/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH
U.S. NEWSWIRES/
CALGARY, Aug. 27, 2019 /CNW/ - Highwood Oil Company Ltd.
(TSXV:HOCL) ("Highwood" or the "Corporation") has
served notice to the vendor of the Peace River acquisition to
terminate the agreement previously announced on May 16, 2019 (the "Acquisition"). The
notice was issued as the operatorship provision of the Acquisition
agreement regarding the operation of the asset had not been
satisfied. Highwood will remain focused on evaluating and
completing accretive acquisition opportunities in the M&A
market.
Throughout the second half of 2019, the Corporation will remain
focused to delineate, develop and grow its Clearwater properties. Highwood plans to drill
an additional five to 10 gross (2.5 to 5.0 net) Clearwater oil wells before year-end. Highwood
continues to benefit from substantial industry delineation activity
around its existing Clearwater
land position, and is encouraged by recent drilling results which
have validated an expansion to the prospective fairway. Today,
Highwood has re-commenced its drilling program in the Nipisi region
of the Clearwater play.
Warnings
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.
This news release contains forward-looking statements
relating to the future operations of the Corporation and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Corporation, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Corporation's expectations include risks detailed from time to
time in the filings made by the Corporation with securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Corporation. The reader
is cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Corporation will update
or revise publicly any of the included forward-looking statements
as expressly required by Canadian securities law.
SOURCE Highwood Oil Company Ltd.