Mergers and Acquisitions:

• E&P: Gear Energy Ltd. (TSX:GXE) has entered into an agreement to be acquired by a large publicly traded company for $110MM in cash, excluding its Central Alberta, Southeast Saskatchewan, and Tucker Lake properties. These assets will be transferred to a new entity, Newco, as part of the transaction.

• E&P: Logan Energy Corp. (TSXV:LGN) has agreed to acquire a 50 per cent operated working interest in select assets at Simonette, Alberta, for $52MM. The assets acquired include current production of 795 boed, 25 net sections of Montney acreage including 45 identified drilling locations, 16 gross 5-10% GORR sections, and interests in select infrastructure including a 50% working interest in a water reservoir and an oil battery.

Financing:

• Enterprise Group, Inc. (TSX:E) announced a bought deal financing offering of 13,157,900 common shares at $1.90 per share, raising approximately $25MM in gross proceeds. An over-allotment option has been granted which, if exercised in full, will raise gross proceeds of $28.8MM for working capital and general corporate purposes.

Other

• The Canadian Association of Energy Contractors (CAOEC) projects increased drilling and service activity in 2025, with 6,604 wells expected to be drilled (up 7.3% from 2024), 69,344 drilling operating days (up 7.3%), and 1,064,083 service operating hours (up 5.2%). Total jobs are forecasted to rise to 41,800, a 7% increase from 2024. These would represent the highest activity levels since 2015.

• MEG Energy Corp. (TSX:MEG) announced the approval of a multi-year expansion project at its Christina Lake facility, set to increase production capacity by 25,000 barrels per day, reaching 135,000 barrels per day by 2027.

• Alberta is suing the federal government over the Impact Assessment Act, claiming Ottawa has not made necessary changes to the 2019 law, which governs approvals for major resource projects based on their environmental, economic, and social impacts.

• US President-elect Donald Trump announced plans to impose a 10 per cent tariff on all Chinese imports and a 25 per cent tariff on goods from Mexico and Canada.