Leadership Changes - Tuktu Resources Ltd. announces significant leadership changes to align operations with long-term strategic goals and reduce general and administrative expenses [1][2] - Tim de Freitas, Gregory Feltham, and Kent Busby will cease their roles as President & CEO, Vice President of Exploration, and Vice President of Production, respectively [1][2] Strategic Review and Operational Efficiency - The leadership changes are a response to ongoing market challenges and a strategic review initiated by the Board to streamline operations and enhance efficiency [2] - The Company aims to preserve financial flexibility and implement cost-saving measures for long-term sustainability [2] Capital Budget Suspension - The incremental capital budget increase announced on August 20, 2025, will be suspended immediately to further the Company's strategic goals and reduce expenses [3] Interim Leadership - Kathleen Dixon, Chairperson of the Board, has been appointed as interim President and CEO while the search for a permanent replacement begins [4] - The Board expresses confidence in Ms. Dixon's ability to fulfill the Company's commitments to shareholders during this transition [4] Technical Management Support - The Company will seek arrangements with a qualified consultant to provide day-to-day technical management services to ensure operational continuity until a permanent President and CEO is appointed [5]

Group 1 - Tuktu Resources Ltd. granted 240,000 stock options to a newly-appointed director as part of its long-term incentive program effective August 22, 2025 [1] - The stock options will vest between the first and third anniversary of the grant date, with an exercise price of $0.05 per common share and an expiration date of August 22, 2030 [1] Group 2 - Tuktu Resources Ltd. is a publicly traded junior oil and gas development company headquartered in Calgary, Alberta, with producing oil and gas properties in southern Alberta [2]

Core Insights - Bayswater Exploration and Production has successfully closed a sale of certain DJ Basin assets to Prairie Operating Co. for approximately $603 million in cash and stock [1][2] - The transaction includes the acquisition of around 24,000 leased acres, 300 horizontal wells producing 27,500 barrels of oil equivalent per day, and a saltwater disposal system [2] - Following the sale, Bayswater will retain 70 horizontal wells producing approximately 18,000 BOED and is committed to continuing operations in Colorado [3] Company Overview - Bayswater is a privately held oil and natural gas development company with operations in Colorado and Texas, focusing on responsible energy development and minimizing environmental impacts [4] - The company has been operating in the DJ Basin for 16 years and aims to rebuild its Colorado footprint in the coming years [3]