Mergers and Acquisitions:

• Gridiron Drilling Services Partnership, a Calgary based provider of rathole drilling and support services, announced the acquisition of Drayton Valley based Ironhorse Drilling Services and Red Deer based Torque Rathole Drilling Inc. The acquisitions expand Gridiron’s operational footprint across Alberta and enhance specialized knowledge and field experience. Post-closing, Ironhorse will be fully integrated into Gridiron whereas Torque will continue operating as a wholly owned subsidiary.

• The CCI Group of Companies acquired Prince George, BC based Ridgeline Archaeology, a provider of archeological impact assessments, site alteration permits, GIS and mapping, drone flyovers and reconnaissance services. The Ridgeline team consists of 25 archeologists and technicians located throughout Western Canada.

Other:

• The federal government and the Alberta government signed a new memorandum of understanding outlining conditions to be met for a new oil pipeline to be built to the Pacific coast. As part of the terms, Alberta is committing to lower methane emissions by 75% over the next 10 years while the federal government will not implement an oil and gas emissions cap.

• There were 4,899 wells drilled nationwide in the first 10 months of October 2025, a 5% decline from the 5,170 wells drilled in the comparable period a year ago. The decline was witnessed throughout all four Western Canadian provinces.

• OPEC+ collectively agreed to keep production outputs unchanged in Q1 2026, citing the need for stability. OPEC+ still has ~3.24M bpd of output cuts in place (3% of global demand) after releasing 2.9MM bpd in production since April 2025. OPEC+ concurrently announced a new mechanism to assess members’ maximum production capacity. The assessment will be conducted between January and September 2026 to determine output baselines from 2027 onwards.

• According to Statistics Canada, real GDP rose by 2.6% on an annualized basis in Q3 2025, exceeding the 0.5% forecasted by the Bank of Canada and a poll of economists. This marks a rebound from the -1.8% recorded in Q2 2025.

Financial Results: