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Calgary's Waskahigan Oil & Gas Embroiled in RTO Dispute, Highlighting Junior Market Challenges

Calgary-based Waskahigan Oil & Gas Corp. (CSE: WOGC) is currently embroiled in a significant dispute with its Reverse Takeover (RTO) vendors, collectively known as the TMI Parties, regarding a Share Purchase Agreement (SPA) originally set on May 16, 2025. This complex situation, highlighted by a PR Newswire release on November 28, 2025, centers on a disagreement over due diligence delivery and payment obligations stipulated in the latest amendment, SPA Amending Agreement #3, announced October 28, 2025.

A Complex Transaction Unravels

The SPA has seen multiple amendments, with Amending Agreement #3 introducing critical conditions for the TMI Parties, including strict deadlines for due diligence information and two $15,000 US payments by November 7 and November 21, 2025. WOGC asserts that the TMI Parties failed to make the required elections or payments on these dates, and while some due diligence was provided, its "scope, sufficiency and acceptability have not been agreed upon." This has led to a fundamental disagreement on SPA compliance, with no payments made by the TMI Parties on the specified dates.

Calgary's Junior Market Challenges

This dispute offers a localized lens into the persistent challenges faced by Calgary's junior resource capital markets. The city, a global energy hub, has seen a decline in capital for high-risk exploration firms since the 2012 commodities crash. Such contractual impasses, while specific to WOGC, can further dampen investor confidence in a sector already struggling with funding and complex transactions like RTOs, crucial for bringing private companies public.

The SPA includes an arbitration clause for dispute resolution, governed by Alberta's robust Alberta Arbitration Act. While no arbitration dates are set, discussions are ongoing between WOGC and the TMI Parties to clarify the status and next procedural steps. The Alberta Securities Commission (ASC) oversees the regulatory environment, actively engaging with market health initiatives. Gregory J. Leia, CEO of Waskahigan Oil & Gas Corp., based at Suite 203 - 221 - 10th Avenue SE, Calgary, is the primary contact.

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