04:31 PM EDT, 10/31/2024 (MT Newswires) -- Highwood Asset Management (HAM.V) after trade Thursday released an operational update and the appointment of Ray Kwan to the Board of Directors.

Operationally, Highwood drilled its first well within the Basal Belly River horizon at Brazeau, which is analogous to the company's activities at Wilson Creek. Highwood is encouraged with the early results from the well, which has been onstream for approximately 60 days and is currently producing in excess of 350 barrels per day of light oil.

Highwood's production for the third quarter of 2024 averaged approximately 5,600 barrels of oil equivalent per day and current production exceeds 6,300 boe/d. The company reiterated its 2024 guidance with capital expenditures of $60-65 million, 2024 average & exit production guidance of 5,500 - 5,700 boe/d (8% increase at midpoint) and 6,400-6,500 boe/d (19% increase at midpoint), respectively.

The company also say Ray Kwan brings over 20 years of experience in the energy sector and capital markets and currently the founder and managing partner of AXO Capital, an energy focused family holding company.

Highwood shares closed down $0.21 to $5.54 on the TSX Venture Exchange.