Le Lézard
Classified in: Oil industry, Business
Subject: ERN

HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 RESULTS, 2023 YEAR-END RESERVES ALONG WITH STRONG OPERATIONAL UPDATE DELIVERING CURRENT PRODUCTON > 6,500 BOE/D


/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/

CALGARY, AB, April 16, 2024 /CNW/ - Highwood Asset Management Ltd. ("Highwood" or the "Company") (TSXV: HAM) is pleased to announce financial and operating results for the three and twelve months ended December 31, 2023 and to provide the results of its independent oil and gas reserves evaluation as of December 31, 2023, prepared by GLJ Petroleum Consultants Ltd. ("GLJ"). The Company also announces that its audited financial statements and associated Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023, are available on Highwood's website at www.highwoodmgmt.com and on SEDAR+ at www.sedarplus.ca.

Highlights




Average Rate Since Online

Current Rate


Well

Spud

Rig Release

BOPD

BNGLD

MCFD

BOED

BOPD

BNGLD

MCFD

BOED

Days
Online

Brazeau 08-33 well

2024-02-18

2024-03-03

310

6

127

337

393

8

180

431

30

Wilson 13-05 well

2024-01-24

2024-02-02

262

15

172

306

611

41

470

731

13

Wilson 12-05 well

2024-02-03

2024-02-15

241

14

159

282

518

41

467

637

12

Wilson 16-33 well

2024-01-06

2024-01-13

187

37

314

276

242

55

472

376

54

Viking 14-29 well

2024-02-06

2024-02-20

28

0

0

28

37

0

0

36

24














(1)     

The test results are not necessarily indicative of long-term performance or of ultimate recovery.

Notes to Highlights:

(1)

See ?"Caution Respecting Reserves Information"? and ??"Non-GAAP and other Specified Financial Measures"?.

(2)

Based on Management's projections (not Independent Qualified Reserves Evaluators' forecasts) and applying the following pricing ?assumptions: WTI: ??US$78.00/bbl; ??WCS Diff: ?US$14.00/bbl; MSW Diff: ??US$4.00/bbl; AECO: C$1.90/GJ; 0.74 CAD/USD?. Management ?projections are used in place of Independent Qualified Reserves Evaluators' ???forecasts as Management believes it provides investors with valuable ??information concerning the liquidity of the Company.?

Summary of Financial & Operating Results


 Three months ended December 31, 


Year ended December 31,


2023


2022

%


2023


2022

%

 Financial (in thousands)










 Petroleum and natural gas sales

$ 23,633

$

$ 1,027

2,201


$      41,212


$      4,438

829

 Transportation pipeline revenues

757


769

(2)


2,867


3,255

(12)

 Total revenues, net of royalties(1)

28,918


1,827

1,483


41,038


6,618

520

 Income

47,785


62

76,973


46,144


2,246

1,954

 Funds flow from operations(5)

7,813


433

1,704


13,873


1,519

813

 Adjusted EBITDA(6)

10,261


322

3,087


17,667


1,608

999

 Capital expenditures

14,737


362

3,971


18,767


2,045

818

 Net debt (2)






97,051


(236)

-

 Shareholder's equity (end of period)






104,199


10,697

874

 Shares outstanding (end of period)






15,114


6,037

150

 Weighted-average basic shares






9,723


6,088

60

  outstanding




















 Operations (3)










 Production










   Crude oil (bbls/d)

2,306


119

1,830


978


113

765

   NGLs (boe/d)

526


-

100


210


-

100

   Natural gas (mcf/d)

7,215


-

100


2,696


-

100

 Total (boe/d)

4,035


119

3,278


1,682


113

1,388

 Average realized prices (4)










   Crude oil (Cdn$/bbl)

95.07


93.44

2


99.44


107.54

(8)

   NGL (Cdn$/boe)

36.22


-

100


37.52


-

100

   Natural gas (Cdn$/mcf)

2.57


-

100


2.63


-

100

Operating netback (per BOE)

32.42


40.40

(20)


35.54


46.28

(23)



(1) 

Includes unrealized gain and losses on commodity contracts.

(2) 

Net debt consists of bank debt, promissory note, long-term accounts payable and accrued liabilities and working capital surplus (deficit) excluding commodity contract assets and/or liabilities, current portion of decommissioning liabilities and lease liabilities.

