AKITA acquires Fox Drilling, grows footprint in Western Canada

Canada

CALGARY, April 27, 2026 – AKITA Drilling has reached a definitive agreement to buy Paramount Resources’ interests in Fox Drilling, a privately held contractor operating high-specification drilling rigs in the Western Canadian Sedimentary Basin, the companies announced on Monday.

The transaction will see AKITA add six triple drilling rigs to its fleet, including five high-specification AC walking rigs designed for deep basin operations. The rigs are primarily active in the Montney and Duvernay formations, two of Canada’s most prolific natural gas plays.

As part of the transaction, Paramount has agreed to utilise the rigs for an aggregate total of 2,700 rig days over a period of three years following the close of the deal. AKITA estimates the acquisition could contribute up to CAD 22.2 million (USD 16.2 million) per year to its net cash from operating activities, depending on utilisation levels.

“We believe this transaction will create a stronger, more resilient drilling company with long-term value for all shareowners. The addition of Fox’s fleet of high-specification AC triple rigs will enhance our scale and capabilities in the Montney and Duvernay gas basins,” said Colin A. Dease, president and CEO of AKITA.

AKITA is a drilling contractor that operates across key basins in Western Canada and the US. Paramount is an independent Canadian energy company that develops conventional and unconventional oil and gas resources in Alberta and British Columbia. Both companies are listed on the Toronto Stock Exchange.

Photo courtesy of AKITA Drilling