Mergers and Acquisitions:

• E&P: Cenovus Energy Inc. (TSX:CVE) is currently in discussions with First Nations groups to jointly acquire MEG Energy Corp. (TSX:MEG). The First Nations groups have been approached to take a $2B stake in MEG, to be backed by financial support from the federal and provincial governments. This follows a $6B takeover offer put forward by Strathcona Resources Ltd. in May that was rejected by MEG’s board of directors.

• E&P: Calgary based Clearview Resources Ltd. announced its $24MM cash sale to an undisclosed public company, with the transaction expected to close in October 2025. The sale concludes a strategic repositioning process for the E&P company with assets located in west-central Alberta, which was initiated in March 2025.

Financing:

• The federal government announced $25MM in new funding for 33 projects to assist companies in:

  • Building more than 850 electric vehicle chargers.

  • Financing the purchases of natural gas-powered transport and recycling trucks to lower emissions.

Other:

• OPEC raised its global oil demand forecast for 2026 by 100,000 bpd from the previous forecast, predicting world oil demand to rise by 1.38MM bpd. This compares to the International Energy Agency’s forecast for a 700,000 bpd increase in 2025 year-over-year.