Headwater Exploration Inc.
Capital Structure
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in mil. unless spec.Company Description
- CEO
- Jason J. Jaskela
- Full Time Employees
- 35
- Sector
- Energy minerals
- Industry
- Integrated oil
- Address
- 500 – 4th Avenue SW Calgary AB Canada T2P 1K3
- IPO Date
- May 16, 1996
- Website
- headwaterexp.com
- Similar Companies
- Business
- Headwater Exploration Inc. (TSX:HWX) is a Canadian publicly traded oil and gas exploration, development and production company focused on heavy oil and natural gas resources; it produces heavy oil from Clearwater, Clearwater E, Falher, Grand Rapids and Wabiskaw formations in the Marten Hills, Greater Nipisi, Greater Peavine and Greater Pelican areas of Alberta, as well as natural gas from the McCully Field near Sussex, New Brunswick. Incorporated in 1996 and headquartered in Calgary, Alberta, the company operates onshore assets across western Canada and Atlantic Canada, targeting superior returns through low-decline production, secondary recovery techniques and exploration drilling. Headwater emphasizes balance sheet strength, sustainability and shareholder returns via dividends and share buybacks under its normal course issuer bid program. The company maintains heavy oil production exceeding 22,500 bbls/d from multi-lateral horizontal wells in its core Alberta plays, supported by natural gas output of approximately 11.3 MMcf/d from McCully; secondary recovery methods including waterfloods in Clearwater sandstone and Clearwater E pools across 4.5 and 2 sections respectively, plus Grand Rapids waterflood pilots and Wabiskaw polymer pilots, underpin over 50% of its oil production, reducing decline rates by more than 10% and maintenance capital by 30%. In 2025, Headwater evaluated 10 play concepts, acquired 140 sections of land, established Greater Pelican as a new core area with a Wabiskaw discovery well achieving 495 bbls/d initial production over 210 days, and unlocked Grand Rapids as a stacked reservoir in Marten Hills West; exploration efforts since inception have added over 15,000 bbls/d to corporate production. For 2026, Headwater approves a $185 million capital budget allocating $110 million to maintenance and growth drilling, $50 million to secondary recovery expansion targeting 60% of oil production support by year-end with declines under 20%, and $25 million to test 8-10 new play concepts via stratigraphic tests and multi-laterals in Marten Hills, Greater Pelican and undisclosed lands; this supports projected annual production of 24,500 boe/d (8% per share growth), $300 million adjusted funds flow at US$60/bbl WTI, a $0.44/share annual dividend (5% yield) and positive exit working capital at a 37% reinvestment rate. Recent operations include restarting McCully production in December 2025 with 77% hedged at Cdn$14.85/MMBtu for $16 million winter cash flow, drilling follow-up development and injection wells in Greater Pelican, and repurchasing 1.0 million shares at $7.30 average under NCIB; 2025 guidance features increased production with 33% fewer wells and $35 million less capital than initially planned. Headwater was formerly Corridor Resources Inc., rebranded in March 2020.
Company News
Headwater Exploration Inc. (HWX:CA) M&A Call Transcript
Tamarack Valley to Merge With Headwater Exploration in Over $7.24 Billion Deal
Tamarack Valley, Headwater Exploration agree $7.2 billion all-stock merger
Headwater Exploration: Adjusting Production Guidance Upwards
Headwater Exploration: The Earnings Report May Announce A Strategy Change
Headwater Exploration: A License To Print Money
Headwater Exploration: Profits Continue To Roll In
Headwater Exploration (OTCMKTS:CDDRF) Shares Up 1.2% – Here’s What Happened
Headwater Exploration: Production Maintenance Goal For 2026
Headwater Exploration: Costs Continue To Decline As Exploration Success Continues
Headwater Exploration: Production Guidance Adjusted Upwards As Costs Decline Again
Headwater Exploration: Cash Flow Takes A Step Backwards
High Profit And Low Debt Could Transform Headwater Exploration Into The Next Oil Star
Headwater Exploration: Growth Continues With A Big Quarter
Headwater Exploration: Another Record Year For The Company
Headwater Exploration: An Update That Strengthens The Investment Case
Headwater Exploration: 2025 Guidance Review
Headwater Exploration: Relatively Strong Earnings Comparison
Headwater Exploration: The Growth Story Continues
Headwater Exploration: Cash Rolls In As Earnings Climb 77% Per Share