Headwater Exploration Inc.（以下简称“公司”或“eadwater”）欣然宣布第四季度平均产量约为 21,500 BOE/d，Clearwater 航道的土地面积大幅扩大。

大鹈鹕区
Headwater 很高兴宣布与 Bigstone Cree Nation（以下简称“CN”）建立新的合作伙伴关系。BCN 酋长和理事会支持的新承包协议考虑 Headwater 钻探最多四口承诺井，公司支付相应的奖金，这将使 Headwater 在大鹈鹕区获得 34.5 块极具前景的土地的租约。该协议需经 IOGC（定义如下）监管部门最终批准。 Headwater 已启动地表土地收购程序，预计将在 2025 年第一季度末钻探我们的第一口多边盈利井，目标是 Wabiskaw 地层。

此外，Headwater 已成功通过皇家土地销售收购了大鹈鹕地区的 23 块土地，抵消了通过 Bigstone Cree Nation 协议获得的土地。Headwater

团队已经在新收购的 57.5 块大鹈鹕地区内确定了多个潜在油气层，并计划在 2025 日历年内测试其中的 2-3 个油气层。

大 Peavine 地区
Headwater 已成功完成在大 Peavine 地区 10 块土地的收购。这些新土地抵消了我们的核心 Seal 土地，为我们在多区域 Falher 和 Bluesky 地层提供了目标。加上新收购的土地，Headwater 现在在大 Peavine 地区拥有 65 块净土地。

土地收购和勘探
Headwater 团队继续寻求有机增长机会，在 2024 日历年积累了 193 块土地。Headwater 目前在 Clearwater 航道内拥有超过 600 块土地，此外在整个盆地的油航道上还拥有 192 块非 Clearwater 土地。Headwater

预计将在 2025 年花费约 2500 万美元进行勘探钻探，测试 5-7 个新的油田概念，并对 2024 年发现的油田进行 8-10 次后续测试。

Headwater Exploration Inc. (the “Company” or “Headwater“) is pleased to report fourth quarter average production volumes of approximately 21,500 BOE/d and significant land expansion in the Clearwater fairway.

Greater Pelican Area
Headwater is excited to announce a new partnership with the Bigstone Cree Nation (“BCN”). A new farmout agreement supported by the Chief and Council of the BCN contemplates Headwater drilling up to four commitment wells with commensurate bonus payments paid by the Company, which would result in Headwater earning leases across 34.5 sections of highly prospective land in the Greater Pelican area. The agreement is subject to final IOGC (as defined below) regulatory approval. Headwater has started the surface land acquisition process and is anticipating drilling our first multi-lateral earning well, targeting the Wabiskaw formation late in the first quarter of 2025.

In addition, Headwater has successfully acquired 23 sections of land in the Greater Pelican area through crown land sales which offset the lands accessed through the Bigstone Cree Nation agreement.

The Headwater team has identified multiple prospective horizons within the newly acquired 57.5 section Greater Pelican area and plans to test 2-3 of the prospects within the 2025 calendar year.

Greater Peavine Area
Headwater has successfully closed on a 10 section land acquisition in the Greater Peavine area. The new lands, which offset our core Seal lands, offer targets in the multi-zone Falher and Bluesky formations. With the newly acquired lands, Headwater now has 65 net sections of land in the Greater Peavine area.

Land Acquisition and Exploration
The Headwater team continues its pursuit of organic growth opportunities having accumulated 193 sections of land in the 2024 calendar year. Headwater now has over 600 sections of land within the Clearwater fairway in addition to 192 sections of non-Clearwater acreage in oily fairways across the basin.

Headwater expects to spend approximately $25 million on exploration drilling in 2025 testing 5-7 new play concepts and 8-10 follow up tests on plays discovered in 2024.