HEADWATER EXPLORATION INC. ANNOUNCES 2024 RESERVES, YEAR END 2024 OPERATING AND FINANCIAL RESULTS, OPERATIONS UPDATE AND DECLARES QUARTERLY DIVIDEND

CALGARY, AB, March 13, 2025 /CNW/ – Headwater Exploration Inc. (the “Firm” or “Headwater“) HWX publicizes its working and monetary outcomes for the three months and 12 months ended December 31, 2024. Chosen monetary and operational data is printed under and must be learn together with the audited monetary statements and the associated administration’s dialogue and evaluation (“MD&A”).  As well as, readers are additionally directed to the Firm’s Annual Data Type for the 12 months ended December 31, 2024, dated March 13, 2025. These filings will likely be out there on SEDAR+ at www.sedarplus.ca and the Firm’s web site at www.headwaterexp.com.

Monetary and Working Highlights

FOURTH QUARTER 2024 HIGHLIGHTS

• Achieved document common manufacturing of 21,559 boe/d, a rise of 8% over 2023 fourth quarter manufacturing of 19,939 boe/d.
• Realized adjusted funds circulation from operations ⁽¹⁾ of $87.9 million ($0.37 per fundamental share ⁽²⁾), money flows from working actions of $76.0 million ($0.32 per fundamental share) and free money circulation ⁽³⁾ of $39.2 million.
• Achieved an working netback, together with monetary derivatives ⁽²⁾, of $51.89/boe and an adjusted funds circulation netback ⁽²⁾ of $44.34/boe.
• Generated internet earnings of $48.9 million ($0.21 per fundamental share) equating to $24.68/boe.
• Executed a $48.7 million capital expenditure ⁽³⁾ program together with 8 internet crude oil wells in Marten Hills West at a 100% success fee, 13 injection wells and 1 water supply properly.
• Returned $0.10 per widespread share, or $23.8 million, to shareholders.
• As at December 31, 2024, Headwater had working capital of $78.7 million, adjusted working capital ⁽¹⁾ of $67.6 million and no excellent financial institution debt.

YEAR ENDED DECEMBER 31, 2024 HIGHLIGHTS

• Achieved common manufacturing of 20,310 boe/d, a rise of 13% over 2023 annual manufacturing of 18,038 boe/d.
• Realized adjusted funds circulation from operations ⁽¹⁾ of $336.6 million ($1.42 per fundamental share ⁽²⁾), money flows from working actions of $316.7 million ($1.34 per fundamental share) and free cashflow ⁽³⁾ of $113.7 million.
• Achieved an working netback, together with monetary derivatives ⁽²⁾, of $53.07/boe and an adjusted funds circulation netback ⁽²⁾ of $45.35/boe.
• Generated document internet earnings of $188.0 million ($0.80 per fundamental share) equating to $25.34/boe.
• Executed a $222.9 million capital expenditure ⁽³⁾ program:
  • Drilled 76 internet crude oil wells in the course of the 12 months ended December 31, 2024, together with 60 wells in Marten Hills West, 8 wells within the Larger Nipisi space, 6 wells within the Larger Peavine space, with the rest attributed to newer exploration areas together with Handel, Saskatchewan;
  • Pursued secondary restoration efforts with roughly 35% of Headwater’s heavy oil manufacturing stabilized by December 31, 2024; and
  • Continued accumulation of natural progress alternatives in and past the boundaries of the Clearwater. Up to now, Headwater now holds greater than 800 internet sections of land throughout Western Canada.
• Returned a complete of $0.40 per widespread share, or $95.0 million, to shareholders. On December 5, 2024, the Firm introduced a rise to its quarterly money dividend to $0.11 per widespread share ($0.44 per widespread share annualized) efficient for the dividend to be paid on April 15, 2025, to shareholders of document on the shut of enterprise on March 31, 2025. Up to now, Headwater has paid out a cumulative dividend of $212.9 million to shareholders ($0.90 per widespread share).
• Proved developed producing reserves elevated by 32% to 29.2 mmboe from 22.1 mmboe.
• Complete proved reserves elevated by 33% to 43.1 mmboe from 32.5 mmboe.
• Complete proved plus possible reserves elevated by 31% to 67.9 mmboe from 51.9 mmboe.
• Achieved discovering and improvement (“F&D”) prices ⁽²⁾, together with adjustments in future improvement prices of $15.32 per boe on a proved developed producing foundation, $15.93 per boe on a complete proved foundation and $12.95 per boe on a complete proved plus possible foundation.
• Based mostly on a 2024 adjusted funds circulation netback ⁽²⁾ of $45.35/boe, achieved recycle ratios ⁽²⁾ of three.0 on a proved developed producing foundation, 2.9 on a complete proved foundation and three.5 on a complete proved plus possible foundation.

