Tidewater disputes Axiom lawsuit claims

Mr. Jeremy Baines reports TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. RESPONDS TO AXIOM OIL AND GAS INC.'S DISCLOSURE REGARDING LAWSUIT Tidewater Midstream and Infrastructure Ltd. today responded to Axiom Oil and Gas Inc.'s press release dated Nov. 20, 2025. The Axiom press release contained commentary about a statement of claim it filed against Tidewater on April 29, 2024, 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 Sept. 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. About Tidewater Midstream and Infrastructure Ltd. Tidewater is traded on the Toronto Stock Exchange 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. We seek Safe Harbor.