Mergers and Acquisitions:

• Calgary based Alpine Energy Services, a managed pressure drilling (MPD) and underbalanced drilling services provider, announced the acquisition of Calgary based ECD Management, a provider of MPD and drilling fluid optimization solutions. The acquisition enhances Alpine’s ability to provide MPD engineering, well planning, and operational execution.

• Edmonton based Pitbull Energy Services and Calgary based Go Time Energy Services announced an exchange of service divisions. Pitbull acquired Go Time’s vacuum and water truck division to strengthen its core platform and to expand Western Canadian service offerings. In return, Go Time acquired Pitbull’s track hoe division to enhance focus on drill cuttings / lease coordination, drill pipe, and surface rental offerings.

• E&P: Lycos Energy Inc. (TSXV:LCX) announced the $60MM divestiture of certain assets in the Lindbergh, Moose Lake and Fishing Lake areas of Alberta to a third-party buyer. The assets sold currently produce 940 bbl/d and have Proved Developed Producing reserves of 395MM bbl as of Dec. 31, 2024.

Financing:

• Emissions Reduction Alberta (ERA) to invest up to $35MM to accelerate the development and commercialization of innovative drilling technologies. The investment is aimed to reduce emissions in the O&G sector while advancing opportunities in geothermal energy, geologic carbon sequestration, critical minerals extraction etc. Funding will range from $0.25MM to $8MM per project with an application deadline of Jan. 29, 2026.

Other:

• Stats Canada reported a gain of 60,000 jobs nationwide in September 2025 while the unemployment rate was steady at 7.1 per cent month over month. The manufacturing industry led all sectors with 28,000 positions added.

• The International Energy Agency (IEA) forecasts global oil supply to rise by 3.0MM bpd in 2025, revised higher from 2.7MM bpd previously forecasted. 2026 global oil supply is forecasted to be 2.4MM bpd, driven by OPEC+ members and other producers increasing output. Global oil demand growth forecast was reduced by 30,000 bpd to 710,000 bpd.