CALGARY,
AB, Nov. 15, 2022 /CNW/ - Headwater
Exploration Inc. (the "Company" or
"Headwater") (TSX: HWX) announces the results of
its two stratigraphic exploration test wells.
Headwater recently completed two stratigraphic test wells on our
Shadow exploration prospect in the Greater Peavine area.
Unfortunately, neither well encountered hydrocarbon bearing sands
in our previously identified prospective zones. The drilling rig
scheduled to drill three horizontal tests in this area is now being
moved to our Utikima lake prospect to continue our exploration
drilling program. Further exploration results will be reported as
they become available which is not anticipated to be until the
middle of the first quarter of 2023.
These exploration results have no impact to our 2023 guidance as
previously outlined in our press release dated November 3, 2022.
In addition, Headwater is pleased to announce that it has
released its inaugural Environment, Social and Governance Report
for 2022 (the "2022 ESG Report"). The 2022 ESG Report and
the Company's most recent corporate presentation can be found on
Headwater's website at www.headwaterexp.com
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements. The use of any of the words "guidance",
"initial, "anticipate", "scheduled", "can", "will", "prior to",
"estimate", "believe", "potential", "should", "unaudited",
"forecast", "future", "continue", "may", "expect", "project", and
similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein,
include, without limitation, the expected timing for reporting
future exploration drilling results and the expectation that the
recent exploration drilling results will not impact our previously
issued 2023 guidance. The forward-looking statements contained
herein are based on certain key expectations and assumptions made
by the Company, including but not limited to expectations and
assumptions concerning the success of optimization and efficiency
improvement projects, the availability of capital, current
legislation, receipt of required regulatory approvals, the success
of future drilling, development and waterflooding activities, the
performance of existing wells, the performance of new wells,
Headwater's growth strategy, general economic conditions,
availability of required equipment and services, prevailing
equipment and services costs and prevailing commodity. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and
gas industry in general (e.g., operational risks in development,
exploration and production; disruptions to the Canadian and global
economy resulting from major public health events, the
Russian-Ukrainian war and the impact on the global economy and
commodity prices; the impacts of inflation and supply chain issues
and steps taken by central banks to curb inflation; COVID-19
pandemic, war, terrorist events, political upheavals and other
similar events; events impacting the supply and demand for oil and
gas including the COVID-19 pandemic and actions taken by the OPEC +
group; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Refer to Headwater's most recent
Annual Information Form dated March 10,
2022, on SEDAR at www.sedar.com, and the risk factors
contained therein.
SOURCE Headwater Exploration Inc.