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Headwater Exploration Inc T.HWX

Alternate Symbol(s):  CDDRF

Headwater Exploration Inc. is a Canadian resource company engaged in the exploration for and development and production of petroleum and natural gas in Canada. The Company has heavy oil production and reserves in the Clearwater/Falher formations in the Marten Hills, Greater Nipisi and Greater Peavine areas of Alberta and natural gas production and reserves in the McCully field near Sussex, New Brunswick. The McCully Field is located approximately 10 kilometers (kms) northeast of Sussex, New Brunswick in the farming community of Penobsquis. It owns and operates a natural gas processing plant, with a processing capacity of approximately 35 mmscfpd, and a 50 km transmission line connected to the Maritimes and Northeast pipeline. The McCully Field is a winter producing asset connected to the northeast United States gas market. The Company drilled its first stratigraphic test and single-leg horizontal well, prospective for heavy oil, in Handel, Saskatchewan.


TSX:HWX - Post by User

Comment by Bennys65on Nov 21, 2022 11:21am
218 Views
Post# 35115394

RE:Another View

RE:Another ViewAs I see it in order for this to be called a dry well or a duster we had to be drilling a multi leg well with the objective of producing O&G from it.This was not the case.We were drilling a strat test which is a cheap vertical hole to make sure the underground gelogy matched the concept geology above ground .Clearly it didnt.They only planned to drill one but to be sure drilled two .Next.The early plan was to go to peavine and that was changed to Utikima.Early plan was to drill one well changed to three.My guess is they have been watching spurs active drilling in the aera and that gave them the confidence that they would get some results which would get the markets attention.A 150 bpd well at untested peavine would be pretty much a nothing burger.I believe they released the results early to get ahead of the rumour mill which was the right thing to do.Back to the original plan now and start giving results first quarter.
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