/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH
U.S. NEWSWIRES/
CALGARY, AB, June 15, 2020 /CNW/ - Highwood Oil Company Ltd.
(TSXV: HOCL) ("Highwood" or the "Company") announces
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 ("AER") 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.
Operational Update
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.
The Clearwater oil resource
play continues to deliver positive delineation results which
underpin an expanding opportunity set for Highwood to pursue lower
risk, highly economic, oil-weighted growth. Since early 2017,
industry has spud more than 290 wells to delineate and quickly grow
the Clearwater play to achieve
production in excess of 26,000 bbl/d. Even within a pricing
environment that has been very suppressed by historical standards,
strong well economics characterized by short cycle times and quick
payback periods supported industry drilling over 130 wells to date
in 2020.
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.
Meeting Protocol
Highwood has scheduled the annual general and special meeting of
shareholders for June 18, 2020 and
has the following update to announce.
Due to the public health restrictions implemented to combat the
spread of the COVID-19 pandemic, including restrictions on mass
gatherings implemented by the Government of Alberta and taking into account the health and
safety of our employees, shareholders, service providers and other
stakeholders, the Company strongly encourages shareholders
NOT to attend the Meeting in person. The Company
strongly encourages shareholders to vote by proxy on the
internet, rather than attending the Meeting in person.
To this end, only registered shareholders and duly appointed
proxyholders will be permitted to attend the Meeting in person.
Further restrictions with regards to the Meeting may be
implemented by the Company as required in accordance with
applicable laws and to comply with public health restrictions. At
the Meeting, the Company may adopt screening or other measures for
identifying COVID-19 symptoms or risk factors as may be
recommended or required by applicable health authorities. These
measures may include requiring registered Shareholders or duly
appointed proxy holders still wishing to attend the Meeting in
person to sign a confirmation letter at the Meeting that they are
not a confirmed case of COVID-19 or a close contact of a confirmed
case of COVID-19, they are not experiencing cold or flu-like
systems, including fever, cough, difficulty breathing, muscle
aches, fatigue, headache, sore throat or runny nose, and that they
have not travelled outside of Canada for a period of two weeks preceding the
Meeting date. The Company reserves the right to refuse admission
to a shareholder or proxyholder seeking to attend the Meeting if
the Company believes the shareholder or proxyholder poses a health
risk to attendees at the Meeting or would otherwise breach public
health restrictions. THE COMPANY MAY LIMIT ATTENDEES AS REQUIRED
BY MASS GATHERING RESTRICTIONS IMPLEMENTED BY THE GOVERNMENT OF
ALBERTA AT THE TIME OF THE
MEETING. In addition, any attendees will be required to
practice social distancing at the Meeting.
In order to permit Shareholders and proxyholders to listen to
the Meeting in real time, without having to attend in person, a
conference call of the Meeting will be available as follows:
Conference call participation:
• North America Toll-Free: 1 877 234 4610
• Local
(Calgary): 403 269
5197
• Participant Conference Access code: 4872953
#
Shareholders will not be able to vote through the conference
call; however, there may be a question and answer session
following the termination of the formal business of the Meeting
during which shareholders attending the conference call can ask
questions.
As the COVID-19 outbreak continues to be a rapidly evolving
situation, and in light of changing public health restrictions and
recommendations related to COVID-19, there may be changes to the
date, time and location of the Meeting, or the Company may adjourn
or postpone the Meeting. The Company will continue to monitor and
review provincial and federal governmental guidance in order to
assess and implement measures to reduce the risk of spreading the
virus at the Meeting. Any such changes will be communicated by news
release which will be made available under the Company's profile
on SEDAR at www.sedar.com.
WE STRONGLY ENCOURAGE ALL SHAREHOLDERS TO VOTE ELECTRONICALLY
BY PROXY RATHER THAN ATTENDING THE MEETING IN PERSON. PLEASE
CONTACT YOUR BROKER OR FINANCIAL INSTITUTION FOR YOUR CONTROL
NUMBER TO ALLOW ONLINE VOTING.
Warnings
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include risks detailed from time to time in the filings made by the
Company with securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by Canadian securities law.
SOURCE Highwood Oil Company Ltd.