Highwood Asset Management Ltd. Appoints Joel MacLeod as Executive Chairman

CALGARY, AB, Feb. 23, 2023 – Highwood Asset Management Ltd., (“Highwood” or the “Company”) (TSXV: HAM) is pleased to announce that Joel MacLeod has been named Executive Chairman by the Highwood Board of Directors.  Mr. MacLeod is the largest shareholder of Highwood, controlling approximately 67% of currently outstanding shares of the Company.  Mr. MacLeod’s appointment is intended to support Highwood’s growth strategy, focused on taking advantage of the distressed valuations of conventional energy assets in Western Canada.

Mr. MacLeod brings a successful track record of generating outsized shareholder returns, including returns in excess of 800% in entities where his shareholding position exceeded 35% (1080766 Alberta Ltd., Predator Oil Ltd., Predator Midstream Ltd and Battle River Energy).

“I am excited to join the Highwood Team, with a platform to take advantage of a generational opportunity where we can acquire high quality energy assets, with sub 12 month payout capital projects, at ~2 – 3x operating cashflow. We plan to be extremely active over the coming quarters and beyond, with a view to aggressively grow Highwood’s asset base, focusing on conventional energy production in the near term.  Our investment and capital allocation strategy will focus on investments with the highest cash on cash returns while maintaining significant insider ownership and participation to ensure alignment with capital providers,” stated Mr. MacLeod. “Our near term focus will be:

• Multiple conventional energy production acquisitions while incorporating our industry leading midstream, downstream, energy transition expertise in reducing carbon intensity and most importantly, increasing realized pricing of all products
• Continue to progress the development of our Drumheller southern Alberta lithium asset which has an initial Inferred Resource of 18.14 million tonnes of lithium carbonate equivalent⁽¹⁾

We look forward to leveraging 15+ years of capital markets support, credit support, government support, and potential First Nations partnerships across multiple opportunities. Shareholder alignment and material insider ownership remains critical to our strategy and we thank our shareholders and stakeholders for all their support.”

For further information: Greg Macdonald, President and Chief Executive Officer, 587.393.0862, investorrelations@highwoodmgmt.com; Joel MacLeod, Executive Chairman, 403.803.9006, jmacleod@highwoodmgmt.com

NT4