05:27 PM EDT, 07/03/2024 (MT Newswires) -- Highwood Asset Management (HAM.V) said Thursday its credit facility is being raised to $110 million from $100 million following its annual borrowing base re-determination by its lenders.

The facility is made up of a $10 million operating facility and $100 million syndicated credit facility., while the maturity is been extended from August 2, 2025 to August 2, 2026.

The company also said its second-half drilling program is underway with the company planning to drill six wells during the remainder of 2024.

Highwood reiterated its 2024 average and exit production guidance of 5,500 to 5,700 barrels of oil equivalent per day and 6,400 to6,500 boe/d, respectively.

The company's shares closed down $0.10 to $5.00 on the TSX Venture Exchange.