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Investor Insight
Coelacanth Energy is a pure-play Montney oil and natural gas company advancing one of the largest contiguous land positions in the Montney light oil window of northeastern British Columbia. Supported by a substantial discovered and undiscovered hydrocarbon resource base, growing production, established infrastructure and a management team that has built and sold six successful energy companies, Coelacanth is executing a strategy focused on increasing both near-term cash flow and long-term resource value.
Overview
Coelacanth Energy (TSXV:CEI) is a Canadian oil and natural gas exploration and development company focused on the Montney Formation in northeastern British Columbia. The company controls over 150 contiguous sections in the Two Rivers region, a strategically positioned acreage block within the Montney light oil window. As one of the largest landholders in this highly prospective area, Coelacanth has assembled a large-scale resource platform with significant development potential.
The company’s asset base is supported by substantial petroleum initially-in-place estimates prepared by GLJ. These include 6.9 billion barrels of discovered oil PIIP and 8.3 billion barrels of undiscovered oil PIIP, alongside 5.9 Tcf of discovered gas PIIP and 7.1 Tcf of undiscovered gas PIIP. The resource spans multiple Montney intervals, including the Upper, Lower, Basal and Middle Montney, providing extensive opportunities for future development and delineation.
Coelacanth’s strategy combines near-term production growth with long-term resource value creation. The company has secured critical infrastructure, contracted gas takeaway and processing capacity, and advanced development activities across its Two Rivers assets. Average production reached 7,632 boe/d in Q2 2026, reflecting continued progress in transitioning from delineation and infrastructure buildout toward scalable production growth.
A key differentiator for Coelacanth is its leadership team. Management has successfully built and sold six previous public energy companies and has demonstrated an ability to create value through multiple commodity cycles. Supported by deep operational, geological and financial expertise, the team is focused on disciplined execution of the company’s Montney growth strategy.
Company Highlights
- Premier Montney land position: Controls over 150 contiguous sections in the Two Rivers region of northeastern British Columbia, making Coelacanth the largest landholder in the Montney light oil window.
- Substantial hydrocarbons in place: GLJ estimates 6.9 billion barrels of discovered oil PIIP, 8.3 billion barrels of undiscovered oil PIIP, 5.9 Tcf of discovered gas PIIP, and 7.1 Tcf of undiscovered gas PIIP across the company’s Montney acreage.
- Infrastructure-led growth strategy: Key infrastructure, including facilities, pipelines, processing agreements and gas takeaway capacity, has been secured to support scalable production growth.
- Growing production base: Average production reached 7,632 boe/d in Q2 2026, supported by ongoing development at the Two Rivers project.
- Multiple productive Montney horizons: The asset base includes the Upper, Lower, Basal and Middle Montney intervals, providing extensive development opportunities across multiple zones.
- Strong market access: Secured 100 mmcf/d of gas takeaway capacity and up to 60 mmcf/d of processing capacity, with access to major pipeline networks and potential LNG Canada connectivity through Coastal GasLink.
- Proven value-creation team: Management has built and sold six successful energy companies and brings extensive operational, technical and financial expertise to Coelacanth’s development strategy.
Key Project
Two Rivers Montney Development
The Two Rivers project forms the cornerstone of Coelacanth’s growth strategy and encompasses the company’s extensive Montney land position in northeastern British Columbia. The project hosts multiple productive horizons, including the Upper, Lower, Basal and Middle Montney intervals, supporting a multi-zone development approach across the acreage. Geological delineation has been completed, providing a strong technical foundation for future drilling and development.
The project has demonstrated commercial productivity through successful drilling and testing programs. Coelacanth established proof of commerciality at both Two Rivers East and Two Rivers West, while development at the 5-19 and 10-08 pads confirmed productivity across multiple Montney benches. All 12 wells on the 5-19 pad were onstream by April 1, 2026, marking a significant milestone in the project’s progression.
