Mergers & Acquisitions:

• Ensign Energy Services Inc. (TSX:ESI) announced the US$65MM acquisition of Calgary based Citadel Drilling Ltd., a drilling rig services provider with operation centres in Leduc and Odessa. The acquisition consists of 6 high-spec AC drilling rigs to broaden Ensign’s client base and to increase its Permian capacity by 20%.

• Calgary based Elevate Energy Group, a provider of electrical & instrumentation construction, maintenance, field automation, and other related services, announced the acquisition of the Commissioning Services team of Calgary based Dynamysk Automation Ltd.  The target focuses on commissioning, completions and turnaround offerings.

• E&P: Lycos Energy Inc. (TSXV:LCX) announced the cash acquisition of high netback assets under waterflood targeting the Sparky formation in the greater Provost area of AB for $70MM. The acquired assets have proved plus probable reserves of 4.1MMboe effective Dec. 31, 2025.

Other:

• According to TC Energy Corp. (TSX:TRP), its Valhalla North and Berland River projects are now fully operational, increasing the capacity on the NGTL System by 400MM cubic feet per day. Valhalla North is a 33-km pipeline northwest of Grande Prairie whereas Berland River is a 30-MW electric powered compressor station northwest of Edson.

• Fortis BC to proceed with a $2B Phase 1B expansion of the Tilbury LNG facility in Delta, BC. This follows the British Columbia provincial government exempting Fortis BC from obtaining a certificate of public convenience and necessity.

• During the first half of 2026, the top five O&G operators in Canada based on well rigs released were:

  • Cenovus Energy Inc. (472)

  • Canadian Natural Resources Ltd. (361)

  • Suncor Energy Inc. (205)

  • Strathcona Resources Ltd. (166)

  • Spur Petroleum Ltd. (152)

Quarterly Financial Results