Mergers & Acquisitions:

• E&P: Ovintic Inc. (TSX:OVV) closed the $2.7B acquisition of NuVista Energy Ltd. (TSX:NVA), adding ~25,000 bpd in production assets that are adjacent to Ovintiv’s current operations in the Montney.

• E&P: Petrus Resources Ltd. announced the $33.4MM acquisition of Cardium light oil assets in the Harmattan area of central Alberta to complement its existing Deep Basin assets. The acquisition consists of ~2,000 boed in current production and is expected to close around Feb. 19, 2026

Other:

• The Canada Border Services Agency (CBSA) launched an investigation into the alleged dumping of oil and gas well casing in the Canadian market. The investigation is focused on imports from steel producers operating in or exporting from Austria following a complaint filed by Tenaris Canada.

• There were 571 new well licenses issued in January, a 26 per cent decline compared to the 767 licenses released a year ago. The top licensees of new wells were Strathcona Resources Ltd. (82), Tamarack Valley Energy Ltd. (39), Tourmaline Oil Corp. (39), Shell plc (37), and Peyto Exploration & Development Corp. (25).