(3) 

For a description of the boe conversion ratio, see "Basis of Barrel of Oil Equivalent".

(4)  

Before hedging.

(5) 

See "Non-GAAP and Other Specified Financial Measures".

The operating results of the three month and year ended December 31, 2023 include the impact of the Acquisitions from the closing date of August 3, 2023.

2023 Reserves Summary

Highwood completed three acquisitions during 2023. The combined assets were evaluated by GLJ effective December 31, 2023 using the 3 Consultants' Average price forecast (the "Reserves Report"). GLJ is the Company's independent qualified reserves evaluator.

Significant intrinsic value recognized in Year-End 2023 Reserves. Realized before-tax net present value of booked reserves as follows:

Key highlights of the Company's proved developed producing (PDP), total proved (1P) and total proved plus probable (2P) reserves from the Reserves Report are highlighted below:

Strong Recycle Ratios ? Highwood expects strong netbacks as a result of its highly economic oil plays, which result in the recycle ratios listed below:

Further recycle ratios are listed below:


F&D

FD&A

F&D

FD&A

 Recycle Ratio

(Excluding FDC)

(Including FDC)

1P Reserves

9.4

7.0

0.7

2.9

2P Reserves

17.1

11.4

0.8

3.6

The Company has achieved early success in implementing multi-lateral open hole wells as well as higher frac intensity within the Belly River Horizon. The Company expects to apply these strategies to other areas of the asset base in 2024.

2023 Reserves by Category

The following table provides a summary of specific details from the Reserves Report, which was created in accordance with the procedures and standards contained in the Canadian Oil and Gas Evaluation Handbook and the requirements of National Instruments 51-101 ? Standards of Disclosure for Oil and Gas Activities.


Mboe

BTNPV10
($M)

Proved Developed Producing

15,988

218,888

Total Proved

31,847

463,636

Proved Plus Probable

52,699

746,943

Company Reserves



Light & Medium Oil


Conventional
Natural Gas


Shale Gas


Natural Gas Liquids


Oil Equivalent

Reserves Category


 

Company
Gross Mbbl


Company
Net

Mbbl


 

Company
Gross MMcf


Company
Net

MMcf


 

Company
Gross MMcf


 

Company
Gross MMcf


Company
Net

Mboe


 

Company
Gross Mboe


 

Company
Gross Mboe


Company
Net

Mboe

Proved





















Producing


5,554


4,445


47,274


39,183


0


0


2,555


1,960


15,988


12,936

Developed Non-
Producing


498


366


4,147


3,282


0


0


247


168


1,436


1,081

Undeveloped


9,168


7,467


19,026


17,302


2,087


1,870


1,737


1,391


14,423


12,053

Total Proved


15,219


12,278


70,447


59,767


2,087


1,870


4,539


3,519


31,847


26,069

Total Probable


8,994


7,038


44,148


38,463


2,574


2,252


4,071


3,134


20,852


16,958

Total Proved Plus
Probable


24,213


19,316


114,595


98,230


4,661


4,122


8,610


6,653


52,699


43,028

 

Net Present Values for Future Net Revenues before Income Taxes Discounted at (% per year)


Net Present Values of Future Net Revenue
Before Income Taxes Discounted At (%/year)

Net Present Values of Future Net Revenue
After Income Taxes Discounted At (%/year)

Unit Value Before
Income Tax
Discounted at
10%/year

Reserves Category

0%
M$

5%
M$

10%
M$

15%
M$

20%
M$

0%
M$

5%
M$

10%
M$

15%
M$

20%
M$

$/boe

$/Mcfe

Proved













Producing

377,105

275,266

218,888

183,743

159,731

362,229

269,152

216,089

182,360

159,006

16.92

2.82

Developed Non-Producing

34,717

22,970

16,695

12,956

10,506

26,711

18,609

14,186

11,446

9,564

15.44

2.57

Undeveloped

485,472

318,642

228,053

171,210

132,672

373,417

243,485

173,086

129,058

99,312

18.92

3.15

Total Proved

897,293

616,878

463,636

367,909

302,909

762,357

531,247

403,362

322,864

267,883

17.78

2.96

Total Probable

700,972

417,843

283,307

207,273

159,319

539,009

319,231

214,830

156,002

119,078

16.71

2.78

Total Proved Plus Probable

1,598,266

1,034,720

746,943

575,182

462,228

1,301,366

850,478

618,193

478,866

386,961

17.36

2.89


Note: Unit values are based on Company Net Reserves.?

