Oil & Gas Acquisitions in Canada

Canadian Natural Resources Ltd. has acquired Tourmaline Oil Corp for approximately $800 million, consolidating a major natural gas producer into its portfolio. The deal brings Tourmaline’s Calgary-headquartered natural gas assets and production into Canadian Natural’s operations to expand scale, capabilities and market access across North America and international markets.

ARC Energy Fund 8, advised by ARC Financial Corp., completed a take-private acquisition of STEP Energy Services Ltd. through a plan of arrangement, acquiring outstanding common shares for CAD $5.50 per share. The Purchaser (2659160 Alberta Ltd.), wholly owned by the ARC funds, and ARC Energy Fund 8 now collectively own 100% of STEP; STEP will be delisted from the TSX and intends to cease being a reporting issuer in Canada.

Waterous Energy Fund Management Corp., acting for Waterous Energy Fund (WEF), purchased 8,703,479 common shares of Greenfire Resources Ltd. for C$6.55 per share (C$57.0 million), increasing its ownership to approximately 68.3% of Greenfire on an undiluted basis. The private transactions gave WEF majority control of the Calgary-based oil and gas producer; WEF said it will continue to review its investment and may take further actions with respect to Greenfire's securities.

Sunoco LP, through its purchaser 2709716 Alberta ULC, completed the acquisition of Parkland Corporation on October 31, 2025. Parkland shareholders received a mix of cash and units in SunocoCorp (with aggregate consideration of approximately C$3.46 billion and 51,517,198 SunocoCorp units), and Parkland shares are being withdrawn from the Toronto Stock Exchange while SunocoCorp units will begin trading on the New York Stock Exchange.

Terramont Infrastructure Partners has acquired a majority interest in Bull Moose Capital Ltd., Canada’s largest provider of natural gas compression and power generation solutions. The seller was TriWest Capital Partners, and Terramont said the investment will support Bull Moose’s geographic expansion and increased focus on larger energy infrastructure projects.

Strathcona Resources Ltd. purchased 6,035,600 common shares of MEG Energy Corp. for approximately $172.7 million, increasing its stake to roughly 14.2% of MEG's outstanding shares. The purchase is part of Strathcona's ongoing offer to acquire MEG and Strathcona intends to vote its shares against the proposed acquisition of MEG by Cenovus Energy Inc.

Vermilion Energy Inc. has completed the acquisition of Westbrick Energy Ltd., adding approximately 50,000 boe/d of production (75% gas), ~1.1 million (770,000 net) contiguous acres in Alberta's Deep Basin, and four operated gas plants with 102 mmcf/d capacity. Consideration includes cash and an option for Westbrick shareholders to elect Vermilion common shares (1.1 million shares elected, ~C$14.2 million), funded by cash on hand, a new C$450 million term loan and available revolving credit, with Vermilion citing significant operational synergies and a deep inventory of over 700 future drilling locations.

Waterous Energy Fund Management Corp., acting for Waterous Energy Fund III LPs, closed the acquisition of 29,988,854 common shares (approximately 43.3% of outstanding) of Greenfire Resources Ltd. at USD $8.05 per share for an aggregate of ~USD $241.3 million. The transaction closed following a decision by the Alberta Securities Commission related to Greenfire's shareholder rights plan.

Woodsman Energy Corp., with financing provided by a fund managed by Westbridge Capital Ltd., closed the acquisition of oil and gas assets in Central and Northern Alberta (Sullivan Lake and Valhalla) on March 28, 2024. The properties add approximately 400 boe/d of production (about 60% oil/NGLs), are >95% working interest and mostly operated, and expand Woodsman's portfolio of long-life, low-decline assets.

Cryopeak Energy Solutions Corporation — formed by the merger of Cryopeak LNG Solutions Corporation and Ferus Natural Gas Fuels Inc. — has acquired all LNG assets from Campus Energy Partners Infrastructure LP, including a regional LNG production facility in Dawson Creek, British Columbia. The deal makes Cryopeak the largest private, vertically integrated LNG producer and service provider in Canada, expanding its production capacity, transportation fleet and regional footprint.

Precision Drilling Corporation has entered into an agreement to acquire all issued and outstanding common shares of CWC Energy Services Corp. for approximately $141 million in total consideration (947,909 Precision shares valued at ~$88M, $14M cash, plus assumption of debt). The acquisition adds 62 marketed service rigs in Canada and 18 marketed drilling rigs (including 11 in the U.S.), and is expected to generate about $20 million of annual operating synergies while supporting Precision's deleveraging plan.

Persist Oil and Gas and Dienerian Resources completed an all-stock merger that combines Persist's southern Alberta Mannville assets with Dienerian's liquid-rich Montney acreage. Concurrent with the merger, Siguler Guff committed approximately C$40 million of preferred equity to the pro forma company to support accelerated development and scale production.

Strathcona Resources Ltd. has entered into a definitive plan of arrangement to acquire all issued and outstanding common shares of Pipestone Energy Corp. in an all-share transaction that will combine the companies into a single public reporting issuer (AmalCo). The deal creates a larger, oil-weighted Canadian producer with complementary Montney and heavy oil assets, improving scale, reserve life and market relevance for Pipestone shareholders.

