Headwater Exploration Inc. (HWX:CA) M&A Call Transcript

SA Transcripts 162.12K Followers Follow Headwater Exploration Inc. ( HWX:CA ) M&A Call September 8, 2026 9:30 AM EDT Company Participants Brian Schmidt - Founder, CEO & Director Steve Buytels - President Jason Jaskela - CEO, President & Director Conference Call Participants George Burwell - Jefferies LLC, Research Division Patrick O'Rourke - ATB Cormark Capital Markets Inc., Research Division Presentation Operator Good morning, ladies and gentlemen, and welcome to Tamarack Valley Energy Ltd. merger webcast. [Operator Instructions] On the call with us today are Jason Jaskela, President and Chief Executive Officer of Headwater Exploration Inc.; Steve Buytels, President of Tamarack Valley; and Brian Schmidt, Founder and CEO of Tamarack Valley. I would now like to turn the conference call over to Brian Schmidt. Please go ahead. Brian Schmidt Founder, CEO & Director Good morning, and welcome to everyone joining us on this conference call. My name is Brian Schmidt. Today, I'm joined with Steve and Jason Jaskela as were introduced. We are pleased to announce that we've entered into a definitive agreement whereby our 2 companies will merge in an all-stock transaction valued at $10 billion to form a premier North American oil company. The combined company will be led by the management team of Tamarack Valley and will be the largest and only publicly traded pure-play Clearwater producer in Canada. This transaction reflects an exceptional value proposition for shareholders of both Tamarack Valley and Headwater Exploration by creating meaningful size and scale to the Clearwater, creating strong operating and capital synergies and driving higher sustainable profit margins. The transaction is expected to immediately be accretive to our free funds flow per share and our 5-year plan, and we are positioned to deliver even higher returns to shareholders moving forward. We are also pleased to announce the formation of a new oil and gas exploration company, Tributary Exploration, that will