Oil & Gas Acquisitions in Canada

Fresnillo plc completed the acquisition of Probe Gold Inc. via its wholly owned affiliate Fresnillo Quebec Acquisition Inc., acquiring all outstanding Probe shares for C$3.65 per share in cash under a plan of arrangement. The transaction value was approximately C$770 million and was funded with existing cash on hand. The deal provides Fresnillo with its first investment outside Mexico and entry into Quebec’s Val-d’Or district, anchored by Probe’s Novador Gold Project and the early-stage Detour Gold Quebec project.

ARC Energy Fund 8, a private equity fund advised by ARC Financial Corp., completed a take-private transaction to acquire STEP Energy Services Ltd. via an Alberta plan of arrangement. Under the arrangement, ARC Energy Fund 8 and its acquisition vehicle (2659160 Alberta Ltd.) acquired all STEP shares not already owned by ARC Energy Fund 8 or ARC Energy Fund 6 for cash consideration of $5.50 per share, resulting in 100% ownership by ARC Energy Fund 8, ARC Energy Fund 6 and the purchaser entity.

AirLife Gases Private Limited acquired, through a wholly-owned subsidiary, 79,901,328 Class A common voting shares and 4,000,000 warrants of Royal Helium Ltd., giving AirLife control of approximately 52.9% of Royal Helium on a fully diluted basis. The transaction provides AirLife majority board representation rights and an exclusive right to negotiate a helium and specialty gases offtake agreement covering production from Royal Helium’s subsidiaries.

Waterous Energy Fund (through funds managed by Waterous Energy Fund Management Corp.) purchased 1,926,055 common shares of Greenfire Resources Ltd. in a privately negotiated transaction for C$6.65 per share (about C$12.81 million). The purchase increased Waterous Energy Fund’s ownership in Greenfire from about 68.3% to about 71.1% of outstanding common shares on an undiluted basis.

Waterous Energy Fund (through entities managed by Waterous Energy Fund Management Corp.) purchased 8,703,479 common shares of Greenfire Resources Ltd. in privately negotiated transactions for cash consideration of C$6.55 per share (about C$57.0 million). Following the purchases, Waterous Energy Fund increased its ownership in Greenfire to approximately 68.3% of the outstanding common shares on an undiluted basis (up from about 55.9%).

Sunoco LP completed its acquisition of Parkland Corporation on October 31, 2025, acquiring (indirectly through its wholly owned subsidiary 2709716 Alberta ULC) all outstanding Parkland shares. Parkland shareholders received an election of cash and/or publicly traded SunocoCorp LLC common units as consideration, and Parkland’s shares were expected to be delisted from the Toronto Stock Exchange shortly after closing.

Terramont Infrastructure Partners acquired a majority interest in Bull Moose Capital Ltd., a Calgary-based provider of natural gas compression and power generation solutions. The stake was purchased from TriWest Capital Partners, which sold the business to affiliates of Terramont following a multi-year partnership with management.

Strathcona Resources Ltd. purchased 6,035,600 common shares of MEG Energy Corp. for approximately $172.7 million, increasing its ownership to about 14.2% of MEG’s outstanding shares. The purchases were made in connection with Strathcona’s previously announced offer to acquire all MEG shares it does not already own.

Vermilion Energy Inc. announced it has closed its acquisition of Westbrick Energy Ltd. under an arrangement agreement dated December 22, 2024. The deal adds approximately 50,000 boe/d of stable production and about 1.1 million acres in Alberta’s Deep Basin, including four operated gas plants, with consideration paid primarily in cash plus an elected portion in Vermilion common shares for certain Westbrick shareholders.

Waterous Energy Fund, managed by Waterous Energy Fund Management Corp., closed its previously announced acquisition of 29,988,854 common shares of Greenfire Resources Ltd., representing approximately 43.3% of Greenfire’s outstanding shares. The shares were purchased for cash consideration of USD $8.05 per share, for an aggregate purchase price of about USD $241.3 million.

Tourmaline Oil Corp. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Crew Energy Inc. for approximately $1.3 billion in consideration, paid through 18.778 million Tourmaline shares and the assumption of about $240 million of net debt. The transaction is expected to close in early October 2024, subject to customary approvals and closing conditions, and supports Tourmaline’s BC Montney consolidation strategy.

Krystal Growth Partners acquired a 50% interest in Enex Energy Corporation, a wholesale branded distributor of Esso Fuels and Mobil Lubricants in Western Canada. The investment is intended to partner with Enex’s leadership team and support the company’s next phase of growth and expansion.

