Mergers and Acquisitions:

• Calgary based Strike Group Inc., a provider of construction and maintenance services to the energy, mining and industrial sectors across Western Canada, announced a management buyout from Calgary based TriWest Capital Partners.

• Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) closed the previously announced sale of its Sylvan Lake gas plant and associated gas gathering infrastructure to Parallax Energy Operating Inc. for $5.5MM in cash. The gas processing facility in Sylvan Lake was considered a non-core asset of Tidewater.

• E&P: Strathcona Resources Ltd. (TSX:SCR) announced the acquisition of the Vawn thermal project and certain undeveloped thermal lands at Lindbergh, Plover Lake and Glenbogie from Cenovus Energy Inc. (TSX:CVE). The initial purchase price is $75MM with an additional contingent consideration of up to $75MM depending on future commodity prices. Strathcona concurrently announced its support of Cenovus’ acquisition of MER Energy Corp.

Financing:

• North American Construction Group Ltd. (TSX:NACG) closed $125MM in senior unsecured notes at 7.75% due on May 1, 2030. The raise is in addition to the $225MM senior unsecured notes at 7.75% issued on May 1, 2025.

Other:

• Calgary based Strike Group announced a partnership with Big Chief Industrial Inc. called Big Chief Strike (BCS). The partnership aims to strengthen collaborative market presence in BC, combining Strike’s E&I expertise with Big Chief Industrial’s capabilities in civil & earthworks, scaffolding, PPE supplies, waste & water management, and fencing.

• The U.S. Department of Energy is seeking to buy 1MM bbls of crude oil to replenish the Strategic Petroleum Reserve, taking advantage of lower oil prices today. The reserve has a ~700MM bbl capacity and is currently only 58% filled.

• According to Stats Canada, inflation rose to 2.4% in September (1.9% in August). The increase was driven by higher gasoline and grocery costs month over month. The next Bank of Canada interest rate decision is on October 29th.

Quarterly Financial Summary