Hello my fellow Pipe s/h. I hope everyone enjoyed their holidays.

What a start to the year! This year should be the beginning of a transformational process which should last several years and will completely change the face industry. rendering it unrecognizable to many investors. This will be especially true of the Canadian O&G space as it NEVER undergone ANY transformation whatosever as its American counterpart has.

With oil prices having peaked and the Russian crisis coming to an end, these events will be the triggers which will finally bring the massive changes the Canadian oil patch has so desperately needed and eventually bring this totally fragmented industry to its knees to some much needed consolidation. Once everything is said & done in a few years, there should only be a handfull of large Canadian ep's left, operating in a very efficient manner in a less hostile environment.

So be ready for 2023 to be the year some interesting M&A begins! For followers of Pipestone, you should be aware of several events taking place, one of them being closely alligned with Pipestone & in the process of playing itself out this qtr. So make sure you follow those events closely, as it greatly impacts Pipestone.

That's it for now, will comment further if it warranted by an unexpected develpoment or a material news item.

GLTA