OPERATIONS UPDATE

Marten Hills West

Within the fourth quarter of 2024, Headwater had an lively Marten Hills West program drilling 8 profitable multi-lateral producing wells and commissioning our second full part secondary restoration pilot.

Headwater continued to push the south and japanese pool boundaries of the Clearwater sandstone with profitable step-out assessments at 00/10-10-075-01W5 and 00/11-10-075-01W5. The 00/10-10-075-01W5 properly has achieved a 90-day preliminary manufacturing fee of 117 bbls/d and the 00/11-10-075-01W5 properly achieved a 90-day preliminary manufacturing fee of 270 bbls/d. Within the first quarter of 2025, Headwater offset these enlargement wells with a check at 03/06-10-075-01W5 which has achieved a 30-day preliminary manufacturing fee of 325 bbls/d.

Outcomes from the Clearwater sandstone secondary restoration pilots proceed to achieve momentum with the commissioning of our second full part waterflood pilot in part 22-075-02W5. Injection charges within the sandstone at the moment are exceeding 2,400 bbls/d, with stabilized oil volumes rising from 250 bbls/d to roughly 900 bbls/d over the previous 4 months. We’re extremely inspired with these outcomes and are excited to maneuver ahead with a further 2-3 sections budgeted for secondary restoration implementation in 2025.  With the enlargement contemplated in 2025, we anticipate having 2,000 bbls/d of oil supported by year-end.

Clearwater E improvement has continued with present oil charges from this zone exceeding 700 bbls/d.  Winter entry roads had been utilized to re-activate the 00/04-35-076-02W5 Clearwater E exploratory properly drilled final winter. The properly achieved a 60-day preliminary fee of 135 bbls/d of 24 API oil validating the northern extension. An all-weather street will likely be constructed to entry the realm and assist additional improvement within the third quarter of 2025. Our two lively secondary restoration pilots at 02/16-07-075-01W5 and 00/13-07-075-01W5 are displaying encouraging outcomes, with early indications of subsiding gas-oil ratios and decline mitigation.  The 2025 price range contemplates drilling as much as 15 Clearwater E multi-laterals supported by two sections of deliberate secondary restoration.

Marten Hills Core

Outcomes from secondary restoration within the core proceed to carry out past expectation with 8 of 9 sections now supported.  All supported sections proceed to point out extraordinarily optimistic outcomes, with manufacturing charges exceeding 7,000 bbls/d having stayed flat for greater than 14 months.

Larger Pelican

Headwater is happy to report reaching last Indian Oil and Fuel Canada approval on the primary section of the 34.5 part land partnership with the Bigstone Cree Nation within the Larger Pelican Space. The Firm is on monitor to spud our first properly concentrating on the Wabiskaw formation late within the first quarter of 2025.

Headwater has captured greater than 57 sections within the Larger Pelican space with a number of recognized prospects. Along with the check scheduled for the primary quarter of 2025, we plan to check 2-3 further recognized ideas in 2025.  

Larger Nipisi

The invention properly at Little Horse South, 16-29-076-14W5 has achieved a 120-day preliminary manufacturing fee of 178 bbls/d. Based mostly on these distinctive outcomes, Headwater is presently drilling two follow-up assessments offsetting the unique discovery properly to proceed to validate this pool that may very well be 15-20 sections in measurement.

Headwater lately rig launched a Bluesky exploration check on the northern 20 part block of Little Horse. The northern check at 05-26-077-14W5 was drilled by a fault block and right into a suspected fuel cap. A technical evaluation is underway to find out placement of stratigraphic assessments for additional prospect analysis.

