CALGARY, AB, Aug. 16, 2024 /CNW/ - Westgate Energy Inc.
("Westgate" or the "Company") (TSXV: WGT), a
high-growth junior exploration and production company targeting
untapped Mannville Stack medium and heavy oil resources in
East-Central Alberta and West Central Saskatchewan, today announces
that the Company's Board of Directors has approved the inaugural
grant of 3,600,000 incentive stock options ("Options") to
certain officers, directors, employees and consultants of the
Company; 1,674,000 restricted share units ("RSUs") to
officers and employees of the Company; and 126,000 deferred share
units ("DSUs") to directors of the Company (collectively,
the "Awards"), pursuant to the terms and conditions of
Westgate's Omnibus Equity Compensation Plan ("Omnibus
Plan"), approved by the shareholders at the most recent annual
meeting of shareholders on July 17,
2024 and subject to the policies of the TSX Venture Exchange
(the "TSXV").
Prior to this inaugural grant, no Options, RSUs, PSUs, or DSUs
existed. The issuance of the Awards was recommended by the
Governance, Compensation and Nomination Committee (the
"Committee'), with specific details of the Awards as
follows:
- Options: The Options granted are
exercisable into common shares of the Company ("Common
Shares") at a price of $0.30 per
Common Share, vest over a three-year period in increments of 33%
every 12 months and have a term of five years with expiry on
August 14, 2029.
- 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 of the Company at the time the holder ceases to be a
Director of Westgate.
- RSUs: RSUs vest over a two-year period
with 50% vesting on the 12-month anniversary and 25% vesting every
six months thereafter.
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, PSUs or DSUs (and related Dividend Equivalents, 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.
Westgate's Differentiated Strategy
Westgate is focused on the emerging Mannville Stack fairway
located in East-Central 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 multi-lateral horizontal drilling.
Applying these multi-lateral drilling techniques has yielded some
of the strongest oil well economics across Western Canada. The management team and board
of Westgate have extensive experience building and leading
successful energy companies in Canada. The collective successes of the
leadership group share common characteristics: a strategy of
targeting high-quality oil assets with large quantities of
oil-in-place, and driving growth through successful drilling as
well as strategic merger and acquisition opportunities. This proven
blueprint of delivering shareholder value will be foundational to
Westgate's strategy, positioning the Company as one of a select few
pure-play, high-growth, publicly-traded junior oil companies
focused on the Mannville Stack Fairway.
For more information, please visit www.westgateenergy.ca.
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SOURCE Westgate Energy Inc.