Headwater Exploration Inc. CORPORATE PRESENTATION TSX:HWX April 2025
CAPITALIZATION, GUIDANCE AND BUSINESS STRATEGY Outlook Capitalization Average Daily Production 2025 Guidance(1) Headwater Exploration Inc. TSX HWX (2) Annual Daily Production (boe/d) 22,250 Share Price (April 1st, 2025) /sh. 6.45…
HEADWATER EXPLORATION Expanding Clearwater Resource Provides Flexibility in Future Capital Allocation (1) Significant Clearwater Region 2025 Free Cashflow Yield 7,000 Resource Expansion 22,250 2,000 25% US 60 US 70 US 80 Boe/day…
HEADWATER EXPLORATION Leading Maintenance Capital Requirements Provides Capital Optionality Maintenance Capital % of FFO Free Cashflow Per Share 50% 70 US/bbl 70 US/bbl 1.20 Total Capital Maintenance Capital 1.00 Free…
YEAR END 2024 RESERVES SUMMARY Reserves Year Over Year F&D including Heavy Oil Gas Total Replacement Recycle Reserve Category Change FDC (1) Rate Ratio (2) Mbbl MMcf Mboe (%) (%) /boe Proved Producing 25,119 24,383 29,183 32% 196%…
REGIONAL CLEARWATER AREA Total Land Holdings over 600 net sections Greater Peavine (Seal, Peavine) Multi-zone potential from Falher Cadotte and Bluesky horizons Evi PEACE RIVER OIL SANDS REGION Cadotte Greater Pelican Captured…
MARTEN HILLS CORE SECONDARY RECOVERY Strong results continue with 90% of core area sections supported Multi-Layer Support Two Bench Pattern Yellow: Marten Hills Core Marten Hills Core Producer 14,000 1,400 Blue: Three Bench Pattern…
MARTEN HILLS WEST SANDSTONE SECONDARY RECOVERY Response continues to improve with two full sections under secondary recovery Marten Hills West Utilizing Marten Hills Core Learnings Bottom-Up Support Section 07-076-02W5 Pattern 1,200…
MARTEN HILLS WEST CLEARWATER SANDSTONE Continued Step-out Success; Expanding Secondary Recovery Clearwater Sandstone Two full sections under secondary recovery MHW Secondary Recovery Section 07-076-02W5 2024 Full section…
MARTEN HILLS WEST EXPLORATION Clearwater E Pool Expansion - A new growth opportunity within Marten Hills West Clearwater E 00/04-35-076-02W5 The regional extent of the Clearwater E is estimated to be Winter access drill up to 52…
SW SASKATCHEWAN W3/W4 Mannville SAGD and Conventional Heavy Oil Exploration Handel Large contiguous land block accumulated: 57.75 Sections Reford 3D Seismic Acquisition: 39 sections of 3D seismic acquired covering 29.6 sections…
GREATER NIPISI / PEAVINE OVER 200 SECTIONS Multiple Productive Zones in the Falher, Clearwater, and Bluesky Little Horse South - Bluesky 00/02-10-083-16W5 Bluesky Four well Bluesky & Falher development program planned for Bluesky…
WHY HEADWATER Add Incremental Prospects Through Strategic Land Acquisitions and M&A Total Clearwater lands now totaling over 600 net sections Total Non-Clearwater lands now exceeding 190 net sections Explore and Exploit 11,000…
Headwater Exploration Inc. Appendix TSX:HWX
HEADWATER EXPLORATION Clearwater Secondary Recovery Expanding Duration and Resource Capture Approximately 50% of Headwaters Current corporate oil production will be OOIP with Sections 2024 P+P Year Sections Production supported under…
MCCULLY PRODUCING ASSET Dry Gas with 100% owned infrastructure and limited liability McCully Asset Daily Production 25.0 20.0 New Brunswick MNP pipeline Production mmscf/d 15.0 10.0 Nova Scotia 5.0 0.0 2009…
EXPERIENCED TEAM MANAGEMENT AND DIRECTORS Headwater Exploration Inc. Management Team Neil Roszell, P. Eng. Former President, CEO and/or Executive Chairman and founder of Raging River Exploration Inc., Wild Stream Exploration Inc. and…
SLIDE NOTES Slide 1 1. Assumptions used in the 2025 guidance released on December 5, 2024 include: annual average production of 22,250 boe/d, WTI of US70.00/bbl, WCS of Cdn79.40/bbl, AGT US9.00/mmbtu, AECO of 2.20 CAD/GJ, foreign…
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) within…
ADVISORIES Development Strategy Advisory Advisory Relating to Development Strategy (Slide 2) The Company has presented herein a three-year development strategy which is based on a number of assumptions as presented in such slides…
ADVISORIES Non-GAAP Advisory NON-GAAP MEASURES AND RATIOS Non-GAAP Financial Measures This investor presentation contains the terms adjusted funds flow from operations (AFFO) or Atax funds flow, Capital expenditures or capital program…
ADVISORIES Non-GAAP Advisory Non-GAAP Ratios Maintenance Capital 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…
ADVISORIES Certain Oil and Gas Advisories TYPE CURVE INFORMATION, WELL ECONOMICS AND WATERFLOOD PERFORMANCE Headwater has presented certain type curve information, well economics and waterflood performance for certain development,…
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…
ADVISORIES Certain Oil and Gas Advisories MARKET, INDEPENDENT THIRD PARTY AND INDUSTRY DATA ADVISORY Certain market, independent third party and industry data contained in this presentation is based upon information from government or…
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