WesCan Energy Corp. (TSXV: WCE) said its third multilateral horizontal well in the Provost area of east-central Alberta, designated 105/15-21-38-3W4, began producing on October 9, 2026.
The company said the well was drilled, completed, equipped and tied in within budget, following a $1.3 million convertible debenture financing. The release did not disclose the debenture's interest rate, conversion price or closing date.
The company said the well remains in the early stage of its clean-up and flow-back period. Water cut, the share of water in the fluid produced, has fallen every day since start-up to approximately 58%, as load fluid used during completion is recovered, with oil rates rising as the water cut declines. WesCan said the well is being produced at a steady, controlled rate.
This is the third multilateral well WesCan has brought onto production in the Provost area; a multilateral well drills more than one horizontal leg from a single surface location. Chief executive Leo Berezan said: 'Delivering a third Provost multilateral on budget tells us this program is repeatable. Water cut has come down every single day since start-up and oil rates are climbing with it.'
Separately, WesCan said Sohaib Abbas has rejoined the company's board of directors, effective October 19, 2026; the release gave no further detail on the appointment. WesCan is headquartered in Calgary, Alberta, and describes itself in the release as focused on oil and gas exploration and production in the Provost area of east-central Alberta.
Beyond the figures above, the release disclosed no additional production data, such as a flow rate in barrels per day, and gave no forecast for when water cut is expected to stabilize. Disclosure in this update is limited to what is stated here.