5 Best-performing Canadian Oil and Gas Stocks in 2026

1. Bengal Energy (TSX:BNG)

Year-to-date gain: 200 percent
Market cap: C$14.56 million
Share price: C$0.03

Bengal Energy is an oil and gas explorer focused on Australia. Currently, the company has four assets — Cuisinier, Barrolka, Tookoonooka and Katandra — all located onshore within Central Australia's Cooper Basin.

In mid-February, Bengal reported weaker production and revenue for its third fiscal quarter of 2026, reflecting softer realized prices and operational headwinds, even as cost controls helped limit downside pressure.

The Calgary-based producer posted crude oil sales of C$1 million for the quarter ended on December 31, down 29 percent from a year earlier. Output declined to 115 barrels of oil per day, a 7 percent drop year-on-year, while realized prices fell 15 percent to US$63.63 per barrel, tracking broader weakness in global crude markets through late 2025.

On March 24, Bengal penned a letter of intent with an Australian energy services firm to fund a production test at the Ramses 2 well in the Cooper Basin. The well, which has been shut-in since it was drilled in 2007, recovered an extrapolated 588 barrels per day of high-quality, 37 degree API oil at the time.

The news sent company shares to a year-to-date high of C$0.03 on March 25.

2. Africa Energy (TSXV:AFE)

Year-to-date gain: 148 percent
Market cap: C$148.54 million
Share price: C$0.31

Africa Energy is an oil and gas exploration company. The firm's primary asset, Block 11B/12B, is an offshore play in South Africa in which it now holds an effective 75 percent interest.

The company ended 2025 debt-free, with US$3.2 million in cash and positive working capital, following a series of financing and restructuring moves that included a private placement and joint venture realignment.

As noted in the company's year-end results, released on March 5, Gwede Mantashe, South Africa’s mineral and petroleum resources minister, has emphasized natural gas as a critical transition fuel and identified Block 11B/12B as a priority for development, underscoring its potential role in addressing the country’s energy deficit.

While regulatory uncertainty remains, particularly around environmental approvals, Africa Energy has taken a measured approach, pausing its application to align with evolving legal frameworks while continuing technical work.

Africa Energy shares reached a year-to-date high of C$0.42 on March 5, coinciding with the release of its 2025 results and with Mantashe's public affirmation of the company.

3. Tenaz Energy (TSX:TNZ)

Year-to-date gain: 145.3 percent
Market cap: C$12.1 billion
Share price: C$65.47

Tenaz Energy is an explorer and producer focused on acquiring and developing oil and gas assets, with core operations spanning the Dutch North Sea and Alberta’s Leduc-Woodbend region.

The company has established itself as the largest natural gas producer in the Dutch offshore sector while pursuing growth through both acquisitions and organic development.

Tenaz released its 2025 results on March 11, highlighting two major acquisitions that significantly expanded its production base and future inventory. The purchase of NAM Offshore, now Tenaz Energy Netherlands, as well as a US$244 million deal for Hansa Hydrocarbons, added both near-term output and longer-term exploration upside, including interests in the GEMS project, which is located along the Dutch-German border.

Early drilling success at the K07 block further underscores the growth potential of Tenaz's European portfolio.

As noted in the release, Q4 production rose 32 percent quarter-on-quarter to 15,556 barrels of oil equivalent per day (boe/d), while full-year output surged 257 percent compared to 2024. Funds flow from operations climbed to C$120.4 million for the year, nearly five times higher year-on-year, supported by contributions from new assets.

Tenaz shares moved to a year-to-date high of C$67.85 on March 19, following a broader rally in the oil market that sent benchmark crude prices higher.

4. Saturn Oil and Gas (TSX:SOIL)

Year-to-date gain: 133.74 percent
Market cap: C$1.03 billion
Share price: C$5.68

Saturn Oil and Gas is a production, acquisition and development company with light oil assets in Saskatchewan and Alberta. 2026 started with Saturn completing its vertical amalgamation efforts, combining two wholly owned subsidiaries, 1777241 Alberta (formerly CapitalEnergy Corporation) and Clearview Resources.

“Through the Amalgamation, Saturn’s asset base and development activities now function under a single corporate entity, reducing corporate and operational expenses,” a press release notes.

In its 2025 results, released in mid-March, Saturn outlines strong operational and financial numbers, saying it was able to combine steady production growth with disciplined cost management and significant free cashflow generation despite a weaker commodity price environment at the time.

The company reported average production of 41,728 boe/d for the year, with fourth quarter output rising 6 percent sequentially to 43,657 boe/d — exceeding both internal guidance and analyst expectations. This growth translated into a 46 percent increase in production per debt-adjusted share, underscoring improved capital efficiency.

On the financial front, Saturn generated record adjusted funds flow of C$464 million for the year, even as realized oil prices tracked broader market weakness with a 13 percent year-on-year decline. The firm successfully retired C$110 million in senior notes, ending 2025 with net debt of C$761.5 million and a net debt-to-EBITDA ratio of 1.35x.

Looking ahead, Saturn expects relatively stable production in early 2026 while maintaining flexibility in capital spending, with a continued focus on strengthening its balance sheet and returning capital to shareholders.

Company shares reached a year-to-date high of C$5.68 on March 25.

5. Fronterra Energy (TSX:FEC)

Year-to-date gain: 119.70 percent
Market cap: C$927.93 million
Share price: C$13.38

Frontera Energy is involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America. The company has a diversified portfolio of assets with interests in 22 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia.

In November 2025, the company announced a strategic spinoff designed to decouple its Colombian infrastructure business from its core exploration and production operations, resulting in the formation of two independent entities: Frontera Exploration & Production (E&P) and Frontera Infrastructure.

Fronterra Energy’s E&P spinout became an acquisition target in early 2026 when Parex Resources (TSX:PXT,OTCPL:PARXF) and GeoPark (NYSE:GPRK) made separate takeover bids.

By mid-March, Fronterra and Parex had reached a definitive agreement.

Under the terms of the transaction, Parex will acquire Fronterra E&P, including all of the company’s exploration and production assets in Colombia. The deal includes US$500 million in upfront cash, the assumption of US$225 million in net debt and a potential contingent payment of US$25 million.

Shortly after, shares of Fronterra reached a year-to-date high of C$13.71 on March 15.