Canadian-origin conventional heavy crude oil from the Clearwater, Grand Rapids and Wabiskaw formations in greater Marten Hills, Alberta, plus Greater Pelican and Seal. Q2 2026 MDA: Headwater is engaged in exploration, development and production of petroleum and natural gas in Canada; majority of heavy oil production and reserves in those formations. Q2 2026 average 23,046 bbl/d heavy crude (24,567 boe/d). Sales net of blending expense used to compare realized price to WCS. Secondary recovery / waterflood and polymer flood at Marten Hills West and Greater Pelican. Not oil-sands mining or commercial Athabasca SAGD. Seal hot-water/CSS test is exploration, not a current thermal plant. Associated gas and NGLs are not this desk. No published seaport cargo. Could pipe or truck.
