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Lycos Energy to Acquire Alberta Assets for C$70 Million, Raises 2026 Guidance

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Lycos Energy (LCX.V) agreed to acquire high-netback waterflood assets targeting the Sparky formation in the Greater Provost area of Alberta for C$70 million, before closing adjustments, the company said late Monday.

The acquisition, which has an effective date of June 1, 2026, will be funded through a C$30 million bought-deal equity financing and an expanded C$75 million credit facility. The company expects the acquisition, the equity financing and the expanded credit facility to close on Aug. 6.

Lycos raised its 2026 production guidance to 3,000-3,500 barrels of oil equivalent per day (boe/d) from 2,500-3,000 boe/d. It also increased its 2026 capital spending budget to C$50 million-C$55 million from C$35 million-C$40 million.

The company expects exit 2026 production of 4,000-4,500 boe/d after giving effect to the acquisition. Lycos also said it completed drilling six additional HVSM wells at the 01-32 pad at Moonshine in the second quarter of 2026, targeting the General Petroleum formation.

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