Mergers and Acquisitions:

• Trican Well Service Ltd. (TSX:TCW) announced the ~$231MM acquisition of Redcliff, AB based Iron Horse Energy Services for $77.35MM cash and 33.76MM common shares of Trican. Iron Horse is a private fracturing and coiled tubing services provider primarily operating in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney and Shaunavon plays. The acquisition extends Trican’s fracturing footprint and enhance its coiled tubing integrated fracturing expertise.

• Calgary based Parallax Energy Operating Inc. (formerly Vesta Energy Ltd.) announced the $5.5MM acquisition of Tidewater Midstream and Infrastructure Ltd.’s (TSX:TWM) Sylvan Lake gas processing facility. The transaction is expected to close in Q3 2025.

• Axel Johnson International, through its fluids handling solutions division AxFlow, acquired Calgary based Jadler Industries, a distirbutor of process equipment and instrumentation for oil & gas, water & wastewater, mining, food & beverage applications. The product portfolio consists of pumps, valves, heat exchangers and process instrumentation. Services include turnkey fabrication, installation, design & build, piping systems, and on-site commissioning.

• E&P: ARC Resources Ltd. (TSX:ARX) closed the previously announced $1.6B all-cash acquisition of select Montney assets in the Kakwa region from Strathcona Resources Ltd. The acquired assets are expected to deliver 35,000 to 40,000 boe/d in average production for the remainder of 2025. The acquisition increases ARC’s Kakwa production by 24% and its Kakwa inventory duration from 12 years to more than 15 years.

Financing:

• The federal government announced $21.5MM funding via the Energy Innovation Program for five Alberta projects aimed at lowering the cost of capturing and storing carbon dioxide emissions. Funding recipients include Bow Valley Carbon Cochrane Ltd., Enbridge Inc. (TSX:ENB), and Enhance Energy Inc.

Other:

• According to LNG Canada, the first LNG export cargo was shipped from Kitimat to Asia a week after the facility confirmed first production. The project will have a capacity to export 14MM metric tonnes of LNG annually upon full ramp up. The joint venture partners are currently working towards a final investment decision to double the project capacity.

• NeeStaNan and Fox Lake Cree Nation secured federal approval from the Canadian Energy Regulator to export LNG from a multifunctional port on the western shore of Hudson Bay. The groups are currently undergoing a feasibility study for the development of the port that would be capable of handling bulk commodities, containers and energy exports.