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Corridor Resources Changes Name; Details New Management Team
Corridor Resources Inc. has changed its name to Headwater Exploration Inc. as well as detailed the appointment of a new management team and the reconstitution of the board of directors of the Company.
Name Change
The Name Change was approved by shareholders holding over 99.5% of the Common Shares voted at the Meeting. Immediately following completion of the Private Placements, the Company filed all necessary documents with the Alberta Corporate Registry to complete the Name Change.
The Company expects that the Common Shares will begin trading under the new name and the symbol “HWX” on the TSX within two to four business days.
New Management Team and Reconstituted Board
The New Management Team, which was appointed concurrently with the completion of the Unit Private Placement, includes Neil Roszell as Chairman and Chief Executive Officer, Jason Jaskela as President and Chief Operating Officer, Ali Horvath as Vice-President, Finance and Chief Financial Officer, Terry Danku as Vice-President, Engineering, Jonathan Grimwood as Vice-President, Exploration and Scott Rideout as Vice-President, Land.
Following the reconstitution of the Board, the Board now consists of six new directors, Neil Roszell and Jason Jaskela, Chandra Henry, Kevin Olson, Stephen Larke and Dave Pearce, and two continuing directors, Phillip Knoll and Martin Fräss-Ehrfeld. Edward (Ted) Brown, a partner with Burnet, Duckworth & Palmer LLP, will act as Corporate Secretary.
Outlook
Headwater is in an enviable position to consolidate assets in the Canadian energy sector with a current positive working capital balance of approximately $113.5 million (approximately $115 million as at March 31, 2020) and a strong tax pool balance of approximately $160 million (as at September 30, 2019). The Company’s current share count is 144.3 million basic Common Shares and 167.3 million fully diluted Common Shares.
The New Management Team has been actively evaluating numerous opportunities targeting light, medium and heavy oil throughout the Western Canadian Sedimentary basin. Market conditions in the Canadian energy sector continue to be highly favorable for well capitalized companies. Our balance sheet, motivation and focus on returns are expected to result in numerous successful strategic acquisitions that will be combined with organic development to obtain superior corporate level returns.
Headwater plans to continue the Company’s previous strategy of production optimization of the McCully gas field in New Brunswick. The field is expected to be shut in from approximately May 1 to November 1 each year to optimize production levels, revenue, cash flow and returns by taking advantage of premium gas pricing during the peak demand months.
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