Mergers & Acquisitions:

• STEP Energy Services Ltd. announced the merger with Calgary based Sanjel Energy Services Inc. The combined operations have a vertically integrated service offering across well cementing, stimulation and completions, and proppant supply. The merger includes Sanjel’s subsidiary Wayfinder Corp., a proppant supplier operating the Big Molly sand mine and transloading facilities in AB.

Other:

• Surrey, BC based Canwest Tanks and Ecological Systems, a manufacturer of water and wastewater tanks and treatment plants received court approval for a Sale and Investment Solicitation Process (SISP) to commence.

• E&P: Texcal Energy Canada Inc., a junior E&P company with interests in the Bellis, Carson Creek, Enchant, Kaybob, Swan Hills and Virginia Hills areas of Alberta was placed in receivership and with a Sale and Investment Solicitation Process underway.

• The International Energy Agency (IEA) agreed its 32-member nations will release 400MM bbls of oil globally to address the supply disruption triggered by the Iran war. This includes Canada who will release 23.6MM bbls from domestic producers. There is no set timeline on the release.

• According to the Vancouver Fraser Port Authority, 15.5 million metric tons of Canadian oil were shipped by tanker to China in 2025, a 168% increase year over year.

• According to Statistics Canada, the Canadian unemployment rate increased to 6.7% in February (6.5% in January, 6.6% in February 2025). Inflation in February was 1.8% year over year (2.3% in January, 1.9% in January 2025).

  
  

Financial Results: