Highwood Asset Management

What Highwood Asset Management does

Highwood Asset Management Ltd. (TSX: HAM) is a growth-oriented, Calgary-based oil and gas exploration and production company founded in 2012 by Joel MacLeod, who remains Executive Chairman and owns approximately 32% of common shares. The company's core operations center on Western Canadian oil and gas assets, with primary activity in the Clearwater region and the Wilson Creek area of Willesden Green, Alberta (the latter announced for divestiture to Obsidian Energy for up to $112M in June 2026). Highwood's differentiated asset is its 100%-owned Wabasca River Pipeline system — approximately 208 km of pipeline infrastructure (112 km of 8-inch, 30 km of 6-inch, and 66 km of 4-inch) located 450 km north of Edmonton, with ~20,000 bpd capacity delivering light conventional crude to the Plains Rainbow System as an open-access carrier with published tolls. This integrated upstream-plus-midstream model is supplemented by NI 43-101 technical evaluations of lithium-brine resources in Alberta and British Columbia and ironstone iron-vanadium deposits in Northwest Alberta.

The company generates revenue through two principal streams: (1) transaction-fee-based sales of crude oil, natural gas, and natural gas liquids produced from its Western Canadian reserves to refiners and midstream buyers under standard industry commercial arrangements, and (2) pipeline toll revenue from third-party shippers using the Wabasca River Pipeline at published tariff rates. Pricing for the production stream is dictated by market commodity prices (WTI/WCS differentials), while pipeline tolls are publicly disclosed. Full-year 2025 production guidance is 5,200-5,400 BOE/d. The company is publicly listed on the TSX under ticker HAM and has demonstrated access to capital markets, including a $140M credit facility (expanded from $120M) and a $103M debt facility (July 2025) syndicated by ATB Financial, BDC, CIBC, Macquarie Bank, and RBC.

Highwood's go-to-market motion is enterprise-level direct sales typical of the Western Canadian upstream sector, with investor relations as the primary external marketing channel via news releases, investor presentations, and SEDAR regulatory filings. The customer base is inherently diversified across commodity buyers and pipeline shippers, with the company's competitive advantages anchored in its pipeline ownership (distribution advantage), experienced management team with a track record of $5B+ in oil and gas transactions (talent moat), and demonstrated capital allocation discipline exemplified by over 200% pre-tax ROIC on divested Wilson Creek assets.

Name

Highwood Asset Management

Legal name

Highwood Asset Management Ltd.

Website

https://highwoodmgmt.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Highwood Asset Management Ltd. (TSX: HAM) is a Calgary-based, growth-oriented oil and gas exploration and production company operating in Western Canada, with full ownership of the Wabasca River Pipeline system (20,000 bpd capacity) and 2025 production guidance of 5,200-5,400 BOE/d, now expanding into lithium and iron-vanadium mineral evaluations.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Gas Pipeline & Midstream Asset Management (EUAEAMAF)

Keywords

• Oil and gas exploration
• Crude oil production
• Midstream pipeline transportation
• Western canada E&P
• Natural gas liquids

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from the sale of crude oil, natural gas, and natural gas liquids produced from the company's Western Canadian oil and gas assets.
2. Pipeline Toll Revenue: Revenue from transportation fees charged to third-party shippers using the Wabasca River pipeline system, with set published tolls for crude oil transportation.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Highwood Asset Management Ltd. is a growth-oriented oil and gas exploration and production company operating primarily in Western Canada. The company develops and produces crude oil, natural gas, and natural gas liquids from assets in the Clearwater region and Wilson Creek area of Willesden Green, Alberta. It also owns and operates 100% of the Wabasca River Pipeline system, an integrated midstream asset with approximately 20,000 bpd capacity that delivers light conventional crude oil to the Plains Rainbow Pipeline system.

