Headwater Exploration Inc. CORPORATE PRESENTATION TSX:HWX December 2023
CAPITALIZATION, GUIDANCE AND BUSINESS STRATEGY Outlook Capitalization Average Daily Production 2023 Guidance (1) 2024 Guidance Headwater Exploration Inc. TSX HWX Annual Daily Production (boe/d) 18,000 20,000 Fourth Quarter Daily…
REGIONAL CLEARWATER Total Land Holdings 450 net sections with 65 sections added YTD in 2023 Cadotte Evi Falher/Clearwater Fairway 121.5 sections (100% WI) 6 Locations Drilled in 2023 (4 Zones tested) Nampa Walrus Slave…
HEADWATER EXPLORATION DEVELOPMENT STRATEGY 975 Identified Clearwater Locations Total Clearwater OOIP of 3.9 Billion Barrels 25 90 538 1,303 237 400 460 1,793 Marten Hills Core West Nipisi Marten Hills West Greater…
MARTEN HILLS CORE AREA Marten Hills Secondary Recovery 6,000 1,500 Oil (bbl/d) Injection (bbl/d) Blue: Active Secondary Recovery GOR (scf/bbl) Green: 2024 Expansion 5,000 1,250 Current VRRi = 1.5 4,000 1,000 GOR…
WEST MARTEN HILLS Marten Hills West Secondary Recovery 2024 Secondary Recovery Expansion Marten Hills West Secondary Recovery Pilot Summary Resulted in GOR decline and oil rate stabilization Provided confidence to implement a…
MARTEN HILLS WEST Continued Exploration Success; Initiated Secondary Recovery 2023 West Marten Hills MHW Secondary Recovery Secondary Recovery Section 07-76-02W5 Pilots 2024 Full section implementation 03/13-04-076-03W5 IP30:…
MARTEN HILLS WEST EXPLORATION Tested 4 Prospects and Implemented Fan-Style Well Configuration Q4 2023 Exploration 02/13-15-076-02W5 CLWTR E test: currently recovering Recovering load fluid drilling fluid 00/14-19-076-02W5 CLWTR F…
GREATER PEAVINE Greater Peavine 03/13-06-083-15W5 FLHR B IP60: 130 bbl/d Successful tests in the Fahler B & Fahler D set up a 5-10 well 2024 program including Original 8-leg multi-lateral additional StingWray tests 00/13-06-83-15W5…
WEST NIPISI EXPANSION Further Development and New Exploration West Nipisi Development 50.5 sections of land 6 successful wells with an average IP30 rate of 220 bbl/d Southern extension successfully tested with a 3 leg…
WHY HEADWATER Add incremental prospects through strategic land acquisitions and M&A Added 65 net sections of land YTD in the Clearwater Added 141 net sections of land in oil fairways outside the Clearwater Explore and Exploit…
Headwater Exploration Inc. Appendix TSX:HWX
MCCULLY PRODUCING ASSET DRY GAS WITH 100% OWNED INFRASTRUCTURE AND LIMITED LIABILITY McCully Asset Daily Production New Brunswick MNP pipeline Nova Scotia HWX Realized Pricing and Winter 2023/2024 Strip (US/MMBTU)…
SECONDARY RECOVERY IMPLEMENTATION Initial Pilots and 2024 Expansion 35-074-25W4 & N/2 26-074-25W4 Pattern 2,500 1,250 Oil (bbl/d) Blue: Active Secondary Recovery Current VRRi = 1.7 Injection (bbl/d) Green: 2024 Expansion GOR…
SECONDARY RECOVERY IMPLEMENTATION 2023 Expansion with Optimized Injector Design Section 36-074-25W4 Pattern 1,600 2,400 Oil (bbl/d) Blue: Active Secondary Recovery Injection (bbl/d) Green: 2024 Expansion GOR (scf/bbl) 1,400…
EXPERIENCED TEAM MANAGEMENT AND DIRECTORS Headwater Exploration Inc. Neil Roszell, P. Eng. Former President, CEO and/or Executive Chairman and founder of Raging River Exploration Inc., Wild Stream Exploration Inc. and CEO & Chairman…
SLIDE NOTES Slide 1 1. The assumptions used in the 2023 guidance include: WTI of US77.95/bbl, WCS of Cdn80.15/bbl, AGT US5.80/mmbtu, foreign exchange rate of US/Cdn of 0.74, blending expense of WCS less 2.25, royalty rate of 18%,…
ADVISORIES Forward Looking Statements Advisory This investor presentation of Headwater Exploration Inc. (Headwater) contains forward-looking statements and forward-looking information (collectively, forward-looking statements). More…
ADVISORIES Development Strategy Advisory Advisory Relating to Development Strategy (Slide 3) The Company has presented herein a two-year development strategy. The development strategy is based on a number of assumptions as presented in…
ADVISORIES Non-GAAP Advisory NON-GAAP MEASURES AND RATIOS Non-GAAP Measures This investor presentation contains the terms adjusted funds flow from operations (AFFO), adjusted working Capital expenditures or capital program capital,…
ADVISORIES Non-GAAP Advisory Non-GAAP Ratios Reinvestment Rate Management believes the reinvestment rate is a useful measure to analyze the ratio of funds generated by the Company and used for reinvestment and is calculated as total…
ADVISORIES Certain Oil and Gas Advisories TYPE CURVE INFORMATION AND WELL ECONOMICS Headwater has presented certain type curve information and well economics for certain development, exploration and waterflood wells in the Clearwater…
ADVISORIES Certain Oil and Gas Advisories BARRELS OF OIL EQUIVALENT The term boe or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one…
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