(TSX: TWM)
CALGARY, AB, Nov. 21, 2025 /CNW/ – Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX: TWM) today responds to Axiom Oil and Gas Inc.’s (“Axiom”) press release dated November 20, 2025 (the “Axiom Press Release”). The Axiom Press Release contained commentary about a statement of claim it filed against Tidewater on April 29, 2024 (the “Claim”) concerning Tidewater’s exercise of certain of its rights under a gas handling agreement (the “GHA”) entered into between Axiom and Tidewater as of April 1, 2020.
In the Claim, Axiom alleges that Tidewater unreasonably exercised certain of its rights, including terminating the GHA, in contravention of the GHA and in bad faith. The Axiom Press Release omits that Axiom unsuccessfully brought an injunction application in the Court of King’s Bench of Alberta in connection with the Claim that was dismissed on September 25, 2024, with costs being awarded to Tidewater. In her oral reasons for judgement, the Honourable Justice Horner stated, among other things, that “Axiom has an uphill battle to make out unreasonable decision-making by Tidewater” and that “I am persuaded by Tidewater’s submissions that … the liability caps in Clause 15.06 and 15.07 apply to reduce Axiom’s claims to $200,000 in total”.
Tidewater believes that the Claim is without merit and the Corporation has, and will continue to, vigorously defend itself against the Claim. A transcript of the proceedings regarding the injunction and subsequent ruling on costs (Action No. 2401-05882) is available upon request, upon payment of applicable search fee, at https://eservices.alberta.ca/court-of-kb-civil-search-request.html.
ABOUT TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD.
Tidewater is traded on the TSX under the symbol “TWM”. Tidewater’s business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product, and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage, and various renewable initiatives. To complement its infrastructure asset base, the Corporation also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across North America. Tidewater is a majority shareholder of Tidewater Renewables. Additional information relating to Tidewater is available on SEDAR+ at www.sedarplus.ca and at https://www.tidewatermidstream.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this news release contains forward-looking statements regarding the Claim and Tidewater’s defence thereof.
Although the forward-looking statements contained in this news release are based upon assumptions which management of the Corporation believes to be reasonable, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. Any forward-looking statements contained in this news release represent expectations as of the date of this news release and are subject to change after such date. However, the Corporation is under no obligation (and the Corporation expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. With respect to the forward-looking statements contained in this news release, the Corporation has made assumptions regarding the ability of the Corporation to defend the Claim.
Forward-looking statements are provided herein for the purpose of giving information about the Claim. Readers are cautioned that such information may not be appropriate for other purposes. In addition, the Corporation is subject to a number of risks and uncertainties, many of which are beyond the Corporation’s control. Such risks and uncertainties include the factors discussed under “Risk Factors” in the Corporation’s annual information form for the year ended December 31, 2024 and the Corporation’s most recent management’s discussion and analysis.
All the forward-looking statements in this news release are qualified by the cautionary statements herein. Further information about factors affecting forward-looking statements and management’s assumptions and analysis thereof is available in filings made by the Corporation with Canadian securities commissions available on SEDAR+ at www.sedarplus.ca.
SOURCE Tidewater Midstream and Infrastructure Ltd.