Within the West Nipisi enlargement space, Headwater utilized winter entry roads to re-activate the 00/05-18-077-11W5 Clearwater F properly and conduct a two properly exploration program to additional consider the industrial viability of an all-weather entry street.  The outcomes though encouraging, don’t presently present adequate justification for an all-weather entry street.

Larger Peavine – Seal

Two massive diameter multi-lateral wells had been drilled by way of winter entry roads on the western aspect of Seal for analysis. Sadly each wells had been shut-in late in February attributable to early break-up circumstances earlier than recovering load fluid.

The rest of the continuing six properly Seal program will make the most of a mixture of huge diameter and Stingwray properly expertise to check a number of formations on our japanese Seal acreage.

Handel

Headwater performed a 3D seismic shoot in Handel throughout 31 sections of land and has recognized a number of Mannville targets that will likely be additional delineated with stratigraphic assessments within the second half of 2025.

The 3D seismic has recognized a number of Waseca channels that will likely be examined to find out the opportunity of steam-assisted gravity drainage improvement. As well as, the 3D seismic has supplied sturdy indications of a number of structural traps that might present typical heavy oil improvement.

McCully

McCully was positioned again on manufacturing December 1^st to align with our aggressive hedging profile. Roughly 87% of our December 2024 to April 2025 volumes are hedged at Cdn$10.40/mcf which is anticipated to supply roughly $15 million of free money circulation ⁽¹⁾ over the winter producing season ⁽²⁾. Headwater’s structured hedging program for the McCully property has supplied constant money circulation towards extremely risky fuel pricing skilled in the course of the winter season.

FIRST QUARTER DIVIDEND

The Board of Administrators of Headwater confirms a money dividend to shareholders of $0.11 per widespread share payable on April 15, 2025, to shareholders of document on the shut of enterprise on March 31, 2025. This dividend is an eligible dividend for the needs of the Revenue Tax Act (Canada).

OUTLOOK

Since inception, we have now continued to take care of a optimistic working capital stability.  When mixed with our present credit score facility, it offers us with optionality to organically develop our useful resource base, pursue accretive acquisitions and implement further enhanced oil restoration schemes.

Headwater continues to concentrate on complete shareholder returns by a mixture of progress and return of capital.

2024 RESERVES INFORMATION

Headwater presently has reserves primarily situated within the Marten Hills, Larger Peavine and Larger Nipisi areas of Alberta and reserves within the McCully Discipline close to Sussex, New Brunswick.  McDaniel & Associates Consultants Ltd. (“McDaniel“) assessed the Firm’s reserves in its report dated efficient December 31, 2024 (“McDaniel Report“) which was ready in accordance with requirements of the Canadian Oil and Fuel Analysis Handbook (the “COGE Handbook“) and Nationwide Instrument 51-101 – Requirements of Disclosure for Oil and Fuel Actions and is predicated on the typical forecast costs as at December 31, 2024 of three unbiased reserves analysis corporations. Extra data concerning reserves information and different oil and fuel data is included in Headwater’s Annual Data Type for the 12 months ended December 31, 2024, filed on SEDAR+ on March 13, 2025.     

The next tables are a abstract of Headwater’s petroleum and pure fuel reserves, as evaluated by McDaniel, efficient December 31, 2024. It shouldn’t be assumed that the estimates of future internet revenues introduced within the tables under signify the truthful market worth of the reserves. There isn’t a assurance that the forecast costs and value assumptions will likely be attained, and variances may very well be materials. The restoration and reserves estimates of our crude oil, pure fuel liquids and pure fuel reserves supplied herein are estimates solely and there’s no assure that the estimated reserves will likely be recovered. You will need to notice that the restoration and reserves estimates supplied herein are estimates solely. Precise reserves could also be larger or lower than the estimates supplied herein. Reserves data might not add attributable to rounding.   

Reserves Abstract

Internet Current Worth of Future Internet Income

Future Improvement Prices (“FDC”)

The next is a abstract of the estimated FDC required to convey proved undeveloped reserves and proved plus possible undeveloped reserves on manufacturing.

Pricing Assumptions

The next tables set forth the benchmark reference costs, as at December 31, 2024, mirrored within the McDaniel Report, utilizing the typical of commodity worth forecasts from McDaniel, GLJ Ltd. and Sproule Associates Restricted efficient as at January 1, 2025, to estimate the reserves volumes and related values within the McDaniel Report. 

SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS
as of December 31, 2024
FORECAST PRICES AND COSTS

Notes:

Extra company data may be discovered within the Firm’s company presentation and on Headwater’s web site at www.headwaterexp.com

FORWARD LOOKING STATEMENTS: This press launch incorporates forward-looking statements. Using any of the phrases “steering”, “preliminary, “anticipate”, “scheduled”, “can”, “will”, “previous to”, “estimate”, “imagine”, “potential”, “ought to”, “unaudited”, “forecast”, “future”, “proceed”, “might”, “count on”, “challenge”, and related expressions are meant to establish forward-looking statements. The forward-looking statements contained herein, embody, with out limitation; that with the secondary restoration enlargement contemplated in 2025 in Marten Hills West, 2,000 bbls/d of oil will likely be supported by year-end; the expectation that an all-weather street will likely be constructed to entry the Clearwater E improvement and assist additional improvement within the third quarter of 2025;  the anticipated Clearwater E improvement and deliberate secondary restoration improvement; the expectation that the Firm will spud its first properly concentrating on the Wabiskaw formation late within the first quarter of 2025; the expectation to check a further 2-3 recognized ideas in 2025 within the Larger Pelican space; the expectation that success in Little Horse south might validate a brand new pool estimated to be 15-20 sections in measurement; the timing and outcomes of the stratigraphic check wells in Handel; the outcomes of the 3D seismic shoot in Handel and whether or not the outcomes will decide the opportunity of steam-assisted gravity drainage or a standard heavy oil improvement; the expectation of McCully’s efficiency and free money circulation by the 2024/2025 winter season; the expectation that the Firm’s optimistic working capital stability and credit score facility will present Headwater the optionality to organically develop its useful resource base, pursue accretive acquisitions and implement further enhanced oil restoration schemes; and the intent of Headwater to proceed to concentrate on complete shareholder returns by a mixture of progress and return of capital. As well as, all statements regarding “reserves” are additionally deemed to be forward-looking statements as they contain the implied evaluation, based mostly on sure estimates and assumptions that the sources and reserves described may be profitably produced sooner or later. The forward-looking statements contained herein are based mostly on sure key expectations and assumptions made by the Firm, together with however not restricted to expectations and assumptions in regards to the success of optimization and effectivity enchancment tasks, the provision of capital, present laws, receipt of required regulatory approvals, the success of future drilling, improvement and waterflooding actions, the efficiency of present wells, the efficiency of recent wells, Headwater’s progress technique, basic financial circumstances, availability of required gear and companies, prevailing gear and companies prices, prevailing commodity costs and sure different steering assumptions as detailed under underneath the heading “Future Oriented Monetary Data” as set out under. Though the Firm believes that the expectations and assumptions on which the forward-looking statements are based mostly are affordable, undue reliance shouldn’t be positioned on the forward-looking statements as a result of the Firm can provide no assurance that they are going to show to be right. Since forward-looking statements handle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Precise outcomes might differ materially from these presently anticipated attributable to numerous elements and dangers. These embody, however aren’t restricted to, dangers related to the oil and fuel business normally (e.g., operational dangers in improvement, exploration and manufacturing; the Russian-Ukrainian warfare and the Israel-Hamas warfare and the affect on the worldwide financial system and commodity costs; the impacts of inflation and provide chain points and steps taken by central banks to curb inflation; pandemics and different main well being occasions, warfare, terrorist occasions, political upheavals and different related occasions; occasions impacting the availability and demand for oil and fuel together with actions taken by the OPEC + group; delays or adjustments in plans with respect to exploration or improvement tasks or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections regarding manufacturing, prices and bills, and well being, security and environmental dangers), the affect of tariffs imposed by the USA, Canada and different international locations on the Canadian and international financial system and the oil and fuel business, commodity worth and alternate fee fluctuations, adjustments in laws affecting the oil and fuel business and uncertainties ensuing from potential delays or adjustments in plans with respect to exploration or improvement tasks or capital expenditures. Check with Headwater’s Annual Data Type dated March 13, 2025, on SEDAR+ at www.sedarplus.ca, and the chance elements contained therein.

