Mergers & Acquisitions:

• Treeline Well Services LP, a Calgary based service rig supply company has acquired the service rig assets of Performance Energy Services, a Calgary based service rig company to enhance its capacity to support client growth and employee development.

• E&P: InPlay Oil Corp. (TSX:IPO) has agreed to acquire Obsidian Energy Ltd. (TSX:OBE) Cardium light oil assets in Alberta’s Pembina area for approximately $309MM. The deal includes a $220MM cash payment, $85MM InPlay shares at $1.55 per share, and non-operated assets valued at $4.4MM.

Other:

• The federal government launched the $5B Indigenous Loan Guarantee Program to support Indigenous participation in natural resource projects. Additionally, the government announced a $6.2B investment in seven Indigenous-led energy and forestry initiatives in British Columbia.

• Nova Scotia introduced a bill to lift bans on uranium exploration and hydraulic fracking, aiming to boost resource development. Premier Tim Houston says the changes will enhance economic resilience amid U.S. tariffs while maintaining emissions reduction targets.

• U.S. rig count rose by four rigs to 592 the week of February 21, the highest count since June 2024. The current rig count is still 5 per cent below last year. The EIA expects crude output to rise to 13.6MM bpd in 2025, with higher gas prices driving more drilling.

• Brazil's government approved joining OPEC+, aligning with major oil-exporting nations as the country strengthens its position in the global energy market. The decision comes nine months before Brazil hosts the UN climate summit.