On October 28, 2025, Cygnet Energy Ltd. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Kiwetinohk Energy Corp. (KEC) for C$24.75 per share in cash, representing a total transaction value of approximately C$1.4 billion, inclusive of equity and net debt. The acquisition, structured as a plan of arrangement under the Canada Business Corporations Act, was expected to close in late December 2025. Funding for the transaction was provided primarily by investment funds managed by NGP Energy Capital Management, LLC and Carlyle, with ARC Financial Corp. agreeing to roll over a portion of its KEC shares into Cygnet on equivalent terms. Support agreements were secured from certain KEC shareholders, including ARC Financial and KEC’s directors and officers, representing about 79% of KEC shares and 38% of the minority shares eligible to vote on the majority of minority approval. The transaction was subject to court, regulatory, and shareholder approvals, as well as customary closing conditions. Following completion, Cygnet would operate more than 44,000 boe/d of Duvernay and Montney production in central Alberta.

Burnet, Duckworth & Palmer LLP and Norton Rose Fulbright Canada LLP acted as legal counsel to Cygnet. TPH&Co. was exclusive financial advisor to Cygnet, and BMO Capital Markets advised Carlyle. National Bank Capital Markets and RBC Capital Markets acted as financial advisors to KEC. Peters & Co. Limited provided an independent valuation and fairness opinion. Stikeman Elliott LLP advised KEC and its Special Committee.