Headwater Exploration Inc. plans to boost its average daily output 33% by the end of this year, the Calgary-based independent said.

Aeco

“Our business continues to evolve with a very strong growth outlook for the foreseeable future,” management said in the earnings report for the first quarter.

The producer reported 1Q2022 average output of 12,414 boe/d, up 158% year/year. It is aiming for 16,500 boe/d by the end of the year. The company, which reports in Canadian dollars (C$1.00/US 77 cents), is pushing to hike output by one-third by bulking up the 2022 capital budget 59%: from previous guidance of $145 million to $230 million.

The largest share of the upgraded capital budget, $110 million, would go toward ongoing development in the Marten Hills acreage in northern Alberta,...