On May 14, 2024, New Stratus Energy Inc. (NSE) acquired an initial 49 percent equity interest in Operaciones Petroleras Soledad S. de R.L. de C.V. (OPS), a private Mexican oil and gas company. This acquisition includes the exclusive right for NSE to negotiate the purchase of up to an additional 41 percent equity interest in OPS.

OPS operates the Soledad Block, a 124 km² onshore area in the State of Veracruz, eastern Mexico, under a hydrocarbons production contract awarded by Pemex Exploración y Producción, S.A. de C.V. (PEP), a subsidiary of Petróleos Mexicanos (Pemex). The contract, effective May 1, 2024, extends until July 2039, with a possible ten-year extension. The Soledad Block has estimated proved reserves of 43.3 million barrels of oil equivalent and a gross production of approximately 1,430 barrels of oil equivalent per day.

Dentons acted as legal counsel to NSE with a team led by Jorge Neher and that included Rogelio Lopez Velarde, Lucas Tomei, Rodrigo Ruvalcaba, Gustavo Mendoza, and Ana Restrepo.

Cormark Securities Inc. and Horizon Partners acted as financial advisors to NSE.