Mr. Dan Brown reports

WESTGATE ENERGY ANNOUNCES CONDITIONAL ACCEPTANCE OF WARRANT EXERCISE INCENTIVE PROGRAM

Westgate Energy Inc. has received conditional acceptance from the TSX Venture Exchange to commence a warrant exercise incentive program relating to 16,241,267 outstanding common share purchase warrants issued in connection with a best-efforts offering that closed on April 2, 2025, as previously announced by the company in a press release dated March 9, 2026. Each eligible warrant is exercisable for one common share of the company at a price of 24 cents per share until April 2, 2027.

Under the terms of the incentive program, each holder who exercises an eligible warrant during the period commencing March 25, 2026, and ending at 4:30 p.m. (Calgary time) on April 24, 2026, will receive for each eligible warrant exercised: (A) one warrant share (being the original entitlement); and (B) one-half of an additional common share purchase warrant. Each whole incentive warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 35 cents per share until 4:30 p.m. (Calgary time) on Oct. 24, 2027.

In the event that the volume-weighted average price of the common shares of the company on the TSX-V equals or exceeds 45 cents for 10 consecutive trading days, the company will be entitled to accelerate the expiry of the incentive warrants. If the company elects to do so, it will issue a press release announcing the acceleration event, and the incentive warrants will thereafter expire 30 calendar days from the date of such notice.

Holders who exercise eligible warrants during the incentive period will receive the applicable number of incentive warrants promptly following the expiry of the incentive period. Except in certain limited circumstances, all incentive warrants will be registered and held through CDS Clearing and Depository Services Inc. or its nominee electronically through the non-certificated inventory. Holders should contact their brokers, nominees or other intermediaries for instructions on how to exercise the eligible warrants.

The incentive warrants, and any incentive warrant shares issued upon exercise thereof, will be subject to a statutory hold period of four months and one day from the date of issuance of the incentive warrants. Unless TSX-V approval is obtained, a holder of incentive warrants will not be permitted to exercise such incentive warrants if the exercise would cause the holder to become a new insider and/or new control person (as such terms are defined under the policies of the TSX-V) of the company.

The incentive warrants will be issued pursuant to a supplemental warrant indenture to be entered into between the company and Odyssey Trust Company which will supplement the warrant indenture dated April 2, 2025, in respect of the eligible warrants. A copy of the supplemental indenture will be available electronically at SEDAR+ on or before March 25, 2026. The description of the incentive warrants is subject to, and qualified in its entirety by reference to, the detailed provisions of the supplemental indenture.

Eligible warrants that remain unexercised after the incentive period will continue to be exercisable on their original terms until April 2, 2027. However, no incentive warrants will be issued in respect of any eligible warrants exercised after the incentive period.

Depending on the number of eligible warrants exercised during the incentive period, the company expects to:

• Receive gross proceeds of up to approximately $3,897,900;
• Issue up to 16,241,267 warrant shares pursuant to the exercise of eligible warrants in accordance with the terms of the eligible warrants;
• Issue up to 8,270,633 incentive warrants pursuant to the exercise of the eligible warrants.

The proceeds received from the early exercise of eligible warrants are expected to be used to finance the predrilling costs related to the company's potential spring drilling program, additional operating cost reduction activities at Beaverdam as well as for general working capital purposes.

About Westgate Energy Inc.

Westgate is focused on the emerging Mannville Stack fairway located in northeast 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 efficiency. Activity to date has delivered some of the strongest oil well economics in Western Canada.

We seek Safe Harbor.