Westgate Energy Inc. Announces Closing of Best-Efforts Financing

Calgary, Alberta – April 2, 2025 – Westgate Energy Inc. (the “Company” or “Westgate”) (TSX-V: WGT) is pleased to announce that, further to its press release dated March 11, 2025, it has closed its best-efforts financing (the “Offering”) of units of the Company (the “Units”) at a price of $0.15 per Unit (the “Issue Price”), for aggregate gross proceeds of approximately $2.5 million. The Offering was led by Haywood Securities Inc. (the “Agent”) as the sole agent and bookrunner.

Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant entitles the holder to acquire one Common Share for an exercise price of $0.24 per share for a period of 24 months from the date of this press release.

Pursuant to the terms of the Offering, the Company has also granted to the Agent an over-allotment option to offer for sale up to an additional 6,000,000 Units (up to additional gross proceeds of $900,000), which over-allotment option is exercisable for a period of 30 days following the closing of the Offering.

In connection with the Offering, the Agent was paid a cash commission of $137,703.30, which was equal to 7% of the gross proceeds of the Offering, subject to a 3% cash commission paid in respect of certain subscribers on the Company’s president’s list and was issued 918,022 compensation options (the “Compensation Options”) entitling the Agent to purchase up to 918,022 Common Shares, such number of Compensation Options being equal to 7% of the number of Units sold pursuant to the Offering, except for Units sold to certain subscribers on the Company’s president’s list, in respect of which the Compensation Options issued represent 3% of the number of Units sold to such president list subscribers. The Compensation Options have an exercise price per Common Share equal to the Issue Price and are exercisable for a period of 24 months following closing of the Offering. The Agent was also entitled to a corporate finance fee of $350,000 of which two-thirds was paid on closing and, in consideration of additional services to be provided to the Company, one-third will be paid over a 90-day period following closing.

The Company intends to use the net proceeds from the Offering to fund the recently announced acquisition of Mannville Stack focused assets in East-Central Alberta near Frog Lake (the “Strategic Acquisition”).

The Units were offered in each of the provinces and territories of Canada, other than Québec, pursuant to a prospectus supplement dated March 13, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus of the Company filed on September 23, 2024 (the “Shelf Prospectus”). The Units were also offered by way of a private placement in the United States. Copies of the Shelf Prospectus and, the Supplement can be found the Company’s profile on SEDAR+ at www.sedarplus.ca.

The Units have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For further information, please contact:

WESTGATE ENERGY INC.

Suite 420, 2020 4th Street SW Calgary, Alberta T2S 1W3

Mr. Nick Grafton Chief Financial Officer

Phone: (403) 984-6724

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