Pembina Pipeline Corporation completed its previously announced acquisition of Enbridge’s interest in the Alliance, Aux Sable, and NRGreen joint ventures for an approximate purchase price of $3.1 billion. The transaction was funded in part with proceeds from Pembina’s $1.28 billion bought-deal offering of subscription receipts, and Pembina updated its 2024 adjusted EBITDA guidance following closing.

On March 28, 2024, Woodsman Energy Corp. closed its second acquisition in eight months, purchasing producing oil and gas assets in Central and Northern Alberta. The acquired properties at Sullivan Lake and Valhalla include 30+ net sections and generate approximately 400 boe/d of production. A fund managed by Westbridge Capital Ltd provided financing for Woodsman’s acquisitions to date.

Cryopeak LNG Solutions Corporation and Ferus Natural Gas Fuels Inc. merged to form a new entity, Cryopeak Energy Solutions Corporation, focused on LNG production, distribution, and technology solutions in Canada. Concurrently, Cryopeak acquired all LNG assets from Campus Energy Partners Infrastructure LP, including a regional LNG production facility in Dawson Creek, British Columbia.

Alamos Gold Inc. entered into a definitive agreement to acquire all issued and outstanding shares of Orford Mining Corporation via a court-approved plan of arrangement. The transaction consolidates Alamos’ existing stake in Orford and adds the Qiqavik Gold Project plus additional Quebec-based exploration-stage critical minerals and gold assets. Orford shareholders will receive 0.005588 of an Alamos common share per Orford share, implying total consideration of approximately C$16 million (excluding Alamos’ existing ownership).

Forum Energy Technologies, Inc. (NYSE: FET) completed its acquisition of Variperm Energy Services, a Calgary-headquartered manufacturer of customized downhole technology solutions focused on sand and flow control for heavy oil applications. Total consideration was $150 million in cash plus 2 million shares of FET common stock, with cash funded from cash on hand, borrowings under FET’s ABL credit facility, and a $60 million seller term loan. Variperm had been a portfolio company of SCF Partners since 2014.

High Arctic Energy Services Inc. closed the acquisition of Delta Rental Services Ltd. for aggregate consideration of $7 million, including cash at closing and an earn-out payable over three years in cash and High Arctic common shares. Delta is a privately owned Alberta-based oilfield rentals company focused on pressure control and other well site equipment supporting high-pressure stimulation of oil and gas wells.

Precision Drilling Corporation entered into an agreement to acquire all outstanding common shares of CWC Energy Services Corp. for total consideration of approximately $141 million, consisting of Precision shares, cash, and the assumption of CWC’s debt. The acquisition expands Precision’s drilling and service rig fleet across Canada and the United States, with expected annual operating synergies of about $20 million after integration. The transaction is expected to close in the fourth quarter of 2023, subject to customary approvals including CWC shareholder and regulatory approvals.

Persist Oil and Gas, Inc. and Dienerian Resources Inc. entered into a definitive agreement to merge in an all-stock transaction, combining their Alberta-focused exploration and production assets. Concurrent with the merger, Siguler Guff made a preferred equity commitment of approximately C$40 million in the pro forma combined company, with Persist’s executive team leading the combined entity.

Strathcona Resources Ltd. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Pipestone Energy Corp. in an all-share transaction. The companies will amalgamate into a new corporation that will continue as Strathcona Resources Ltd., with Pipestone shareholders expected to own about 9.05% of the pro forma equity. Closing is expected in early Q4 2023, subject to shareholder, court, stock exchange, and regulatory approvals.

Hudbay Minerals Inc. entered into a definitive arrangement agreement to acquire 100% of the Rockcliff Metals Corp. shares it does not already own, consolidating its position in the Snow Lake mining camp. Rockcliff shareholders will receive 0.006776 of a Hudbay common share per Rockcliff share, valuing the deal at approximately US$13 million enterprise value net of Rockcliff cash. The transaction is expected to close in the third quarter of 2023 subject to customary approvals, including Rockcliff shareholder and court approval.

Denille Industries, doing business as Auburn Rentals (AUB), was acquired by an unnamed Private Investor Group in a transaction that closed on June 16, 2023. Auburn Rentals is based in Edmonton, Alberta, Canada and provides temporary oilfield workforce housing rentals and manufactures wellsite trailers serving oil and gas customers primarily in Western Canada.

