On April 14, 2026, North Hudson Resource Partners LP and its affiliated funds, in partnership with the management team of HWN Energy Ltd., completed the acquisition of HWN Energy, a Calgary-based oil and natural gas exploration and production company backed by Carnelian Energy Capital. Immediately prior to closing, a subset of HWN's southern Cardium-focused assets, representing approximately 8,300 barrels of oil equivalent (boe) per day of production, was spun out on a non-arm's-length basis and excluded from the acquisition.
Following the carve-out, HWN's key growth asset comprises more than 180,000 net acres in the oil-focused Montney formation in northwestern Alberta, one of North America's most prolific resource plays. HWN's pro forma 2026 production approaches 20,000 boe per day, supported by an extensive inventory of development drilling locations and a significantly expanded midstream system. The position represents the second-largest privately held, liquids-focused Montney position in Canada.
The transaction builds on an existing relationship between the parties. North Hudson, through its non-operated arm Fortuna Operating, had partnered with HWN in 2025 on a 13-well Montney joint venture, which led to the opportunity for the current acquisition. BMO Capital Markets and National Bank Capital Markets acted as financial co-advisors to HWN Energy on the transaction.
Stikeman Elliott LLP acted as legal counsel to Hawthorne Energy LLC and HWN Energy Ltd., with a team that included Stewart Sutcliffe, Patrick McNally, Aaron Vieira, Rhonda Parhar, Charlie Wowk, and Hannah Ryley (Corporate/M&A); Kurtis Reed and Megan Ollivier (Energy); John Lennard, Philippe St-Hilaire, Bonnie Wilde, and Jesse Kaminski (Tax); Michael Dyck (Banking); David Feldman and Laura Rowe (Competition); Cheryl Rea (Employment); Patrick Welsh (Environmental); and Eric An (Articling Student). Gibson, Dunn & Crutcher LLP acted as legal counsel to the management team of HWN Energy. Bennett Jones LLP and O'Melveny & Myers LLP acted as legal counsel to North Hudson.