Mergers & Acquisitions:

• AKITA Drilling Ltd. (TSX:AKT-A) announced the acquisition of Fox Drilling Limited Partnership, a drilling contractor operating AC triple drilling rigs in the WCSB from Paramount Resources Ltd. The acquisition consists of six triple drilling rigs used for Paramount’s own drilling as well as available for third party contracting.

• E&P: Shell plc announced the $22B acquisition of ARC Resources Ltd. (TSX:ARX) to complement its existing Canadian footprint in the Montney and to strengthen its resource base. The offer price of $32.80 per share represents a 27% premium from its last closing price on April 24. Both companies estimate annualized synergies to be $250MM post-closing.

• E&P: Calgary based Questerre Energy Corp. announced the sale of its non-operated minority working interest in its Kakwa Central assets for $23.5MM. The assets sold had average production of 650 boe/d during Q1 2026.

• E&P: Lotus Creek Exploration Inc. (TSXV:LTC) announced the sale of non-core assets in Tableland, SK to a third-party group for $13MM. The average production from the sold assets comprised of ~300 boe/d.

Financing:

• The Business Development Bank of Canada (BDC) launched a $500MM loan program called Lead with Innovation and Focus on Technology (LIFT) to help SMEs adopt AI to boost business productivity. Loans will range from $25,000 to $5MM and can be used to buy digital tools to enhance productivity, data infrastructure, cybersecurity, as well as hardware like automation equipment and robotics.

Other:

• The federal government approved Enbridge Inc.’s (TSX:ENB) $4B Sunrise natural gas pipeline expansion project in B.C. The project includes the addition of 139 km of new pipeline by constructing 11 pipeline looping segments that are parallel to the existing line. The project is anticipated to add 300MM cubic feet per day of transportation capacity. Construction is expected to begin in summer 2026.

• The Alberta government announced an agreement to waive a 3% tariff on crude exports to South Korea, part of its strategy to open more market access. Alberta exported ~$400MM in crude to South Korea in 2025.

• The Alberta Energy Regulator (AER) suspended MAGA Energy Ltd.’s operations citing non-compliances including unpaid municipal taxes, AER and Orphan Well Association debt, and an assessment that it is unable to fulfill its regulatory and liability obligations. MAGA currently holds 581 wells, 108 facilities and 801 pipeline segments.