Mergers and Acquisitions:

• Calgary based Sproule and UK based ERCE have merged to form Sproule ERCE, uniting two leading engineering consultancies with technical, commercial and operational expertise in the energy sector. The merger enhances global capabilities and combines expertise to deliver industry-leading solutions across the energy sector.

• Steelhaus Canada, a Calgary based manufacturing company, acquired Tryton Tool Services, a Lloydminster based vertical and horizontal downhole completion, production, workover tools and technology company to enhance capabilities and deliver best-in-class products and services to oil and gas operators across the region.

• E&P: InPlay Oil Corp. (TSX:IPO) has closed its previously announced $301MM acquisition of Cardium light oil assets in Alberta’s Pembina area from Obsidian Energy Ltd. (TSX:OBE).

• E&P: Fiddlehead Resources Corp. has entered into a share purchase agreement to acquire all outstanding shares of a privately owned Central Alberta producer for $21MM.The acquisition includes 42 producing and non-producing wells near Cynthia, Alberta that are adjacent to Fiddlehead’s existing assets.

• E&P: Trio Petroleum, a California-based oil and gas company, has acquired petroleum and natural gas properties from Novacor Exploration in the Lloydminster, SK heavy oil region. The deal includes the TWP48 properties including seven producing wells, with closing on the TWP47 assets expected soon.

 Other:

• The Keystone pipeline was shut down after a rupture in North Dakota, halting the flow of Canadian crude to U.S. refineries. Operator South Bow plans to restart the pipeline by Tuesday, April 15, pending regulatory approval. Once operational, Keystone will run at reduced pressure in both the U.S. and Canada under directives from U.S. and Canadian regulators.

• OPEC lowered its 2025 global oil demand growth forecast by 150,000 bpd to 1.30MM bpd, citing weaker Q1 data and new U.S. trade tariffs. The group also cut its global economic growth outlook for this year and next. A Reuters survey found OPEC oil output fell by 110,000 bpd in March to 26.63MM bpd due to reduced deliveries from Nigeria, Iran, and Venezuela.