FUTURE ORIENTED FINANCIAL INFORMATION: Any monetary outlook or future oriented monetary data on this press launch, as outlined by relevant securities laws, has been permitted by administration of the Firm as of the date hereof. Readers are cautioned that any such future-oriented monetary data contained herein shouldn’t be used for functions apart from these for which it’s disclosed herein. The Firm and its administration imagine that the potential monetary data as to the anticipated outcomes of its proposed enterprise actions for 2025 has been ready on an affordable foundation, reflecting administration’s finest estimates and judgments, and signify, to the very best of administration’s information and opinion, the Firm’s anticipated plan of action. Nevertheless, as a result of this data is very subjective, it shouldn’t be relied on as essentially indicative of future outcomes.

DIVIDENDS: The quantity of future money dividends paid by the Firm, if any, will likely be topic to the discretion of the Board and should differ relying on quite a lot of elements and circumstances present infrequently, together with, amongst different issues, adjusted funds from operations, fluctuations in commodity costs, manufacturing ranges, capital expenditure necessities, acquisitions, debt service necessities and debt ranges, working prices, royalty burdens, international alternate charges and the satisfaction of the liquidity and solvency assessments imposed by relevant company regulation for the declaration and fee of dividends. Relying on these and varied different elements, a lot of which will likely be past the management of the Firm, the Board will modify the Firm’s dividend coverage infrequently and, because of this, future money dividends may very well be lowered or suspended completely.

BARRELS OF OIL AND CUBIC FEET OF NATURAL GAS EQUIVALENT: The time period “boe” (or barrels of oil equal) and “Mcf” (or thousand cubic ft of pure fuel equal) could also be deceptive, significantly if utilized in isolation. A boe and Mcf conversion ratio of six thousand cubic ft of pure fuel to at least one barrel of oil equal (6 Mcf: 1 bbl) is predicated on an vitality equivalency conversion technique primarily relevant on the burner tip and doesn’t signify a price equivalency on the wellhead. Moreover, provided that the worth ratio based mostly on the present worth of crude oil, as in comparison with pure fuel, is considerably totally different from the vitality equivalency of 6:1; using a conversion ratio of 6:1 could also be deceptive as a sign of worth.

INITIAL PRODUCTION RATES: References on this press launch to preliminary manufacturing charges, different short-term manufacturing charges or preliminary efficiency measures regarding new wells are helpful in confirming the presence of hydrocarbons; nonetheless, such charges aren’t determinative of the charges at which such wells will begin manufacturing and decline thereafter and aren’t indicative of long-term efficiency or of final restoration. All IP charges introduced herein signify the outcomes from wells in any case “load” fluids (utilized in properly completion stimulation) have been recovered. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the mixture manufacturing for the Firm. Accordingly, the Firm cautions that the check outcomes must be thought-about to be preliminary.

NON-GAAP AND OTHER FINANCIAL MEASURES

Non-GAAP Monetary Measures

On this press launch, we consult with sure monetary measures (corresponding to free money circulation, complete gross sales, internet of mixing and capital expenditures) which shouldn’t have any standardized that means prescribed by IFRS. Our determinations of those measures is probably not comparable with calculations of comparable measures for different issuers.

Free money circulation

Administration makes use of free money circulation to evaluate the quantity of funds out there for future capital allocation choices. It’s calculated as adjusted funds circulation from operations internet of capital expenditures.  

Complete gross sales, internet of mixing expense

Administration makes use of complete gross sales, internet of mixing expense to check realized pricing to benchmark pricing. It’s calculated by deducting the Firm’s mixing expense from complete gross sales. Within the audited annual monetary statements mixing expense is recorded inside mixing and transportation expense.

Capital expenditures

Administration makes use of capital expenditures to measure complete money capital expenditures incurred within the interval. Capital expenditures represents capital expenditures – exploration and analysis and capital expenditures – property, plant and gear within the assertion of money flows within the Firm’s audited annual monetary statements netted by the federal government grant.

Capital Administration Measures

This press launch incorporates the phrases adjusted funds circulation from operations and adjusted working capital, that are thought-about capital administration measures.  The time period money circulation on this press launch is equal to adjusted funds circulation from operations.

