Wedgemount Resources Corp (CSE:WDGY, OTCQB:WDGRF) earlier this week provided an update on its recent acquisition of the Huggy asset, a major addition to its growing portfolio in west central Texas.
CEO Mark Vanry explained that the deal significantly expanded the company’s operations, increasing the number of producing wells from 25 to 136.
The Huggy asset, which includes 119 producing wells and eight injectors, is located near Wedgemount’s existing properties.
According to Vanry, the Huggy transaction is “by far the largest deal we’ve done to date.”
Vanry stated that the acquisition fits well with their strategy of acquiring financially and operationally distressed properties, which the company then optimizes to enhance production and reserves.
“When we acquired the Huggy assets, only 44 wells were producing,” the CEO said. “We’re now up to about 70 producing wells, and we’re ramping up production as we address the infrastructure and optimize operations.”
Vanry also emphasized the massive growth potential in …