Headwater Exploration Inc. (HWX-T)

Small-cap yielding 8%, sustainable in low $50s. Wouldn't be surprised if it dialed back capex, which makes the dividend even more sustainable. Almost a pure play to Clearwater, an exceptional resource. Owns in his income fund, on his list to add to the main fund. Inexpensive. Respected management.

Very well-run mid-cap, yielding 7.5%. Other stocks may have better valuations, but HWX has done a great job in the Clearwater, but prefers Tamarack. They have several successful explorations to expand their assets. This offers modest production growth and a juicy yield. He targets $9.

Great little small-cap name. Ongoing exploration success. A lot more running room. Should be trading at 70-80% upside from here. Yield is 6%.

Large selloff recently after a momentum frenzy in the sector, he added. Now about a 5.5% weight for him. Targets $11 price, 51% upside. Yield is 5.5%, which will grow over time.

Checks the boxes: quality management, strong balance sheet and have decent inventories.

Great exposure to the WCS-WTI gap shrinking this year as the Transmountain becomes fully operational later this year. The 6% dividend will grow 10-15% this year, and they plan to grow overall by 50% over 2023. Strong cash flow as they expand. Interesting exploration plans. Fantastic results.

High growth, about 40% production growth in 2023. Great ROC potential. Very well run. CEO change by year's end. Lots of running room. Good scalability. Expects a takeover in 12-18 months. Yields around 5%.

Excellent company with best oil play in North America.
Very strong management team.
New "Fish bone" drilling technique could be very profitable.
Expecting 50% upside given current oil price.
Owns shares in company. 

Trades at a premium. Proven management team. Exposure to Clearwater, the most economic play in NA. Amenable to multi-lateral drilling, and there's upside embedded in that. He sold some, but still meaningful upside. Yield is 5.8%, lots of room to increase.

Purest Clearwater play, the most economic play in Canada. Purest CWS exposure, and he's bullish on the differential. Recent good exploration drilling. Trades at a modest premium. Yield is 6.48%, which could potentially increase by 50% this fall.

CEO has a great reputation. Stock's not moved too much. Nice position in Clearwater, one of the best plays in Western Canada. Moving to a dividend strategy, which will increase investor interest. Assuming oil prices hold in, dividend should be well covered with cashflow and they should be able to grow production a bit. 

Too small for him, but great choice of a smaller name that has torque.