Westgate Energy's Q3 Surge Amidst Alberta's Pivotal Energy Policy Shift
Westgate Energy's Strong Q3 Performance
Calgary-based junior exploration and production company, Westgate Energy Inc. (TSXV: WGT), recently filed its unaudited financial and operating results for Q3 2025, showing significant growth. Production for the quarter averaged 434 barrels of oil equivalent per day (boe/d), a remarkable 104% increase from Q3 2024. This surge was partly driven by three horizontal wells in the Beaverdam area of Alberta brought online in mid-August. Subsequent to the quarter, Westgate successfully drilled three more Mannville Stack wells in Beaverdam, expected to be on production by mid-December, focusing on established medium and heavy oil accumulations in North-East Alberta and West Central Saskatchewan. Dan Brown (CEO) and Nick Grafton (CFO) lead the company.
Alberta's Evolving Energy Policy
Westgate's operational advancements coincide with pivotal shifts in Alberta's energy policy. A late November 2025 agreement between federal and provincial governments saw Ottawa withdraw its planned emissions cap and suspend clean electricity regulations for Alberta. In exchange, Alberta committed to strengthening its TIER carbon pricing system, aiming for $130 per tonne by April 1, 2026. This pact, which also designates an Alberta bitumen pipeline to Asian markets a “project of national interest,” offers critical clarity and support for market access, potentially boosting investment and de-risking future energy infrastructure projects essential for Calgary's economic health.
Calgary's Economic Resilience
While Calgary's economy diversifies with projected 2.4% growth in 2026 across tech and manufacturing, the energy sector remains a crucial engine. The provincial November fiscal update, however, revealed a projected $6.4 billion deficit for 2025-26, largely due to a forecast decline in West Texas Intermediate (WTI) oil prices to US$61.50 per barrel. For Calgary residents, a projected rebound in natural gas prices to $3.90/GJ in 2025 will likely mean higher utility bills. Westgate's continued development efforts reflect the ongoing Cdn$30.9 billion capital expenditures in Canada's energy sector in 2024, highlighting sustained investment in both traditional and emerging energy resources vital for Calgary's long-term prosperity.