12:34 PM EDT, 03/10/2025 (MT Newswires) -- Westgate Energy (WGT.V) Monday said it entered into an asset purchase agreement with a private oil and gas company for the acquisition of Mannville Stack assets in Alberta near Frog Lake for $7 million.

Westgate will acquire 14.5 sections (3,712 hectares) of mineral rights, and 58 barrels per day of oi production. Up to 57 multi-lateral horizontal well locations have been internally identified across three stacked oil-bearing Mannville zones.

The company also said it signed a non-binding term sheet with a Texas-based private credit investment group in respect of a potential US$25 million first lien senior secured loan.

Westgate shares last traded Friday, closing at $0.155 on the TSX Venture Exchange.