WesCan Energy Corp. (“WesCan”) (TSXV: WCE) reported its financial and operating results for the year ended March 31, 2026, marking a turnaround year in which the Company established a repeatable, oil-weighted development play at Provost, Alberta. A multilateral horizontal oil well brought on production during the year materially increased production, expanded operating netbacks by 50%, reduced operating costs per barrel by 36% and more than doubled adjusted funds flow, while converting booked undeveloped reserves into production.
Fourth-quarter production increased 61% to 212 boe/d and full-year production increased 17% to 172 boe/d, with production remaining approximately 87% weighted to oil and liquids. Operating netback expanded 50% to $25.89/boe for the year and 270% to $32.61/boe in the fourth quarter, achieved despite a 14% decline in benchmark WTI prices. Operating costs decreased 25% to $1,980,529, and 36% on a per-boe basis to $31.56/boe.
Adjusted funds flow increased 134% to $1,231,177 and cash flow from operating activities increased 81% to $1,064,053. Net loss narrowed 43% to $452,649 (2025 – $799,969), continuing to reflect non-cash depletion, depreciation and accretion of $1,282,386. Proved developed producing reserves increased to 264.8 MBOE - approximately 107% replacement of the year’s production - as the new well converted approximately 108 MBOE from proved undeveloped to producing.
“Fiscal 2026 was the year WesCan turned the corner,” said Leo Berezan, Chief Executive Officer and Chairman of WesCan. “We proved up a repeatable, oil-weighted development play at Provost, more than doubled our adjusted funds flow, and converted booked undeveloped reserves into production - all from a single, disciplined capital program. That is the foundation we intend to build on, and our focus now is on advancing our de-risked inventory while continuing to strengthen the Company’s financial position.”
During fiscal 2026, WesCan drilled and brought on production a multilateral horizontal oil well at Provost, Alberta (WesCan 104 Provost 15-27-38-3), in the Company’s 100% operated, oil-weighted core area. The well has recently produced at approximately 90 bbl/d of oil and represented a substantial share of fourth-quarter volumes. The Company’s crude at Provost is approximately 29° API medium-gravity oil, trucked to market to capture WTI-based pricing. WesCan acquired a 3D seismic trade license to further evaluate the play and an additional half section (approximately 320 acres) of acreage.
For fiscal 2027, the Company’s planned program at Provost comprises one multilateral horizontal well and one well re-entry, both targeting the same oil-weighted reservoirs de-risked by the fiscal 2026 well. The re-entry is expected to utilize existing wellbore infrastructure. Beyond this program, Management has identified potential follow-up development locations on the Company’s Provost acreage, which it continues to evaluate with the benefit of its newly acquired 3D seismic and which remain subject to further technical evaluation, regulatory approval and available financing.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. Detailed reconciliations of non-GAAP measures are provided in the Company’s MD&A for the year ended March 31, 2026, available on SEDAR+ at www.sedarplus.ca. The original release is available at www.newmediawire.com.
