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Highwood Asset Management Sells Wilson Creek Assets to Obsidian Energy for V$98 Million

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Highwood Asset Management (HAM.V) on Tuesday said it sold its Wilson Creek assets to Obsidian Energy (OBE.TO).

Highwood received C$98 million in cash after interim closing adjustments. The company will also receive up to C$7 million in contingent consideration in instalments, based on the price of West Texas Intermediate oil.

Cash proceeds were used to pay down Highwood's debt, leaving C$15 million drawn on its reduced C$75 million syndicated credit facility. The maturity date was also extended by a year to Aug. 1, 2028.

The company intends to launch its first normal course issuer bid in the second half of this year. Highwood will also focus on its Brazeau asset and other early-stage opportunities in its portfolio.

Highwood shares were last seen down $0.01, or 0.2%, to $4.74 on the TSX Venture Exchange.

Price: $4.74, Change: $-0.01, Percent Change: -0.21%

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