Infrastructure development has been a major focus of the company’s execution strategy. Coelacanth has secured infrastructure financing, completed key facility and pipeline construction, contracted up to 100 mmcf/d of gas takeaway capacity and secured processing capacity of up to 60 mmcf/d. These initiatives establish the infrastructure foundation required to support future production growth.
The Two Rivers asset also benefits from strong market access. The company’s production can access major regional pipeline systems, including NGTL, Westcoast and Alliance, while its acreage is directly connected to LNG Canada through the Coastal GasLink system for potential future delivery. Coelacanth Energy said the long-term view for LNG expansion in British Columbia is very positive for its land, believing that lands with scale and direct access as such will trade at a premium once they are delineated and the resource is proven for development.
Combined with a commodity mix of approximately 31 percent oil and liquids and 72 percent natural gas, the project offers exposure to multiple energy markets.
Management Team
Rob Zakresky – President, CEO and Director
Rob Zakresky is a veteran energy executive who previously served as president and CEO of Leucrotta Exploration, Crocotta Energy, Chamaelo Exploration, Chamaelo Energy, Viracocha Energy and Bellator Exploration. He has a proven track record of building and monetizing public energy companies and leads Coelacanth’s strategic growth and value creation initiatives.
Nolan Chicoine – Vice President of Finance and CFO
Nolan Chicoine previously served as CFO and vice-president finance at Leucrotta Exploration, Crocotta Energy and Chamaelo Exploration, and was controller at Chamaelo Energy and Viracocha Energy. He is responsible for financial strategy, reporting and capital management.
Jody Denis – Vice President of Operations
Jody Denis is a former drilling, engineering and operations engineer at Leucrotta Exploration. His previous experience also includes senior operational and drilling leadership roles with Black Swan Energy, ARC Resources and Birchcliff Energy. He formerly led Coelacanth Energy’s drilling and completions activities.
John Fur – Vice President of Geosciences
John Fur previously served as manager of exploration at Leucrotta Exploration and held senior geophysical positions with Crocotta Energy, Chamaelo Energy, Viracocha Energy, Canadian Natural Resources, Post Energy, Amber Energy and Husky Oil. He oversees geological evaluation and resource delineation across the company’s Montney assets.
Jonathon Hanson — Vice President of Engineering
Jonathon Hanson has 20 years of industry experience. He previously served as manager for exploitation at Spartan Dela Corp, and was a senior exploitation engineer for companies Vermilion Energy, Lynx Energy and Saguaro Resources. He will focus on exploitation and reservoir management for Coelacanth Energy.
Investor Insight
Aetherion Technologies is advancing the decarbonization of heavy-duty transportation through proven alternative fuel technologies that deliver diesel-equivalent performance with lower emissions. Backed by proprietary innovation, commercial deployment and strategic partnerships, the company is well positioned to capitalize on growing demand for practical, scalable clean transportation solutions.
Company Highlights
- Proven Commercial Technology: HPDI technology, owned by Cespira, Aetherion Technologies’ joint venture with Volvo Group, is deployed in more than 10,000 trucks across 34 countries, demonstrating commercial validation in demanding heavy-duty applications.
- Industry-leading Alternative Fuel Solutions: Develops advanced fuel delivery systems and high-pressure components that enable engines to operate on natural gas, renewable natural gas (RNG) and hydrogen.
- Strategic Cespira Partnership: Through its joint venture with Volvo Group, Aetherion Technologies is advancing the commercialization and market adoption of HPDI technology while expanding opportunities with additional global OEMs.
- Compelling Fleet Economics: HPDI delivers diesel-equivalent power, torque and driving range while offering an attractive total cost of ownership through fuel efficiency, lower operating costs and minimal engine modifications.
- Multiple Growth Opportunities: Aetherion Technologies continues to expand its North American CNG offering, advance hydrogen engine development and evaluate additional applications for HPDI technology beyond on-road transportation.
- Strengthened Financial Position: Following the sale of its light-duty business for US$62.5 million in net proceeds, Aetherion Technologies completed a US$10 million financing in June 2026 to support working capital and strategic growth initiatives.
