Clearwater Operations

Clearwater operations primarily target conventional heavy oil from Cretaceous-aged formations including the Clearwater, Falher, Grand Rapids and Wabiskaw. The various formations' reservoir characteristics provide for development under the application of open-hole multilateral wells. Headwater commenced production from the newly discovered Grand Rapids zone in Marten Hills West in May 2025. The Corporation continued to focus on secondary recovery efforts, commencing its first polymer flood in the Greater Pelican area in December 2025. Flagship heavy oil asset.