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Highwood's Latest Deal Axed as AER Rejects License Transfer; Updates Ops

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   |    Tuesday,June 16,2020

Highwood Oil Company Ltd. reported that the Red Earth Divestiture initially announced February 18, 2020 has been terminated.

Highwood received notice on May 1, 2020 from the Alberta Energy Regulator that the Red Earth license transfer application had been rejected.  The AER had previously provided their conditional approval of the license transfers on April 24, 2020.

2020 Capex Remains Suspended; Latest Production

After spending $4.1 million in Q1 2020, the Company has continued to suspend its 2020 capital program until a sustained price recovery is realized.

Gross production capacity of the Company’s Clearwater wells is 2,000 bbl/d of oil (1,000 bbl/d net).  Total net Company production capacity is 2,200 bbl/d of oil with 1,000 bbl/d currently onstream.

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