05:21 PM EDT, 04/04/2024 (MT Newswires) -- Headwater Exploration ( CDDRF ) ), which closed at 52-week high on Thursday, after trade reported first quarter average production volumes of approximately 19,500 BOE/d, which are in line with guidance and "on trend" to meet previously announced annualized production guidance of 20,000 BOE/d. "With visibility to expansion of WCS egress, growth capital has been strategically allocated in the second half of 2024," the company said.

On exploration, the Western Canadian oil and gas producer said its team continues its pursuit of organic growth opportunities in and beyond the boundaries of the Clearwater accumulating over 520 net sections in the Clearwater fairway and 175 net sections of non-Clearwater acreage in oily fairways across the basin. Over the balance of 2024, the current budget contemplates testing an additional three to four exploration prospects, it added.

The company's shares closed up C$0.08 to C$8.35 on the Toronto Stock Exchange, topping the prior 52-week high of C$8.30.