Wedgemount Resources Corp. announce that it has entered into an assignment of a non-binding letter of intent ("LOI") for the purchase of oil and gas assets located in the prolific Permian Basin of west Texas. The LOI is with an arm's length private company located in Texas, USA.

The assignor is a private company also located in Texas that provides oil field and consulting services. Wedgemount will acquire a 100% working interest in 640 acres including five leases, eleven producing wells and all surface facilities. Current production from the eleven wells totals 25 barrels of oil per day of high quality, low-decline operated production.

The area's geology consists of numerous hydrocarbon producing formations which will be targeted by the Company. The acquisition exhibits the flexibility in Wedgemount's business strategy to target high quality assets in safe jurisdictions within the natural resources sector. In consideration for the purchase of the assets, Wedgemount will pay the Seller USD 1.5 million.

The purchase is subject to the completion of due diligence by Wedgemount, the execution of a definitive agreement and receipt of all necessary regulatory approvals. The Company expects to finance the acquisition through cash on hand and a private placement of equity securities. Wedgemount expects to close the proposed transaction before the end of 2022.