Generational Equity advised Denille Industries (dba Auburn Rentals), an Edmonton-based provider of temporary oilfield workforce housing and manufacturer of wellsite trailers, in its sale to a private investor group. The transaction closed on June 16, 2023; financial terms were not disclosed.

Saturn Oil & Gas Inc. completed the acquisition of privately held Ridgeback Resources Inc. for approximately C$516 million, using C$475 million cash and ~19.4 million common shares as consideration. The deal adds about 17,000 boe/d of light oil-weighted production (bringing Saturn's target run rate to over 30,000 boe/d), expands its core Saskatchewan and Alberta asset base, and was funded via equity financing and an increased credit facility.

Calgary-based CSV Midstream Solutions Corp. has completed the acquisition of KANATA Energy Group, adding majority-operated joint-venture interests in natural gas gathering and processing facilities at Valhalla and Simonette near Grande Prairie, Alberta. The assets add over 150 MMcf/d net processing capacity to CSV's forecasted 470 MMcf/d, expanding CSV's midstream processing capabilities and customer base in the Western Canadian Sedimentary Basin.

International Petroleum Corporation (IPC) has agreed to acquire private Cor4 Oil Corp. in Canada for asset consideration of approximately USD 62 million (CAD 84 million). The acquisition adds about 15.9 MMboe of 2P reserves and forecast average net production of ~4,000 boe/d in southern Alberta adjacent to IPC's Suffield assets; shareholders representing ~98% of Cor4's fully diluted shares have entered support agreements and the deal is expected to close pending regulatory approvals by end of Q1 2023.

Canadian oilfield-operations technology company EZ Ops acquired PAYLOAD Technologies and Drift Technological Solutions to integrate field ticketing, regulatory manifests and logistics optimization into its operations intelligence platform. The deals expand EZ Ops’ capabilities across field operations and fluid transport logistics, accelerating product roadmaps and customer growth while leadership from PAYLOAD is departing post-acquisition.

Waterous Energy Fund (WEF) closed its fourth capital raise (~C$345 million) to fund the acquisitions of Caltex Resources Ltd. and the Tucker thermal oil property, and amalgamated those assets with Strathcona Resources Ltd. The combined entity will continue as Strathcona Resources (100% owned by WEF and Strathcona employees), creating one of North America’s largest private oil companies with pro forma production of ~110,000 Boe/d and 1.9 billion Boe of proved-plus-probable reserves.

Tamarack Valley Energy Ltd. completed the acquisition of privately held Crestwynd Exploration Ltd., a Clearwater-focused oil producer, by purchasing all issued and outstanding shares for 26.3 million Tamarack common shares and $92 million in cash. The deal makes Tamarack the largest operator in the Southern Clearwater with the acquired assets forecasted to produce ~4,500 boe/d.

Surepoint Technologies Group acquired Ironline Compression from Staple Street Capital, representing Staple Street's full exit after previously selling Ironline's aftermarket services business in mid-2021. The acquisition transfers all remaining business lines to Surepoint and expands its compression and services footprint in Western Alberta and across Canada.

Dubai‑headquartered Kent (formerly Kentech), backed by majority shareholder Bluewater, has completed the acquisition of a majority stake in SNC‑Lavalin’s Resources Oil & Gas division. The deal creates a combined business of roughly 10,000 professionals, strengthens Kent’s engineering and project‑delivery capabilities across the oil & gas value chain, and advances its energy‑transition strategy while expanding geographic reach.

Tourmaline Oil Corp. closed its acquisition of Black Swan Energy Ltd. and also acquired Paramount Resources Ltd.'s Birch-area Montney lands and assets, consolidating key Northeast B.C. Montney positions. The transactions increase Tourmaline's production profile and complement a separate long-term gas supply agreement with Cheniere Energy to access LNG markets.

Redco Group (an IGP–recapitalized platform) acquired the business assets of Stonewall Energy on May 7, 2021. The add-on expands Redco’s pressure-control and frac-completion product suite by integrating Stonewall’s proprietary ball & dart launching technologies, frac rental equipment and field services to strengthen its market leadership across Western Canada and North America.

Cycle Energy Industries Inc. has acquired 100% of Energy Express Canada Corp., a junior oil and gas producer operating in central Alberta. Cycle said the asset currently produces roughly 100–150 barrels of oil per day and expects to increase production materially (2–3x) by applying its recovery and optimization technologies.

Tier 1 Energy Solutions Inc. has agreed to acquire a minority equity interest in Winterhawk Well Abandonment Ltd., a developer of a patented controlled casing expansion technology for environmentally responsible oil and gas well abandonment. The companies also entered an operating agreement under which Tier 1 will provide deployment support services and wireline diagnostics to aid commercialization and field deployment of Winterhawk's technology.

Strike Group Inc., a TriWest Capital Partners Fund V portfolio company, has acquired Jedco Energy Services Corp. from its existing shareholders. The add-on expands Strike Group's pipeline integrity and testing capabilities in Western Canada by combining Jedco's local relationships and expertise with Strike Group's broader service platform.

Industrial Growth Partners (IGP) recapitalized Redco Group in partnership with Redco's management on December 17, 2018. Redco, headquartered in Edmonton, Alberta, is a leading independent provider of pressure control equipment, wellhead and frac completion products and associated manufacturing and field services to oil and gas operators across Western Canada.