TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. RESPONDS TO AXIOM OIL AND GAS INC.'S DISCLOSURE REGARDING LAWSUIT

Executive Summary

• Tidewater Midstream and Infrastructure Ltd. issued a response to Axiom Oil and Gas Inc.’s press release alleging breach of a gas handling agreement.
• The company highlights that an earlier injunction application by Axiom was dismissed (Sept 25, 2024) and costs were awarded to Tidewater.
• Tidewater asserts the claim is without merit, cites judicial reasoning limiting Axiom’s potential recovery to $200,000, and confirms it will continue to vigorously defend the matter.

Key Details

• Background: Axiom filed a statement of claim on April 29, 2024 alleging Tidewater unreasonably terminated its Gas Handling Agreement (GHA) dated April 1, 2020.
• Court Outcome: The injunction sought by Axiom was dismissed on September 25, 2024; the Court of King’s Bench of Alberta awarded costs to Tidewater.
• Judicial Reasoning: Justice Horner noted Axiom faces an “uphill battle” to prove unreasonable decision‑making and applied liability caps in clauses 15.06 and 15.07, reducing any potential claim to $200,000.
• Tidewater’s Position: The company states the claim lacks merit and will continue a vigorous defence.
• Availability of Documentation: A transcript of the injunction proceedings (Action No. 2401‑05882) can be obtained for a search fee via Alberta’s e‑services portal.

Notable Quotes

• “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.” – Justice Horner (oral reasons)