Headwater Exploration Inc. · TSX:HWX
Headwater Exploration — Tributary Exploration — Merger or Acquisition (September 2026)
13 slides from Headwater Exploration's merger presentation, September 2026
Slide 1: Investor Presentation: Proven Execution
INVESTOR PRESENTATION Proven Execution September 2026
Slide 2: History of Shareholder Returns
TRIBUTARY EXPLORATION History of Shareholder Returns Long Track Record of Success Wild Stream Exploration Inc. $1,000 Cumulative Amount Raised $14.00 Sale Value $11.55 Issue Price $10.85 $12.00 $770 $800 Cumulative Amount Raised / Sale Value ($mm) $mm Wild Stream Raging River Headwater $10.00 $9.60
Slide 3: The Path Forward
TRIBUTARY EXPLORATION The Path Forward Oil Focused, Exploration and Development Company History A track record of creating value through exploration, technology, organic growth and M&A People Entrepreneurs with a conviction for building sustainable earnings-based businesses from the ground up Build
Slide 4: Tributary Capitalization: Illustrative Capital Structure at Close
TRIBUTARY CAPITALIZATION Illustrative Capital Structure at Close Net Asset Value: Shares Issued at Close Shares (mm) $/share Value ($mm) Proved + Probable NPV10 After Tax $0.37 $88.3(4) Undeveloped Land $0.05 $12.4(5) NAV on Shares Issued at Close 237.8 $0.42 $100.7 Issued to Headwater Shareholders
Slide 5: McCully Producing Asset
MCCULLY PRODUCING ASSET Long-Life PDP Asset with Minimal Sustaining Capital & Premium Winter-Market Exposure ANNUAL CASH FLOW 2023/24 $15.2MM $17MM 2024/25 $16.2MM McCully Average of the last three winter producing seasons (Dec 1 – Apr 30) 2025/26 $18.9MM Key Cash Flow Drivers ← M&NP to Boston (Algo
Slide 6: Core Play Areas
CORE PLAY AREAS Alberta and Saskatchewan DUNCAN 463 MMbbl OOIP • Significant land position captured Duncan • High OOIP with potential for enhanced recovery through thermal or circulation- string style operations W4 MANNVILLE STACK >570 MMbbl OOIP • Established production Clearwater • Drilling invent
Slide 7: Experienced Management and Board
EXPERIENCED MANAGEMENT AND BOARD Tributary Exploration Inc. Management Team Neil Roszell, P. Eng. Executive Chairman and founder of Headwater Exploration Inc., President and CEO and founder of Raging River Executive Chairman Exploration Inc., Wild Stream Exploration Inc. and Wild River Resources Ltd
Slide 8: Slide Notes
SLIDE NOTES Tributary Exploration Inc. Slide 2 Management Team 1. Total equity issued reflects equity issued by each company under the management team's leadership, from the team's initial financing to the date of sale, and excludes shares outstanding before the team's involvement. Total equity issu
Slide 9: Slide Notes
SLIDE NOTES Tributary Exploration Inc. Slide 4 Management Team 1. Pursuant to Tributary Exploration non-brokered private placement it is anticipated that Tributary Exploration will issue up to a total of 71.4 million units at a price of $0.42 per unit for aggregate gross proceeds of up to $30 millio
Slide 10: Advisories – Basis of Presentation
ADVISORIES – BASIS OF PRESENTATION Tributary Exploration Inc. Basis of Presentation Management Team Tributary Exploration Inc. (“Tributary Exploration”) is a new entity to be formed in connection with the proposed arrangement (the “Arrangement”) involving, among others, Headwater Exploration Inc. (“
Slide 11: Advisories – Forward Looking Statements
ADVISORIES – FORWARD LOOKING STATEMENTS Tributary Exploration Inc. Forward-Looking Statements Advisory Management Team This presentation contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable Canadian
Slide 12: Advisories – Non-GAAP & Other Financial Measures
ADVISORIES – NON-GAAP & OTHER FINANCIAL MEASURES Tributary Exploration Inc. Non-GAAP and Other Financial Measures Advisory Management Team This presentation refers to certain financial measures which do not have any standardized meaning prescribed by IFRS. Management’s determinations of these measur
Slide 13: Advisories – Certain Oil & Gas Advisories
ADVISORIES – CERTAIN OIL & GAS ADVISORIES Tributary Exploration Inc. Management Team Certain Oil & Gas Advisories Reserves and Future Net Revenue Disclosures All reserves values, future net revenue and ancillary information contained in this presentation are derived from an evaluation by McDaniel &
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