Highwood Oil Company Ltd. Provides Notice to Terminate the Peace River Acquisition and Provides Postive Operational Update on Clearwater Drilling Activities

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.

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