05:36 PM EST, 12/05/2024 (MT Newswires) -- Headwater Exploration ( CDDRF ) after close Thursday said it will boost its dividend by 10% beginning in the first quarter of 2025, as it provided preliminary guidance for the upcoming year.

The Western Canadian oil and gas producer said the quarterly dividend will increase to $0.11 per share, a 6.3% yield at a $7.00 common share price.

The company said it expect capital spending of $225 million next year as it aims to boost oil and gas production by 10% to 22,250 barrels of oil equivalent, with expected adjusted funds flow from operations of $320 million at US$70.00/bbl WTI.

The company is also making executive changes, promoting Jeff Magee, currently Engineering Manager to Vice President Engineering, and Terry Danku, its current Vice President Engineering, promoted to Executive Vice President.

Wade Hein, now Production Manager, has been promoted to Vice President Operations.

Vice President, New Ventures Jon Grimwood will be stepping back from his executive position at Headwater, but will remain full-time as a senior technical advisor.

The company's shares closed up $0.02 to $6.96 on the Toronto Stock Exchange.