BOE Report

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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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.