Operational Update

With the continued strong commodity prices in the fourth quarter and into 2024, the Company focused primarily on the execution of its capital program. Highwood achieved record corporate production in the fourth quarter of 2023 of 4,035 boe/d. Highwood is also pleased to announce that first quarter 2024 production is expected to average approximately 4,900 boe/d and current production is greater than 6,500 boe/d. During the first quarter of 2024, the Company executed a successful $24 million capital program which included five additional wells all of which were brought onstream in the first quarter. These five wells consisted of three fracture stimulated wells at Wilson Creek and two additional multi-lateral open hole wells, one in Brazeau and one in the Mannville horizon in eastern Alberta.

In the first quarter of 2024, the Company spud five additional new wells. Three of these wells will infill the western side of the Wilson Creek asset, the 103/16-33-042-05W5 (the "16-33 well"), the 12-05 well and the 13-05 well. Further, the Company drilled two additional multi-lateral open hole wells, one in Brazeau, the 8-33 well and one in the Mannville horizon in eastern Alberta, 100/14-29-048-08W4 (the "14-29 well"). The Company is pleased with the early results of the program. The 14-29 well has been online for approximately three weeks and is currently producing slightly below the projected type curve.

The Company will continue to review and assess opportunities which are accretive to the Company as Highwood seeks to grow this segment of its operations. The Company will also assess land offerings in strategic areas where the Company sees significant growth opportunities.

Outlook

Highwood anticipates allocating its organic Free Cash Flow after sustaining capital on a 50:50 basis to support organic production growth of approximately 25% while also expecting to reduce Net Debt by approximately 25%, achieving Net Debt / ??2024E EBITDA of under 0.8x by the end of 2024. The Company will continue to evaluate our capital program, market conditions and associated guidance over the next 30 days.

The primary focus over the near-term is the execution of the Company's capital program and growth strategy while reducing the Company's Net Debt. At December 31, 2023, Highwood had over $300 million in tax pools, including more than $100 million in non-capital losses. Highwood does not anticipate being cash taxable for approximately three years.

Corporately, the Company is dedicated to building a growing profile of Free Cash Flow, on a per share basis, while using prudent leverage to provide it maximum flexibility for organic growth and / or other strategic M&A opportunities, with a longer-term goal to provide significant return of capital to shareholders.

Highwood is continuing to evaluate its undeveloped lands for drilling opportunities and is planning to continue its active capital program while commodity prices remain strong.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain statements and information, including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities laws, and which are collectively referred to herein as "forward-looking statements". The forward-looking statements contained in this news release are based on Highwood's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. When used in this news release, the words ?"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", ??"could", "might", "should", "believe" and similar expressions, as they relate to Highwood or the Acquisitions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual operational and financial results may differ materially from Highwood's expectations contained in the forward-looking statements as a result of various factors, many of which are beyond the control of the Company.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements may include, but are not limited to, statements with respect to:

These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to:

In addition, statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future.

There are numerous uncertainties inherent in estimating quantities of oil and natural gas and the future cash flows attributed to such reserves. The reserves and associated cash flow information set forth herein are estimates only. In general, estimates of economically recoverable oil and natural gas and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserves and resources recovery, timing and amount of capital investments, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable oil and natural gas attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different evaluators, or by the same evaluators at different times, may vary. The actual production, revenues, taxes and development and operating expenditures of the Company with respect to its reserves will vary from estimates thereof and such variations could be material. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's prospective Adjusted EBITDA, Free Cash Flow, Net Debt, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of describing the anticipated effects of the Company's anticipated operational results on the Company's business operations. Highwood's actual results, performance or achievement could differ materially from those expressed in, or implied by, such FOFI. The Company disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

Changes in forecast commodity prices, differences in the timing of capital expenditures and variances in average production estimates can have a significant impact on the key performance metrics included in the Company's guidance for 2024 contained in this news release. The Company's actual results may differ materially from such estimates.

