Mr. Mark Vanry reports

WEDGEMOUNT RESOURCES PROVIDES OPERATIONS UPDATE; COMPANY TO ASSUME DIRECT OPERATION OF TEXAS ASSETS

Wedgemount Resources Corp. has been advised that Koko Skadi LLC, the contract operator of the company's Texas oil and gas properties, has been placed into receivership. As a result, the company, through its wholly owned subsidiary Wedgemount Texas Corp. (WTC), will assume operatorship of its Texas wells directly.

The receivership relates to Koko Skadi's own affairs, and is not related to the company's wells, leasehold or operating performance. Wedgemount remains confident in the growth potential of its Texas portfolio.

Operator transition

WTC is filing the required change-of-operator documentation (Form P-4) with the Railroad Commission of Texas to become operator of record for its approximately 145 wells, including 14 injection wells, across Runnels and Coleman counties. Field operations, including pumping and maintenance, are continuing under WTC's direction (with field personnel retained or contracted by WTC). The filing process for taking operatorship in-house is anticipated to take approximately one month, after which the company will continue operations.

Taking operations in-house gives the company direct control over field staffing, workover scheduling and operating costs. Management believes this will improve operating efficiency and accountability across the portfolio.

As a result of the receivership, the proceeds of products sold over the last five months remain outstanding. The company is working with the receiver to recover the outstanding proceeds owing, as well as move operatorship to WTC.

Management commentary

"This is a counterparty issue, not an asset issue," said Mark Vanry, chief executive officer of Wedgemount. "Our wells, our leases and our development plans are unchanged. We had already decided to bring operations in-house, and the receivership simply brings that date forward. With direct control of the field, we can move faster on our planned workover program and focus every dollar on production growth. We remain highly confident in the growth potential of our Texas portfolio."

About Wedgemount Resources Corp.

Wedgemount Resources is a junior oil and gas company listed on the Canadian Securities Exchange. Through its subsidiary Wedgemount Texas Corp., the company holds approximately 22,000 acres of oil and gas leasehold in Runnels and Coleman counties, Texas, on the Eastern Shelf of the Permian basin.

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