Product overview

Highwood Asset Management Ltd. is a growth-oriented oil and gas exploration and production company operating as a single unified business with multiple operational components. The company operates its core business through oil and gas E&P activities in Western Canada, supplemented by the Wabasca River Pipeline (100% owned and operated midstream infrastructure delivering ~20,000 bpd to the Plains Rainbow System), and has expanded into lithium-brine and iron-vanadium mineral exploration through NI 43-101 technical evaluations of properties in Alberta, British Columbia, and Northwest Alberta. The company is TSX-listed under ticker HAM and was founded in 2012.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Exploration and Production Oil and gas reserves exploration, development, and production operations in Western Canada, with core operations in the Clearwater region and Wilson Creek area of Willesden Green, Alberta, including the Belly River light oil assets. Production sold to refineries and midstream companies.
• Wabasca River Pipeline A 100% owned and operated sales pipeline located 450 km north of Edmonton that gathers and transports light conventional crude oil volumes from multiple oil fields to the Plains Rainbow Pipeline system. The infrastructure consists of 112 km of 8-inch pipeline, 30 km of 6-inch pipeline, and 66 km of 4-inch pipeline with approximately 20,000 bpd capacity as an open access carrier with set published tolls.
• Lithium-Brine Resource Exploration Technical evaluation and resource estimation services for lithium-brine deposits on properties in Alberta and British Columbia, including the Drumheller property with initial inferred lithium-brine resource estimations.
• Ironstone Iron-Vanadium Project Technical evaluation and introduction to ironstone iron-vanadium deposits in Northwest Alberta, documented through NI 43-101 technical reports.

Quantifiable outcome

• Pre-tax return on invested capital exceeding 200% on Wilson Creek assets
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Obsidian Energy Ltd.majorStrategic or Co-development Partner · 2 June 2026Highwood entered into a definitive agreement to sell its Wilson Creek assets to Obsidian Energy Ltd. for up to $112 million, consisting of $105 million upfront cash consideration plus contingent payments of up to $7 million based on WTI prices. The transaction has an effective date of April 1, 2026 and expected closing around June 30, 2026.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Cenovus Energy: Major Canadian integrated oil and gas producer with Western Canadian upstream and refining assets. Director David Gardner (former Husky SVP) has direct ties; represents large-cap benchmark for the Western Canadian E&P space.
• Tourmaline Oil: Largest Western Canadian natural gas and condensate producer with integrated midstream operations. Sets the standard for production scale and capital efficiency that smaller operators like Highwood aspire to.
• Whitecap Resources: Larger Western Canadian conventional and unconventional E&P with diversified asset base and active M&A program. Larger scale incumbent pursuing similar shareholder-return strategy in overlapping plays.

Direct peers

• Tamarack Valley Energy: Western Canadian-focused light oil E&P with significant Clearwater exposure, comparable operational footprint and production scale. Direct competitor for Clearwater acreage and similar shareholder-return oriented strategy.
• Cardinal Energy: Small-to-mid cap Western Canadian E&P focused on low-decline light oil production with shareholder return emphasis. Comparable size, capital allocation philosophy, and Western Canadian operating focus.
• Bonterra Energy: Western Canadian conventional oil and gas producer with integrated midstream assets. Comparable business model combining upstream production with owned infrastructure, and similar focus on shareholder returns.
• Pine Cliff Energy: Western Canadian E&P with diversified production across multiple basins. Comparable small-cap public structure and Canadian-focused operations targeting shareholder returns.
• Crew Energy: Western Canadian natural gas and light oil producer with similar operational focus and public market profile. Note: VP Operations Ryan Petkau held senior positions at Crew Energy before joining Highwood.
• Obsidian Energy: Western Canadian E&P that acquired Highwood's Wilson Creek assets for up to $112M. Comparable production profile and Willesden Green/Wilson Creek focus as a direct counterparty and operational peer.

Regional players

• Tidewater Midstream and Infrastructure: Western Canadian midstream operator founded by Joel MacLeod. Comparable midstream infrastructure focus and management lineage, though focused on processing/gathering rather than production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/highwood-asset-management-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Highwood Asset Management