Headwater Exploration Inc CDDRF

Yes

[marketsense]

No surprises except for West Martin Hills outlook.  What is frustrating me to no end
is how this stock mainly trades off the price of crude with little or no relationship to its
fundamentals.  I guess every oil stock is pretty much the same these days.

HWX is a strong hold for me.  They can self finance their own developement program
no problem.  Being debt free gives them so many more options than others.  Also
they are already producing 17000 boe/d now so should easily surpass their guidance
of 18,00boed by eoy.  20,000 boe is quite achievable IMO.  The other eye popper
is their West Martin Hills prop which could equal or surpass Martin Hills itself.  If
that is the case,  you're looking at 10,000 bbls/d growth from it alone over time. 

So with a sustainable div and good upside growth I would rate them an outperform.
The only caveat is who know where the price of crude will be at any given moment
in time but that applies to the whole sector.

[Bennys65]

Thanks for that marketsense all good points.West martin hills is at this time a standout.From 100 bpd to 5000 in 18 months all self funded is very impressive.Our avg production quarter 4 was 15500.Avg production quarter 1 17000 plus with 17 wells drilled and only 9 on production the other 8 waiting to get tied in..The next 3 quarters will see more drilling.Early waterflood looking good .Hard to

[marketsense]

Thank you for that Benny.  We both agree and its hard not to when you understand what they have and how they are managing it.  To be able to self fund a growth  company and avoid taking on debt is absolutley mind blowing but speaks to the incredible discipline and smarts that mgmt possess.  The torque might quite not  be as much as some others like TVE or BTE but the level