Adjusted Funds Move from Operations

Administration considers adjusted funds circulation from operations to be a key measure to evaluate the Firm’s administration of capital. Along with being a capital administration measure, adjusted funds circulation from operations is utilized by administration to evaluate the efficiency of the Firm’s oil and fuel properties. Adjusted funds circulation from operations is an indicator of working efficiency because it varies in response to manufacturing ranges and administration of manufacturing and transportation prices. Administration believes that by eliminating adjustments in non-cash working capital and deducting present earnings taxes, adjusted funds circulation from operations is a helpful measure of working efficiency.

Adjusted Working Capital

Adjusted working capital is a capital administration measure which administration makes use of to evaluate the Firm’s liquidity. Monetary by-product receivable/legal responsibility have been excluded as these contracts are topic to a excessive diploma of volatility previous to settlement and relate to future manufacturing durations. Monetary by-product receivable/legal responsibility are included in adjusted funds circulation from operations when the contracts are finally realized. Administration has included the results of the contribution receivable and repayable contribution to supply a greater indication of Headwater’s internet financing obligations. 

Non-GAAP Ratios

This press launch incorporates the phrases adjusted funds circulation netback, working netback and working netback, together with monetary derivatives, F&D prices per BOE and recycle ratio, that are thought-about non-GAAP ratios and might also be thought-about oil and fuel metrics. Our determinations of those measures is probably not comparable with calculations of comparable measures for different issuers. 

Adjusted funds circulation netback, working netback and working netback, together with monetary derivatives

Adjusted funds circulation netback, working netback and working netback, together with monetary derivatives are non-GAAP ratios and are utilized by administration to raised analyze the Firm’s efficiency towards prior durations on a extra comparable foundation. Adjusted funds circulation netback is outlined as adjusted funds circulation from operations divided by gross sales volumes within the interval.

Working netback is outlined as gross sales much less royalties, transportation and mixing prices and manufacturing expense divided by gross sales volumes within the interval. The gross sales worth, transportation and mixing prices, and gross sales volumes exclude the affect of bought condensate and butane. Working netback, together with monetary derivatives is outlined as working netback plus realized positive factors or losses on monetary derivatives.

Adjusted funds circulation per share

Adjusted funds circulation per share is a non-GAAP ratio and is utilized by administration to raised analyze the Firm’s efficiency towards prior durations on a extra comparable foundation. Adjusted funds circulation per share is calculated as adjusted funds circulation from operations divided by weighted common shares excellent on a fundamental or diluted foundation.

F&D prices per boe

F&D prices is used as a measure of capital effectivity. The F&D price calculation contains all capital expenditure (exploration and improvement) for that interval plus the change in future improvement capital (“FDC”) for that interval based mostly on the evaluations accomplished by McDaniel as at December 31, 2024 as in comparison with the analysis accomplished by McDaniel as at December 31, 2023. This complete capital together with the change within the FDC is then divided by the change in reserves for that interval incorporating all revisions and manufacturing for that very same interval.  Complete proved developed producing F&D is calculated as follows = ($222.9 million (2024 capital expenditures) + –$26 thousand (change in FDC related to proved developed producing reserves)) / (29,183 mboe – 22,071 mboe + 7,433 mboe) = $15.32 per boe. Complete proved F&D is calculated as follows = ($222.9 million (2024 capital expenditures) + $63.8 million (change in FDC related to complete proved reserves)) / (43,075 mboe – 32,517 mboe + 7,433 mboe) = $15.93 per boe. Complete proved plus possible F&D is calculated as follows = ($222.9 million (2024 capital expenditures) + $79.6 million (change in FDC related to complete proved plus possible reserves)) / (67,853 mboe – 51,925 mboe + 7,433 mboe) = $12.95 per boe.

Recycle ratio

Recycle ratio is used as a measure of profitability. Recycle ratio is calculated because the Firm’s adjusted funds circulation netback divided by F&D prices per boe.

Per boe numbers

This press launch represents varied outcomes on a per boe foundation together with Headwater common realized gross sales worth, internet of mixing, monetary derivatives positive factors (losses) per boe, royalty expense per boe, transportation expense per boe, manufacturing expense per boe, basic and administrative bills per boe, curiosity earnings and different expense per boe and present taxes per boe. These figures are calculated utilizing gross sales volumes.

SOURCE Headwater Exploration Inc.

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