Westgate Energy Announces Grant of Equity Incentive Awards

CALGARY, ALBERTA, October 29, 2025 – Westgate Energy Inc. (“Westgate” or the “Company”) (TSXV:WGT), announces that the Company’s board of directors has approved grants of: (i) an aggregate of 1,185,000 incentive stock options (“Options”) to certain officers, directors, employees and consultants of the Company; (ii) an aggregate of 537,500 restricted share units (“RSUs”) to certain officers and employees of the Company; and (iii) an aggregate of 40,000 deferred share units (“DSUs”) to certain directors of the Company (collectively, the “Awards”). The Awards have been granted pursuant to Westgate’s Amended and Restated Omnibus Equity Compensation Plan (“Omnibus Plan”) which was approved by shareholders at the Company’s most recent annual meeting of shareholders held on June 26, 2025 and which is subject to the policies of the TSX Venture Exchange (the “TSXV”).

Prior to this grant of Awards, there were 3,384,000 Options, 1,566,000 RSUs and 126,000 DSUs outstanding. This grant of Awards was recommended by the Governance, Compensation and Nomination Committee. The specific details of the Awards are as follows:

• Options: The Options are exercisable into common shares of the Company (“Common Shares”) at a price of $0.25 per Common Share, vest over a three-year period in increments of 33% every 12 months and have a five year term with expiry on October 23, 2030.

• RSUs: The RSUs vest over a two-year period with 50% vesting on the 12-month anniversary and 25% vesting every six months thereafter.

• DSUs: The DSUs vest over a two-year period with 50% vesting on the 12-month anniversary and 25% vesting every six months thereafter. Each DSU entitles the holder to receive one Common Share at the time the holder ceases to be a director of Westgate.

Notwithstanding the ability of the Company to settle RSUs or DSUs in Common Shares, Westgate may, at its discretion, permit applicable participants to elect to receive an amount in cash (net of applicable withholding taxes) equal to all or a portion of the vested RSUs or DSUs (and related Dividend Equivalents (as defined in the Omnibus Plan), if any) being settled by the participant, multiplied by the VWAP as at the applicable settlement date.

The Omnibus Plan’s objective is to provide Westgate with a mechanism to attract, retain and motivate talent, promote share ownership of eligible individuals to align their interests with the interests of the Company’s shareholders, and enable and encourage eligible individuals to participate in the long-term growth and success of the Company.

About Westgate

Westgate is focused on the emerging Mannville Stack fairway located in North-East Alberta and West Central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil which are being ‘unlocked’ via the application of innovative drilling techniques that utilize various styles of horizontal drilling. Applying these horizontal drilling techniques has yielded some of the strongest oil well economics across Western Canada.

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

Reader Advisories

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

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

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