Mergers & Acquisitions:

• E&P: Northern Oil and Gas Inc. (NYSE:NOG) announced the $350MM acquisition of a 25% interest in the light-oil Duvernay assets owned and operated by Parallax Energy Operating Inc. The acquisition marks Northern’s strategic entry into Canada. The assets are expected to produce ~4,000 boe/d in 2027.

• E&P: Greenfire Resources Ltd. (TSX:GFR) announced the $1.277B cash acquisition of Calgary based Connacher Oil and Gas Ltd., a private thermal oil sands company that owns the Great Divide oilsands project. The project has proved plus probable reserves of 441MM bbls equating to a 62-year reserves life index and is expected to produce 19,500 bbl/d in 2026.

Financing:

• Gibson Energy Inc. (TSX:GEI) announced $400MM of 4.45% senior unsecured notes due in January 2034. Net proceeds will be used to repay outstanding debt and for general corporate purposes, including indebtedness incurred with its previously announced acquisition of certain Chauvin infrastructure assets.

• Calgary based Prabhu Energy Alberta Ltd. received $3MM in funding from the federal government to develop an exhaust treatment device to eliminate methane and volatile organic compounds emissions from stationary combustion engineers used in the upstream O&G sector.

• Medicine Hat based Renew Farms Inc. received $5.985MM in federal funding to complete FEED studies to assess the construction of waste biomass-to-renewable natural gas facilities with carbon capture capabilities in Medicine Hat and Lanigan, SK.

Other:

• The Alberta and Ontario provincial governments are proposing a new 3,300 km crude oil pipeline that will run from Hardisty, AB to refineries in Sarnia, ON. The proposed pipeline has an initial capacity of 500,000 bpd with the intention to ramp up to 800,000 bpd. A feasibility study is expected by the end of 2026.

• The US Treasury Department revoked its license allowing Iranian oil sales following a series of Iranian attacks on tankers in the Strait of Hormuz last week. The US subsequently conducted strikes on Iran in response to the Iranian attacks.