With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things: the Company's future operational results, including, but not limited to, estimated or anticipated production levels, exit rates, decline rates, recycle ratios, netbacks, capital expenditures and sources of funding thereof, drilling plans and other information discussed in this news release; that commodity prices will be consistent with the current forecasts of its engineers; field netbacks; the accuracy of reserves estimates; costs to drill, complete and tie-in wells; ultimate recovery of reserves; that royalty regimes will not be subject to material modification; that the Company will be able to obtain skilled labour and other industry services at reasonable rates; the performance of assets and equipment; that the timing and amount of capital expenditures and the benefits therefrom will be consistent with the Company's expectations; the impact of increasing competition; that the conditions in general economic and financial markets will not vary materially; that the Company will be able to access capital, including debt, on acceptable terms; that drilling, completion and other equipment will be available on acceptable terms; that government regulations and laws will not change materially; that royalty rates will not change in any material respect; and that future operating costs will be consistent with the Company's expectations.

Although Highwood believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct.

Readers are cautioned not to place undue reliance on such forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur and the predictions, forecasts, projections and other forward-looking statements may not occur, which may cause Highwood's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by this news release.

A more complete discussion of the risks and uncertainties facing Highwood is disclosed in Highwood's continuous disclosure filings with Canadian securities regulatory authorities available on SEDAR+ at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Highwood disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

Caution Respecting Reserves Information

This news release contains oil and gas metrics commonly used in the oil and gas industry, including "RLI", "NPV10", "F&D", "netback" and "recycle ratio". These oil and gas metrics do not have any standardized meaning and therefore they should not be used to make comparisons and readers should not place undue reliance on such metrics. Further, these metrics have not been independently evaluated, audited or reviewed and are based on historical data, extrapolations therefrom and management's professional judgement, which involves a high degree of subjectivity. For these reasons, actual metrics attributable to any particular group of properties may differ from our estimates herein and the differences could be significant.

"BT" means before tax.

"RLI" means reserves life index and is calculated as total company interest reserves divided by annual production, for the year indicated.

"NPV10" represents the anticipated net present value of the future net revenue discounted at a rate of 10% associated with the reserves associated with the acquired assets.

"F&D" is calculated as the sum of field capital plus the change in FDC for the period divided by the change in reserves that are characterized as development for the period is calculated as the sum of field capital plus the change in FDC for the period divided by the change in total reserves, other than from production, for the period. Finding and development costs take into account reserves revisions during the year on a per boe basis. The aggregate of the exploration and development costs incurred in the financial year and changes during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year. Management uses F&D costs as a measure of capital efficiency for organic reserves development.

"NAV per fully diluted share" is calculated using the respective net present values of PDP, 1P and 2P reserves, before tax and discounted at 10% plus internally valued undeveloped land & seismic and proceeds from warrants and stock options, less net debt, and divided by fully diluted outstanding shares. Management used NAV per share as a measure of the relative change of Highwood's net asset value over its outstanding common shares over a period of time.

"Netback" is used to evaluate potential operating performance.. Netback is calculated as follows: (Revenue ? Royalties - Operating Expenses).

"Recycle Ratio" is measured by dividing the operating netback for the applicable period by F&D cost per boe for the year. The recycle ratio compares netback from existing reserves to the cost of finding new reserves and may not accurately indicate the investment success unless the replacement reserves are of equivalent quality as the produced reserves.

"Proved Developed Producing" or "PDP" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

"Proved" or "1P" reserves are those that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Reported reserves should target at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves under a specific set of economic conditions.

"Proved plus Probable" or "2P" reserves are those that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved plus probable reserves. Reported reserves should target at least a 50 percent probability that the probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves under a specific set of economic conditions.

The net present value of future net revenues attributable to reserves and resources included in this news release do not represent the fair market value of such reserves and resources. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of reserves and resources provided in this news release are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual reserves and resources may be greater or less than the estimates provided in this news release. The estimates of reserves and future net revenue for individual properties in this news release may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Basis of Barrels of Oil Equivalent ? This news release discloses certain production information on a barrels of oil equivalent ("boe") basis with natural gas converted to barrels of oil equivalent using a conversion factor of six thousand cubic feet of gas (Mcf) to one barrel (bbl) of oil (6 Mcf:1 bbl). Condensate and other NGLs are converted to boe at a ratio of 1 bbl:1 bbl. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based roughly on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at sales point. Although the 6:1 conversion ratio is an industry-accepted norm, it is not reflective of price or market value differentials between product types. Based on current commodity prices, the value ratio between crude oil, NGLs and natural gas is significantly different from the 6:1 energy equivalency ratio. Accordingly, using a conversion ratio of 6 Mcf:1 bbl may be misleading as an indication of value.