Saturn Oil & Gas Inc. closed its previously announced acquisition of privately held Ridgeback Resources Inc. for approximately C$516 million. The consideration included C$475 million in cash and the issuance of 19,406,167 Saturn common shares, adding significant light-oil-weighted production and assets in Saskatchewan and Alberta.

CSV Midstream Solutions Corp., an independent midstream company based in Calgary, acquired KANATA Energy Group. The transaction includes majority-operated joint venture interests in natural gas gathering and processing facilities at Valhalla and Simonette near Grande Prairie, Alberta, adding over 150 MMcf/d of net processing capacity. CSV expects the acquisition to expand its customer base and strengthen its position providing reliable gas processing services in northwestern Alberta.

Hawthorne Energy, LLC, through its Canadian subsidiary HWN Energy Ltd., announced the closing of two complementary asset acquisitions in Central and Northern Alberta. The deals significantly expand HWN Energy’s Canadian footprint and create a pro forma production base of more than 15,000 boe/d along with substantial land and infrastructure. Carnelian Energy Capital Management, L.P. is supporting Hawthorne/HWN Energy’s continued growth as an equity partner.

International Petroleum Corporation (via IPC Canada Ltd.) announced a proposed acquisition of Cor4 Oil Corp. in Canada for approximately USD 62 million (CAD 84 million). The deal covers Cor4’s producing assets in southern Alberta, including 15.9 MMboe of proved plus probable reserves, and is expected to close by the end of Q1 2023 subject to regulatory approvals.

Rio Tinto is proceeding with its proposed all-cash plan of arrangement to acquire the approximately 49% of Turquoise Hill Resources shares it does not already own for C$43.00 per share. The company also agreed to terminate previously announced agreements with funds associated with Pentwater Capital Management and SailingStone Capital Partners, and it outlined updated commitments regarding dissent rights for all Turquoise Hill minority shareholders.

Hecla Mining Company completed its acquisition of Alexco Resource Corp in an all-stock transaction valued at approximately $69 million, giving Hecla ownership of Alexco’s Keno Hill silver district assets. In connection with closing, Hecla also terminated Wheaton Precious Metals’ silver streaming interest in the Keno Hill property in exchange for $135 million of Hecla common stock and provided Alexco a $30 million secured loan facility (with $25 million drawn at close).

Uranium Energy Corp (UEC) entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of UEX Corporation via a statutory plan of arrangement under the Canada Business Corporations Act. UEX shareholders will receive 0.0831 UEC shares per UEX share, implying consideration of about C$0.43 per share and an implied premium of approximately 50%. The transaction is expected to close in the third quarter of 2022.

Vermilion Energy Inc. has closed its acquisition of Leucrotta Exploration Inc. under an arrangement agreement dated March 28, 2022 (as amended). The acquisition includes Leucrotta’s primary asset, the Mica property (Montney mineral rights) straddling the Alberta and British Columbia border, and also resulted in Vermilion acquiring a minority ownership position in Coelacanth Energy Inc.

EZ Ops, a Canadian oil and gas operations technology company, acquired PAYLOAD Technologies and Drift Technological Solutions. The combination expands EZ Ops from field operations optimization into digitized truck ticketing, compliance manifests, and logistics optimization for fluid management and routing.

Skeena Resources Limited signed a binding agreement to acquire all issued and outstanding shares of QuestEx Gold & Copper Ltd. via a plan of arrangement for approximately C$48.6 million in cash and Skeena shares. Concurrently, upon completion of the acquisition, Skeena will sell certain QuestEx mineral properties (including Heart Peaks, Castle, Moat, Coyote, and North ROK) to Newmont Corporation for approximately C$27 million to help fund the cash portion of the consideration.

Waterous Energy Fund (WEF) funded and completed the acquisitions of Caltex Resources Ltd. and the Tucker thermal oil property, and then closed an amalgamation of Caltex and Tucker with Strathcona Resources Ltd. The combined company will continue operating as Strathcona Resources Ltd., remaining 100% owned by WEF and Strathcona employees.

Tamarack Valley Energy Ltd. closed its acquisition of Crestwynd Exploration Ltd., a privately held Clearwater oil producer. Tamarack acquired all issued and outstanding shares of Crestwynd for 26.3 million Tamarack common shares plus $92 million in cash, with the cash portion funded through a sustainability-linked notes offering.

Hochschild Mining PLC entered into an arrangement agreement to acquire all outstanding shares of Amarillo Gold Corporation via a court-approved plan of arrangement. Amarillo shareholders will receive C$0.40 in cash per share plus one share of newly created Lavras Gold Corp. (Lavras SpinCo), which will hold the Lavras do Sul gold project in Brazil and be capitalized with C$10 million.

