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BRIEF-Headwater Exploration Inc Enters Into A Definitive Agreement With Cenovus Energy

Published 2020-11-09, 07:12 a/m
© Reuters.
HSE
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Nov 9 (Reuters) - Husky Energy Inc HSE.TO :

* HEADWATER EXPLORATION INC - ENTERED INTO A DEFINITIVE AGREEMENT WITH CENOVUS ENERGY

* HEADWATER EXPLORATION INC - TO ACQUIRE 100% OF CENOVUS' ASSETS IN MARTEN HILLS AREA OF ALBERTA FOR APPROXIMATELY $100 MILLION

* HEADWATER EXPLORATION - WILL ACQUIRE 100% WORKING INTEREST IN ABOUT 2,800 BPD OF MEDIUM OIL PRODUCTION AND 270 NET SECTIONS OF CLEARWATER RIGHTS

* HEADWATER EXPLORATION INC - UPON CLOSING OF TRANSACTION, CENOVUS WILL OWN APPROXIMATELY 26% OF BASIC COMMON SHARES OF COMPANY

* HEADWATER EXPLORATION INC - UPON CLOSING OF TRANSACTION, CENOVUS WILL BE ENTITLED TO APPOINT TWO NOMINEES TO BOARD

* HEADWATER EXPLORATION - CENOVUS CAN PARTICIPATE IN FUTURE EQUITY FINANCINGS BASED ON PRO RATA OWNERSHIP LEVEL AS LONG AS IT HOLDS 20% OR CO'S SHARES

* HEADWATER EXPLORATION INC QTRLY LOSS PER SHARE 1 CENT

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