Mcfe Conversions: Thousands of cubic feet of gas equivalent ("Mcfe") amounts have been calculated by using the conversion ratio of one barrel of oil (1 bbl) to six thousand cubic feet (6 Mcf) of natural gas. Mcfe amounts may be misleading, particularly if used in isolation. A conversion ratio of 1 bbl to 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value.

References to "liquids" in this news release refer to, collectively, heavy crude oil, light crude oil and medium crude oil combined, and natural gas liquids.

"BOPD" means barrels of oil per day

"BNGLD" means barrels of natural gas liquids per day

"MCFD" means thousand cubic feet per day

"BOED" means barrels of oil equivalent per day

Non-GAAP and other Specified Financial Measures

This news release may contain financial measures commonly used in the oil and natural gas industry, including "Adjusted EBITDA", "Free Cash Flow" and "Net Debt". These financial measures do not have any standardized meaning under IFRS ??and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned that these ??non-IFRS measure should not be construed as an alternative to other measures of financial performance calculated in ??accordance with IFRS. These non-IFRS measures provides additional information that Management believes is meaningful ??in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other ??activities. Management believes that the presentation of these non-IFRS measures provide useful information to investors ??and shareholders as the measures provide increased transparency and the ability to better analyze performance against ??prior periods on a comparable basis.?

?"Adjusted EBITDA" is calculated as cash flow ?from (used in) operating activities, adding back changes in non-cash ?working capital, decommissioning obligation ?expenditures, transaction costs and interest expense. The Company considers ?Adjusted EBITDA ?to be a key capital management measure as it is both used within certain financial covenants anticipated ?to be prescribed ?under the New Credit Facilities and demonstrates Highwood's standalone profitability, operating and ?financial ?performance in terms of cash flow generation, adjusting for interest related to its capital structure. The most ?directly ?comparable GAAP measure is cash flow from (used in) operating activities. ?

"EBITDA" is a non-GAAP financial measure and may not be comparable with similar measures presented by other companies. EBITDA is used as an alternative measure of profitability and attempts to represent the cash profit generated by the Company's operations. The most directly comparable GAAP measure is cash flow from (used in) operating activities. EBITDA is calculated as cash flow from (used in) operating activities, adding back changes in non-cash working capital, decommissioning obligation expenditures and interest expense.

?"Free Cash Flow" or "FCF" is used as an indicator of the efficiency and liquidity of the Company's business, measuring ?its ?funds after capital expenditures available to manage debt levels, pursue acquisitions and assess the optionality to ?pay ?dividends and/or return capital to shareholders though activities such as share repurchases. The most directly ?comparable ?GAAP measure is cash flow from (used in) operating activities. Free Cash Flow is calculated as cash flow ?from (used in) ?operating activities, less interest, office lease expenses, cash taxes and capital expenditures.??

?"Net Debt" represents the carrying value of the Company's debt instruments, including outstanding deferred acquisition ?payments, net of Adjusted working capital. The ?Company uses Net Debt as an alternative to total outstanding debt as ?Management believes it provides a more accurate ?measure in assessing the liquidity of the Company. The Company believes ?that Net Debt can provide useful information ?to investors and shareholders in understanding the overall liquidity of the ?Company.?

"Net Debt / 2024E EBITDA" is calculated as net debt at the ending period of each financial quarter divided by the 2024E ?Adjusted EBITDA. The Company believes that Net Debt / 2024E Adjusted EBITDA is useful information to investors ?and ?shareholders in understanding the time frame, in years, it would take to eliminate Net Debt based on 2024E Adjusted ?EBITDA.?

"Operating netback (per BOE)" is calculated as the realized price per boe, less royalties associated with the sale of petroleum and natural gas products on a per boe basis, less the operating costs associated with the production on a per boe basis. The Company believes that Operating netback (per BOE) is a useful measure of the profit that is made from each barrel of production.

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

SOURCE HIGHWOOD ASSET MANAGEMENT LTD.


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