Highwood Asset Management Ltd · TSXV:HAM
Highwood Asset Management — Investor Presentation (October 2026)
20 slides from Highwood Asset Management's investor presentation, October 2026
Slide 1: Corporate Presentation
October 2026 Corporate Presentation TSXV: HAM
Slide 2: Disclaimer – Cautionary Statements
Disclaimer – Cautionary Statements This Presentation is not an offer to sell securities of Highwood Asset Management Ltd. ("Highwood") or a solicitation of an offer to buy securities of Highwood in any jurisdiction. The material presented is not intended to modify, qualify, supplement or amend infor
Slide 3: Highwood Asset Management Corporate Snapshot
Highwood Asset Management Corporate Snapshot Market Summary Asset Portfolio Ticker Symbol TSXV: HAM Shares Outstanding (Basic) 15.2 million Management Ownership ~37% Credit Facility $75.0MM Estimates and Results(1) YE25 Production (boe/d) 5,296 YE25 Liquids (%) ~69% Q22026 Production (boe/d) 6,005 P
Slide 4: Focused on Shareholder Return Driven By Oil-Weighted Growth
Focused on Shareholder Return Driven By Oil-Weighted Growth ▪ Highwood’s focus is concentrating capital on long-duration, high-margin Brazeau Belly River assets (which is analogous to the Belly River at Wilson Creek), where we own the infrastructure, are seeing strong drilling results and have comme
Slide 5: Solid Execution Since Acquiring Assets
Solid Execution Since Acquiring Assets Q3 2023 Q3 2023 - Q1 2024 Reduce Debt While Crystallize Material Return Acquisition Integrate and Execute Results On Wilson Creek in Growth Mode Successfully drilled 22 new Focused on reducing debt Sold Wilson Creek assets for August 2023 – Closed the Integrate
Slide 6: Key Investment Highlights
Key Investment Highlights(1) Substantial free cash flow generation accompanied with significant growth and low ARO ‒ Production growth from Q4 2023 of 4,035 boe/d to Q1 2026E of greater than 6,000 boe/d, prior to Wilson Creek disposition (2) ‒ Strong capital efficiencies to date of ~$20,000/boe/d ‒
Slide 7: 2025 Reserve Highlights
2025 Reserve Highlights(1) ▪ Significant intrinsic value recognized in Year-End 2025 Reserves ▪ Realized before-tax net present value of booked reserves as follows: As of December 31, 2025 December 31, 2025 Change YoY Change YoY (%) Net Asset Value \ Volumes B. T. NPV10 RLI(2) Volumes Volumes Basic
Slide 8: Brazeau Belly River Key Assets
Brazeau Belly River Key Assets Brazeau Tidewater Brazeau Current Estimated Highwood boe/d ~2,500 Battery Production Production Liquids % 65-70% 2025 Field Cash Financial(1,2) $/boe $29 Flow PDP MMboe 14.4 HAM Land Reserves(3) 1P MMboe 27.3 Keyera Brazeau HAM Wells East HAM Oil PL 2P MMboe 38.9 ▪ Sta
Slide 9: Bonnyville Area Manville Stack Lands
Bonnyville Area Manville Stack Lands Mult-zone Potential Across Greater Bonnyville Area Greater Bonnyville Area Type Log • 25.25 sections of 100% WI Lands (99% Crown) • Primary Targets (Marine Sands) • 2 wells to be drilled in Q4 2026 • McLaren (3-5m, 32-24% Por) • Bonnyville: Section 26-061-06W4: C
Slide 10: Twining Pekisko
Twining Pekisko HAM Twining Pekisko Asset • 100% working interest in 5 gross/net sections Twining Pekikso Oil • Two Identified reservoir intervals: Pekisko B and D intervals Pool • Primary recovery of Twining Pool (north end) ~15% • HAM lands current recovery factors of <5% with primary expectations
Slide 11: Spruce Lake / St Walburg Steam Assisted Gravity Drainage (SAGD) Lands
Spruce Lake / St Walburg Steam Assisted Gravity Drainage (SAGD) Lands • Spruce Lake Area/St. Walburg: 1,030 100/16-17-054-21W3 Spruce Lake/ St Walburg Land Map hectares of Colony oil sand, 100% owned – Highwood acquired four Expanded View contiguous sections at Spruce Lake (St. Walburg), Saskatchewa
Slide 12: Economics
Economics Illustrative Well Economics (Flat US$75 WTI, US$13.50 WCS Diff, US$3.00 MSW Diff, $2.50 AECO) (1,2,3,4) At US$75 WTI flat, US$13.50 WCS, US$3 MSW, $2.50 AECO Brazeau – Frac (3000m) Bonnyville Twining Target Formation Belly River Mannville Pekisko DCET $MM 5.25 2.10 3.30 IP30 boe/d 405 125
Slide 13: Wilson Creek Disposition Summary and Pro Forma Impact
Wilson Creek Disposition Summary and Pro Forma Impact Transaction Summary Pro Forma Impact ▪ Highwood has closed a purchase and sale agreement to dispose of our Pre-Disposition Pro Forma Wilson Creek assets Wilson Creek 49% ▪ Transaction proceeds of up to $112 million ‒ Upfront amount of $105 millio
Slide 14: Strategic Benefits of the Transaction
Strategic Benefits of the Transaction Transaction Highlights Compelling Value Creation ▪ The upfront cash consideration crystallized a pre-tax return on invested capital of >200% (1) ‒ Since acquiring the assets in 2023 for ~$35 million, we have generated ~$26 million in asset level free cash flow (
Slide 15: Corporate Information
Corporate Information Management and Board of Directors Corporate Partnerships Management Position Reserve Engineers GLJ Ltd. Auditors RSM Canada LLP Joel MacLeod, CA Executive Chairman Counsel DLA Piper (Canada) LLP Greg Macdonald, P.Eng. President & CEO, Director Chris Allchorne, CA CFO Kelly McDo
Slide 16: Notes
Notes Page 3 1. See "Non-GAAP Financial Measures" disclaimer. 2. All reserve figures based on the 2025 Report; See "Oil and Gas Measures and Metrics" disclaimer. 3. RLI calculated as the amount of relevant reserves category divided by total estimated production during the 12-month period ending Dece
Slide 17: Notes
Notes Page 13 1. Price Deck for management estimates: WTI: US$75.00/bbl; WCS Diff: US$13.50/bbl; MSW Diff: US$3.00/bbl; AECO: C$2.50/GJ; 0.73 CAD/USD 2. See "Oil and Gas Measures and Metrics" disclaimer. 3. Type curve estimated are based on the 2025 Report, using the above pricing. The difference in
Slide 18: Disclaimer – Forward-Looking Statements
Disclaimer – Forward-Looking Statements This Presentation contains certain statements and information, including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities laws, and which are collectively referred to herein as "forward-looking statements".
Slide 19: Disclaimer – Oil and Gas Measures and Metrics
Disclaimer – Oil and Gas Measures and Metrics Disclosure in this Presentation of oil and gas information is presented in accordance with generally accepted industry practices in Canada and National Instrument 51-101- Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Specifically, the
Slide 20: Disclaimer – Non-GAAP Financial Measures
Disclaimer – Non-GAAP Financial Measures This Presentation includes certain specified financial measures that are not prepared in accordance with International Financial Reporting Standards ("GAAP"). These financial measures, and other measures and ratios derived therefrom, do not have standardized
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