Canadian Energy Services Newsletter
~79% of the shareholders of SECURE Waste Infrastructure Corp. (TSX:SES) voted in favour of the previously announced $6.4B acquisition by GFL Environmental Inc. (TSX:GFL). The transaction is expected to close in H2 2026.
Grande Prairie based Medallion Energy Services Inc., a provider of construction, E&I maintenance, and custom control panels, announced the acquisition of the electrical and instrumentation division of Red Deer based Nexsource Power Inc. The acquisition expands Medallion’s operating footprint in Edmonton, Red Deer, and Drayton Valley.
Ontario-based GFL Environmental Services (TSX:GFL) acquired Grande Prairie, AB based H2Oil Energy, a prominent provider of fluid hauling, vacuum trucks, and turnaround services.
Global oilfield service giant Weatherford International entered a definitive agreement to acquire NCS Multistage Holdings. The transaction is expected to close in the second half of 2026 and values NCS at ~USD$126 million, or $48 per share, representing a premium of about 13% to its last close.
Tamarack Valley Energy Ltd. (TSX:TVE) announced the sale of its Charlie Lake assets for $804MM in cash as it transitions to a pure play Clearwater producer. The Charlie Lake assets divested have current production of 18,000 boe/d and represented 26% of Tamarack’s corporate production.
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 Parralax Energy Operating Inc. The transaction marks NOG’s entrance into the Canadian market. The light oil producing assets have expected production of 4,000 boe/d in 2027.
The federal government announced an agreement between Ksi Lisims LNG and Securing Energy for Europe (SEFE), where SEFE will purchase 1MM tonnes per annum of LNG for up to 20 years from the Ksi Lisims LNG project. As per the memorandum of understanding signed, deliveries are scheduled to begin in the early 2030s.
Goldman Sachs reported a significant decline in global oil demand—dropping by 4 to 5 million barrels per day in April—due to the closure of the Strait of Hormuz.
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