Fiddlehead Resources Issues Operational Update

CALGARY, AB, March 3, 2025 /CNW/ - Fiddlehead Resources Corp.  ("Fiddlehead" or the "Company") (TSXV: FHR.V) is pleased to provide an operations update on its acquired Ferrier property (the "Acquired Assets").

OPERATIONS UPDATE

Fiddlehead continues to focus on well and facility operations of the Acquired Assets, with the Company having wellsite monitoring systems and personnel now in place. Fiddlehead has identified several optimization opportunities in existing wellbores that it anticipates pursuing. The Company is leveraging its technical expertise in Central Alberta to optimize operations and grow production from existing well bores, while planning for future development of liquids-rich drilling targets on the acquired acreage. Q4 2024 production averaged 1,625 BOE/d (8% light oil, 23% condensate and NGL's, and 69% conventional natural gas), which met internal forecasted production. The Company's believes its portfolio of assets present an opportunity to generate shareholder value, with an asset base that boasts an inventory of well optimizations and drilling locations that provide exposure to oil, liquids, and natural gas production. The Company continues to work with the vendor and AER as it relates to transfer arrangements of the Acquired Assets.

Fiddlehead anticipates providing additional details regarding its preliminary 2025 operating budget and guidance on or before the release of its annual results for 2024.

ABOUT FIDDLEHEAD RESOURCES CORP.

Fiddlehead is committed to creating value for its shareholders through sustainable low decline production management, continued development of infill drilling locations, and targeted consolidation acquisitions in its chosen core area of Central Alberta. The Company's culture is centered on safely and responsibly developing its oil and gas assets in a way that profitably grows its production and reserve base. The Company has established a portfolio of high-quality production and development opportunities in the Central Alberta fairway with a focus on Cardium and Belly River horizons. Fiddlehead will focus on the execution of the Company's organic drilling program in the Central Alberta fairway, delivering operational synergies in a respectful and responsible manner to the environment and communities it operates in. The Company is positioned to continue pursuing development and optimization in the Ferrier area by growing and developing its asset base, and seeks to consolidate the Central Alberta fairway.

Fiddlehead will be providing an updated corporate presentation late in Q1 2025, and it will be available on the Company's website at www.fiddleheadresources.com.

OTHER MEASUREMENTS

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

This press release contains various references to the abbreviation "BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, conventional natural gas volumes have been converted to oil equivalence at six thousand cubic feet (Mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and conventional natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices.

References to "oil" in this press release include light crude oil and medium crude oil, combined. National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "gas" or "natural gas" relates to conventional natural gas.

References to "liquids" includes crude oil, condensate and NGLs. 

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "believes", "seek", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions. Fiddlehead believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives, cost model and strategy of Fiddlehead, continued optimization of its Ferrier asset, participation in the consolidation of the Central Alberta fairway and advancing its corporate strategy; the Company's drilling strategy in the Central Alberta fairway; expected drilling and completions in the Central Alberta fairway; the timing and eventual transfer of Acquired Assets from the vendor, if at all, Fiddlehead's strategies to deliver strong operational performance and to generate shareholder returns; the ability of the Company to achieve drilling success consistent with management's expectations; being well positioned to take advantage of opportunities in the current business environment; Fiddlehead's ability to progress its Central Alberta strategy, to continue pursuing immediate production optimization and responsible future growth with organic drilling, to continue to execute on building an extensive position in the Central Alberta fairway; potential future intermittent curtailment of natural gas production and delay or acceleration of new natural gas production depending on natural gas prices; and the timing of release of preliminary 2025 operating budget and guidance.

The forward-looking statements and information are based on certain key expectations and assumptions made by Fiddlehead, including, but not limited to, expectations and assumptions concerning the business plan of Fiddlehead, the timing of and success of future drilling, development and completion activities, the growth opportunities of Fiddlehead's Ferrier acreage, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Fiddlehead's properties, the successful application of drilling, completion and seismic technology, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company's products, anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions.

Although Fiddlehead believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Fiddlehead can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices; changes in industry regulations and legislation (including, but not limited to, tariffs, tax laws, royalties, and environmental regulations); changes in the political landscape both domestically and abroad, wars (including Russia's military actions in Ukraine and the Israel-Hamas conflict in Gaza), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), regulatory risks, including dealings with the AER, as it relates to the transfer of the Acquired Assets; risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, including fire, drought, and flooding, including in respect of safety, asset integrity and shutting-in production.

Please refer to Fiddlehead's management's discussion and analysis for the period ended September 30, 2024, for discussion of additional risk factors relating to the Company, which can be accessed either on Fiddlehead's website at  www.fiddleheadresources.com or under Fiddlehead's SEDAR+ profile on www.sedarplus.ca. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Fiddlehead undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

References in this press release to peak rates, initial production rates, test rates, average 30-day production and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Fiddlehead. The Company cautions that such results should be considered preliminary.

SOURCE Fiddlehead Resources Corp.

For further information contact: Fiddlehead Resources Corp., Brent Osmond, President, CEO and Chairman, Phone No.: [phone], Email: [email protected]