Brief: Headwater Exploration Inc Enters Into A Definitive Agreement With Cenovus Energy

Headwater Exploration

09/11/2020 12:12

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

Source text for Eikon:  ID:nCNWBBXmxa 
Further company coverage:  HSE.TO 

 ((Reuters.Briefs@thomsonreuters.com;))