Staple Street Capital sold Ironline Compression to Surepoint Technologies Group, completing its full exit from the investment. The sale follows Ironline's divestiture of its aftermarket services business in May 2021 and transfers all remaining Ironline business lines to Surepoint.

Gold Resource Corporation (GORO) entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Aquila Resources Inc. via a plan of arrangement under Ontario law. The all-stock transaction will be completed through a wholly owned subsidiary of GORO, with Aquila shareholders receiving 0.0399 GORO shares per Aquila share. Aquila is advancing the Back Forty Project in Michigan, and the transaction is intended to accelerate development using GORO’s financial strength and cash flow from its Don David Gold Mine.

Spartan Delta Corp. closed its previously announced acquisition of Velvet Energy Ltd., a privately held light-oil Montney producer operating primarily in northwest Alberta. Total consideration was approximately $751.5 million, consisting of cash, Spartan common shares, and the assumption of Velvet's net debt, funded through cash on hand, equity financing proceeds, and new/expanded credit facilities.

Voyager Interests, LLC completed a majority recapitalization of Lee Specialties, Inc., a manufacturer of wireline pressure control equipment for the energy sector. Lee’s owner Doug Quinn and management team will partner with Voyager to support continued growth, both organically and through acquisitions.

Variperm Canada Limited, backed by SCF Partners, acquired RGL Reservoir Management Inc. and its wholly owned subsidiary Pacific Perforating, Inc. The combined company will operate as Variperm, expanding its sand and flow control technologies, manufacturing capacity, and footprint across Canada and the United States.

Tourmaline Oil Corp. closed its acquisition of Black Swan Energy Ltd. as part of strategic North Montney transactions. In a separate asset deal, Tourmaline also acquired Paramount Resources Ltd.'s lands and producing assets in the Birch area of the North Montney for approximately $88 million (before customary closing adjustments).

Deep Imaging, backed by SCF Partners, acquired ESG Solutions (Engineering Seismology Group) to create an expanded subsurface diagnostics and analytics provider. The combined company will integrate real-time electromagnetic and microseismic technologies to serve customers in upstream oil and gas, mining, and geotechnical markets.

Redco Group, a portfolio company recapitalized by Industrial Growth Partners (IGP), acquired the business assets of Stonewall Energy on May 7, 2021. Stonewall provides proprietary ball & dart launching technologies, frac rental equipment, and associated field services, which will expand Redco’s pressure control and well completion solutions offering across Western Canada and North America.

Agnico Eagle Mines Limited has agreed to acquire all outstanding common shares of TMAC Resources Inc. for C$2.20 per share in cash, implying an equity value of approximately C$286.6 million. The transaction will be completed via a court-approved Plan of Arrangement in Ontario, and Agnico Eagle will also retire TMAC’s outstanding debt at closing. The deal replaces a prior agreed sale of TMAC to Shandong, with key TMAC shareholders and insiders agreeing to support completion of the Agnico Eagle transaction.

Cycle Energy Industries Inc. has entered into an agreement to acquire 100% of the issued and outstanding shares of Energy Express Canada Corp., a junior oil and gas producer located in central Alberta, Canada. Cycle Energy expects to increase Energy Express’s oil production by applying its recovery and optimization technologies, expanding its existing energy production portfolio.

Irving Oil and Silverpeak signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., subject to regulatory review and satisfaction of sale conditions. The transaction includes North Atlantic’s 135,000 bpd refinery in Come By Chance, Newfoundland and Labrador, along with a network of retail sites and other marketing assets.

Tier 1 Energy Solutions Inc. entered into an agreement with Winterhawk Well Abandonment Ltd. to acquire a minority equity interest in the company. Winterhawk has developed patented controlled casing expansion technology aimed at environmentally responsible abandonment of oil and gas wells, and the parties also signed an operating agreement for Tier 1 to provide deployment support services and wireline diagnostics.

Falco Resources Ltd. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Golden Queen Mining Consolidated Ltd. The non-cash transaction will be completed via a statutory plan of arrangement, with Golden Queen shareholders receiving 1.18 Falco shares per Golden Queen share, providing Falco with approximately $4.2 million of cash resources.

Industrial Growth Partners (IGP), in partnership with Redco management, has recapitalized the Redco Group. Redco, headquartered in Edmonton, Alberta, provides pressure control equipment and related services to oil and gas operators across Western Canada.