2021 oil/gas reserve report (51-101) showing just under 400,000 barrels. This was valued at $7.3 million USD when WTI pricing was $60 and Natural gas was $2.50. Today it's nearly double for both energy commodities.
 

- Shares for debt issued at 10 cents completed last month, still keeping the total float at 36.5 million shares.
 

- Recently announced $1 million placement that's half equity/debt, which will be used to drill a shallow horizontal well in an area, where neighbouring lease owners have had nearly 100% success rates on dozens of wells. Production ranging from 250-350bopd. Wescan has enough acreage to drill up to 4 of these wells
 

- $5 million worth of infrastructure that can handle a much larger capacity project. Wescan purchased this asset out of bankruptcy in 2015 for $1.3 million and the prior owner was aware that the lease had more upside beyond a couple dozen vertical wells. This is why such an investment was made for a larger facility to process the oil and gas.
 

- Heavy insider ownership and financial support. See insider buying.
 

- Website is terribly outdated, but this is an operation to drill and prove up the asset, then sell it.