Strategic and financial alternatives may include, but are not limited to, the sale of the Company, investment in, merger or other business combination, recapitalization, sale of all or a portion of the Company’s assets, or any combination thereof, continued execution of its business plan, among all other alternatives (the “Strategic Review”). The Board of Directors has established a Special Committee comprised of independent directors to oversee the process and National Bank Financial Inc. have been retained to assist the Special Committee and the Company with the Strategic Review.
It is the Company’s current intention not to disclose developments with respect to the Strategic Review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. Highwood will continue to provide normal course quarterly financial and material operational updates. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
Effective October 16, 2020, the Company relinquished operatorship with respect to the joint venture lands in the Clearwater play area of Alberta to the 50% joint venture partner. The joint venture partner anticipates employing significant capital in the near future which will further delineate lands and grow the production in Clearwater. The Company continues to have its land position delineated by offset operators who are also showing success with secondary recovery method pilot projects. Current production in the Clearwater assets is approximately 1,000 bbls/d net to Highwood.
The Company has also restored the majority of production in the Red Earth area with total Company current production levels of approximately 2,000 bbls/d net for Highwood.