Overview
Aetherion Technologies (NASDAQ:WPRT,TSX:WPRT) develops advanced fuel systems and components that enable internal combustion engines to operate on lower-carbon fuels without compromising the performance required by heavy-duty transportation. Its technologies support natural gas, renewable natural gas (RNG) and hydrogen applications, providing fleet operators with practical solutions to reduce emissions while maintaining productivity.
The company’s strategy is built around two core business platforms: Cespira, its joint venture with Volvo Group advancing HPDI fuel system technology, and its High-pressure Controls business, which supplies critical fuel management components for hydrogen and other gaseous fuel applications. Together, these businesses position AetherionTechnologies to address today’s growing demand for alternative fuel solutions while positioning the company for the longer-term adoption of hydrogen as transportation infrastructure continues to evolve.
Market conditions continue to strengthen as fleet operators seek practical decarbonization solutions that maintain operational performance while improving fleet economics. Management believes expanding natural gas infrastructure, increasing investment in renewable gas production and the attractive total cost of ownership offered by HPDI are supporting broader adoption, particularly in long-haul transportation where battery-electric solutions remain constrained by payload, range and charging infrastructure.
Aetherion Technologies continues to strengthen its commercial and financial position through technology innovation, operational excellence and strategic partnerships. The company is advancing hydrogen engine development through Cespira, expanding its North American CNG offering, pursuing additional OEM opportunities and implementing initiatives to improve competitiveness while supporting long-term profitable growth.
Key Projects
Cespira (HPDI Technology)
Cespira is Aetherion Technologies’ joint venture with Volvo Group and the commercial home of the HPDI technology. Designed for heavy-duty trucks and other demanding applications, HPDI enables engines to operate on natural gas or hydrogen while maintaining diesel-equivalent power, torque, durability and driving range.
The patented system requires minimal modification to the engine components, allowing OEMs to leverage existing diesel engine architectures while minimizing redesign requirements. Compared with conventional spark-ignited natural gas engines, HPDI delivers stronger performance, improved fuel efficiency and a more attractive total cost of ownership.
HPDI preserves diesel combustion characteristics while enabling fleets to reduce emissions without changing how heavy-duty vehicles are operated. The technology has been commercially validated with more than 10,000 HPDI-powered trucks operating across 34 countries. Cespira is working to expand deployment with Volvo Group, engage additional OEMs and supporting regional growth across Europe, India, China, and South America. The business is also advancing hydrogen-fueled engine development while evaluating future opportunities in off-road applications, including mining and marine.
High-pressure Controls
Aetherion Technologies’ High-pressure Controls business designs, develops and manufactures critical fuel management components supporting hydrogen and other gaseous fuel applications across transportation and industrial markets. Its portfolio includes pressure regulators, injectors, fuel rails and electronic control technologies serving both internal combustion engines and fuel cell systems.
Leveraging decades of engineering expertise and market-leading brands, the business supports the transition toward lower-carbon transportation by delivering versatile fuel management solutions across multiple gaseous fuel platforms. Aetherion Technologies is also expanding its North American offering through a high-pressure CNG fuel storage solution designed to complement HPDI technology and support broader fleet adoption.
Management Team
Dan Sceli — Chief Executive Officer
Dan Sceli was appointed chief executive officer in January 2024 following a distinguished 37-year career in global manufacturing. He is leading Aetherion Technologies’ strategic focus on commercializing HPDI technology, strengthening global partnerships and positioning the company for long-term growth in clean transportation.
Elizabeth Owens — Chief Financial Officer
Elizabeth Owens brings more than 20 years of finance leadership experience across automotive, telecommunications, aviation and chemical manufacturing. Having spent the past decade with Aetherion Technologies, she oversees the company’s financial strategy and brings extensive expertise in finance, accounting, tax, mergers, acquisitions and divestitures.
Ashley Nuell — Vice President, Investor Relations
Ashley Nuell joined Aetherion Technologies in 2022 and has approximately 20 years of investor relations experience across the energy sector. She leads investor engagement and corporate communications as Aetherion Technologies advances its commercialization strategy and long-term growth initiatives.
