Headwater Exploration Inc. finalizes transition of Corridor Resources
Headwater Exploration Inc. has completed its transition of Corridor Resources Inc., moving to a new management team and a reconstituted board of directors.
Headwater said in a news release it plans to continue the company’s previous strategy of production optimization of the McCully gas field in New Brunswick. The McCully field commenced its annual shut-in on May 1, with production anticipated to resume on Nov. 1 to optimize production levels, revenue, cash flow and returns by taking advantage of premium gas pricing during the peak demand months.
The new management team is led by Neil Roszell of Saskatchewan as chairman and chief executive officer. The company statement says that in addition to the New Brunswick operation, the new management team has been actively evaluating numerous opportunities targeting light, medium and heavy oil throughout the Western Canadian sedimentary basin.