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Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements may include, but are not limited to, statements with respect to:

• the Company's expectations with respect to Libra's purpose for acquiring the Acquired Shares;

• the Company's expectations with respect to future operational results;

• the quantity of the Company's oil and natural gas reserves and anticipated future cash flows from such reserves;

• the Company's estimates of its drilling locations inventory, tax pools, non-capital losses;

• anticipated financial results of the Company;

• the Company's expectations regarding capacity of infrastructure associated with its business;

• the Company's expectations regarding commodity prices and costs;

• the Company's expectations regarding supply and demand for oil and natural gas;

• expectations regarding the Company's ability to raise capital and to continually add to reserves through acquisitions and development;

• treatment under governmental regulatory regimes and tax laws;

• fluctuations in depletion, depreciation, and accretion rates;

• expected changes in regulatory regimes in respect of royalty curves and regulatory improvements and the effects of such changes; and

• Highwood's business and acquisition strategy, the criteria to be considered in connection therewith and the benefits to be derived therefrom.

These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to:

• operational risks and liabilities inherent in oil and natural gas operations;

• the accuracy of oil and gas reserves estimates and estimated production levels as they are affected by exploration and development drilling and estimated decline rates;

• the uncertainties in regard to the timing of Highwood's exploration and development program;

• failure to realize the anticipated benefits of acquisitions, including corresponding results and/or synergies;

• unexpected costs or liabilities related to acquisitions;

• volatility in market prices for oil and natural gas;

• adverse general economic, political and market conditions;

• incorrect assessments of the value of benefits to be obtained from acquisitions and exploration and development programs;

• unforeseen difficulties in integrating assets acquired through acquisitions into the Company's operations;

• changes in royalty regimes;

• competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;

• that the Company's ability to maintain strong business relationships with its suppliers, service providers and other third parties will be maintained;

• geological, technical, drilling and processing problems;

• fluctuations in foreign exchange or interest rates and stock market volatility;

• liquidity;

• fluctuations in the costs of borrowing;

• political or economic developments;

• uncertainty related to geopolitical conflict;

• ability to obtain regulatory approvals; and

• the results of litigation or regulatory proceedings that may be brought against the Company; and

• changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry.

There are numerous uncertainties inherent in estimating quantities of oil and natural gas and the future cash flows attributed to such reserves. The reserves and associated cash flow information set forth herein are estimates only. In general, estimates of economically recoverable oil and natural gas and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserves and resources recovery, timing and amount of capital investments, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable oil and natural gas attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different evaluators, or by the same evaluators at different times, may vary. The actual production, revenues, taxes and development and operating expenditures of the Company with respect to its reserves will vary from estimates thereof and such variations could be material. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's prospective Adjusted EBITDA, Free Cash Flow, Net Debt, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of describing the anticipated effects of the Company's anticipated operational results on the Company's business operations. Highwood's actual results, performance or achievement could differ materially from those expressed in, or implied by, such FOFI. The Company disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things: the Company's future operational results, including, but not limited to, estimated or anticipated production levels, exit rates, decline rates, recycle ratios, netbacks, capital expenditures and sources of funding thereof, drilling plans and other information discussed in this news release; that commodity prices will be consistent with the current forecasts of its engineers; field netbacks; the accuracy of reserves estimates; costs to drill, complete and tie-in wells; ultimate recovery of reserves; that royalty regimes will not be subject to material modification; that the Company will be able to obtain skilled labour and other industry services at reasonable rates; the performance of assets and equipment; that the timing and amount of capital expenditures and the benefits therefrom will be consistent with the Company's expectations; the impact of increasing competition; that the conditions in general economic and financial markets will not vary materially; that the Company will be able to access capital, including debt, on acceptable terms; that drilling, completion and other equipment will be available on acceptable terms; that government regulations and laws will not change materially; that royalty rates will not change in any material respect; and that future operating costs will be consistent with the Company's expectations.

Although Highwood believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct.

Readers are cautioned not to place undue reliance on such forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur and the predictions, forecasts, projections and other forward-looking statements may not occur, which may cause Highwood's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by this news release.

A more complete discussion of the risks and uncertainties facing Highwood is disclosed in Highwood's continuous disclosure filings with Canadian securities regulatory authorities available on SEDAR+ at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Highwood disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

SOURCE HIGHWOOD ASSET MANAGEMENT LTD.

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