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Highwood Asset Management Ltd. Announces Third Quarter 2021 Results and Operational Update

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/

CALGARY, AB, Nov. 26, 2021 /CNW/ – Highwood Asset Management Ltd., (“Highwood” or the “Company”) (TSXV:HAM) is pleased to announce financial and operating results for the quarter ended September 30, 2021.  The Company also announces that its unaudited financial statements and associated Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2021, can be found at www.sedar.com and www.highwoodmgmt.com.

Highlights

On July 20, 2021, the Company changed its name from Highwood Oil Company Ltd. to Highwood Asset Management Ltd. to better reflect its renewed focus on driving shareholder return through a multitude of energy focused segments or divisions. The asset management structure will oversee various operations including ESG and other clean energy transition subsectors, which include industrial metals and minerals, clean energy technologies, upstream and midstream oil & gas production & processing.
Within the industrial metals and minerals business unit, the Company has amassed industrial metallic and mineral permits of over 3,400,000 acres in Alberta and British Columbia and issued its National Instrument 43-101 technical report on Lithium from Brine on July 16, 2021 and National Instrument 43-101 technical report on Ironstone-Vanadium on September 21, 2021. The Company has also engaged the third-party resource evaluator to compile a 43-101 Lithium from Brine Resource Assessment specific to Drumheller, Alberta, comprising approximately 750,000 acres of the over 3,400,000 total acreage, which is anticipated to be completed in the fourth quarter of 2021.
Within the upstream and midstream oil & gas production & processing business unit, the Company delivered average production of 108 bbl/d of oil in the third quarter of 2021. Current net production from Highwood is approximately 105 bbl/d of oil.
Corporately, net debt at September 30, 2021 was $1.59 million.

Summary of Financial & Operating Results

 Three months ended

September 30, 

Nine months ended

September 30, 

2021

2020

%

2021

2020

%

 Financial (in thousands)

 Oil and natural gas sales

$

721

$

5,752

(87)

$

6,423

$

14,034

(54)

 Transportation pipeline revenues

905

790

15

2,805

2,719

3

 Total revenues, net of royalties(1)

1,325

5,981

(78)

6,242

23,297

(73)

 Income (Loss)

150

(20,074)

(101)

(1,370)

(27,635)

(95)

 Funds flow from operations(5)

195

1,923

(90)

(1,198)

7,876

(115)

 Capital expenditures

79

67

18

270

4,482

Full story available on Benzinga.com

Original Source: benzinga.com

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