Axiom Oil and Gas Inc. Announces Property Sales, Files $110 Million Lawsuit Against Tidewater Midstream and Infrastructure Ltd.

Core Insights - Axiom Oil and Gas Inc. has initiated a sales process for several non-core properties to fund further development of its Black Creek property and for general corporate purposes [1] - The Brazeau property, included in the sales process, is subject to a $110 million lawsuit against Tidewater Midstream and Infrastructure Ltd. regarding the processing of natural gas reserves [2][3] Company Overview - Axiom Oil and Gas Inc. is a growth-focused private Canadian energy company dedicated to the responsible development of crude oil and natural gas in the Western Canadian Sedimentary Basin [4] Financial and Operational Highlights - The Brazeau property contains approximately 650 barrels of oil equivalent per day (boe/d) of shut-in production and independently estimated reserves of 6.3 billion cubic feet (Bcf) of natural gas and 931,000 barrels of oil and natural gas liquids, with a net present value of $17.8 million [2] - Axiom had prepaid $4.5 million for sour plant turnaround costs under a Gas Handling Agreement (GHA) with Tidewater, which was unilaterally terminated in 2024 [2][3] Legal Context - The lawsuit against Tidewater arises from the alleged unreasonable termination of the GHA and a change in H2S specifications, which Axiom claims affects its ability to process sour gas [2][3]