Canada Energy Partners Inc. (TSXV:CE.H) entered into an agreement to acquire a 70.74% working interest in Three Oil And Gas Wells In Matagorda County, Texas from Arcadia Operating, LLC and Standard Mutual Assurance Company, LLC for $13.5 million on October 24, 2022. upon commencement of production, the Company will receive first priority to 70.74% of the net production revenues. upon repayment of the Company's capital contributions, the working interest entitlements will be adjusted to 53.06%. The Company intends to complete an equity financing to fund its capital contribution obligations under the PA and to provide for working capital. The terms of the proposed financing will be announced shortly in consultation with the Company's capital markets advisors. Completion of the proposed transaction under the PA is subject to approval of the TSX Venture Exchange.

Canada Energy Partners Inc. (TSXV:CE.H) acquired 70.74% working interest in Three Oil And Gas Wells In Matagorda County, Texas from Arcadia Operating, LLC and Standard Mutual Assurance Company, LLC for $13.5 million on December 12, 2022. As of December 13, 2022, Canada Energy Partners announced a private placement to secure up to $17.2 million from the issuance of units. The transaction has received the approval from TSX Venture Exchange.