Mergers & Acquisitions:

• STEP Energy Services Ltd. and Sanjel Energy Services Inc. closed the combination of both companies to create a diversified oilfield services provider in Canada. The combined entity provides a vertically integrated service offering across well cementing, stimulation and completions, and proppant supply.

• Calgary based Canadian Resource Roadways announced the acquisition of a 90% interest in the Berland Resource Road in northwestern Alberta from ANC Timber Ltd., an affiliate of the Alberta Newsprint Company. The acquisition consists of a 114 km section of road infrastructure supporting regional forestry and energy operations.

• E&P: Houston based North Hudson Resource Partners LP and management announced the acquisition of Calgary based HWN Energy Ltd. The assets acquired include over 180,000 net acres in the Montney formation. HWN’s pro forma 2026 production is close to 20,000 boe/d.

• E&P: Calgary based Acerta Energy Ltd. announced the acquisition of light O&G assets in central Alberta’s Cardium formation from Hawthorne Energy. The acquisition consists of ~8,300 boe/d of production.

Other:

• The federal government to temporarily suspend the federal fuel excise tax on gas and diesel from April 20th until September 7th, citing the impact of the Middle East war on global oil and gas prices.

• The U.S. government issued several pipeline permits, including one for the construction of a new pipeline between the U.S. and Canada to Bakken Pipeline Company.

• OPEC lowered its global oil demand forecast in Q2 by 500,000 bbls from 105.57MM bpd to 105.07MM bpd, citing the impact of the Middle East war. OPEC did mention they expect this weakness to be offset in H2 2026.

• According to Stats Canada, March inflation rose to 2.4% (1.8% in February 2026), driven by a 21.2% monthly increase in gasoline prices as a result of the Middle East war. Excluding gasoline, inflation rose by 2.2%.