August 17, 2026

Canadian Energy Services Newsletter

Mergers and Acquisitions

Environmental Services

Kintera (formerly DWB Consulting Service and Chartwell Resource Group), based in North Vancouver, announced the acquisition of Calgary-based Terralogix Solutions Inc., an oil and gas environmental management, reclamation, and remediation services provider.

Environmental Services

Green Impact Partners Inc. (TSXV:GIP) closed the sale of its subsidiary, Green Impact Operating Corp., an owner and operator of water, waste treatment, and recycling facilities located throughout Alberta and Saskatchewan. The transaction was completed via a restructuring process.

Midstream & Downstream

BVD Petroleum, based in Brampton, ON, announced the $275MM acquisition of Cenovus Energy Inc.’s (TSX:CVE) Canadian commercial fuel business, including its cardlock, bulk plant, and travel centre locations. As part of the acquisition, all Husky/Cenovus locations will no longer operate as Esso and the Cenovus "Key to the Highway" program ended on August 1, 2026.

Oilfield Services

Ensign Energy Services Inc. (TSX:ESI) closed the previously announced acquisition of Citadel Drilling Ltd. for US$65MM.

E&P

Journey Energy Inc. (TSX:JOY) announced the $28MM cash sale of select assets including the Ante Creek pool and the Pine Creek gas field in northwest Alberta to a private company. The assets disposed currently produce 1,170 boed and the transaction is expected to close on September 1, 2026.

E&P

Arrow Exploration Corp. (TSXV:AXL) announced the $12.15MM acquisition of oil producing assets in Thorsby, AB. The assets acquired currently produce 550 bpd with an estimated 4.973MM boe of total proved reserves (1P) and 7.537MM boe of total proved plus probable reserves (2P).

E&P

CanAsia Energy Corp. (TSXV:CEC) announced the $30MM sale of Andora Energy Corp. to an undisclosed third party. Andora’s assets are focused on crude oil production in the Sawn Lake area.

Other

Macroeconomics & Supply

OPEC lowered its 2026 global oil demand growth forecast to 580,000 bpd, marking its fourth consecutive downward revision. The cartel cited consumption impacts stemming from ongoing geopolitical conflict in the Middle East.

Quarterly Financial Update

$MM	Revenue		Adjusted EBITDA
For the 3 months ended June 30,	2026	2025	2026	2025
North American Construction Group Ltd.	401	321	93	80
Pason Systems Inc.	101	96	36	32
Tidewater Midstream & Infrastructure Ltd.	552	341	33	5
Total Energy Services Inc.	329	250	61	45

Market Data

North American Drilling Rig Activity	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	14-Aug-26	7-Aug-26		14-Aug-25
Canada
Active Rig Count	229	234	(2.1%)	188	21.8%
Rig Fleet Size	334	334	-	371	(10.0%)
Utilization Rate	69%	70%	(1.5%)	51%	17.9%
USA
Active Rig Count	593	588	0.9%	539	10.0%

US Crude and Natural Gas	For the Week Ending		Change Week-Over-Week	Previous Year	Change Year-Over-Year
	7-Aug-26	31-Jul-26		7-Aug-25
Crude
Production (kbpd)	13,805	13,804	0.0%	13,284	3.9%
Storage Level (kbbl)	424,410	406,987	4.3%	423,662	0.2%
Injection/(Withdrawal) (kbbl)	17,423	2,479	-	-	-
Natural Gas
Storage Level (Bcf)	3,153	3,117	1.2%	3,130	0.7%
Injection/(Withdrawal) (Bcf)	36	33	9.1%	7	414.3%

Commodity Prices	Current Week	Previous Week	Change Week-Over-Week	Previous Year	Change Year-Over-Year
	14-Aug-26	7-Aug-26		15-Aug-25
Crude Oil ($US/bbl)
WTI	82.41	77.09	6.9%	63.15	30.5%
Brent	88.82	82.38	7.8%	66.13	34.3%
WCS	70.05	65.83	6.4%	49.63	41.1%
Discount to WTI ($)	12.36	11.26	9.8%	13.52	(8.6%)
Discount to WTI (%)	15.0%	14.6%	0.4%	21.4%	(6.4%)
Natural Gas
Nymex ($US/MMBtu)	2.75	2.67	3.0%	2.92	(5.8%)
Aeco ($C/MMBtu)	1.06	0.91	16.5%	0.64	65.6%