Mergers & Acquisitions:

• E&P: Logan Energy Corp. (TSXV:LGN) announced the $62.5MM cash acquisition of certain assets in Simonette, AB from Gran Tierra Energy Inc. (TSX:GTE), effective January 1, 2026. The acquisition consists of production of ~1,400 boe/d. Logan previously acquired a 50% working interest in certain complementary Simonette assets from Gran Tierra in Dec. 2024. The transaction is expected to close in March 2026.

Other:

• The Pathway Alliance industry association changes its name to Oil Sands Alliance to better reflect its purpose and mandate to promote growth within the oil sands industry.

• According to the Canada Energy Regulator (CER), Canadian natural gas production in November 2025 hit an all-time high of 20.04 bcf/d, driven by expanding gas drilling in BC, strong AB production, firm NGL demand, and growing export prospects with LNG Canada increasing capacity.

• U.S. President Donald Trump announced a 15 per cent global tariff effective February 24th, following the U.S. Supreme Court’s ruling over his tariff application as illegal. The new tariff announcement is applied under Section 122 of the 1974 Trade Act, allowing the implementation of a tariff for 150 days without congressional approval. Any goods shipped under the USMCA are exempted.

Financial Results: