Mr. Jeremy Baines reports

TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES AN INITIATIVE AGREEMENT FOR FLUID CATALYTIC CRACKING CO-PROCESSING AT THE PRINCE GEORGE REFINERY

Tidewater Midstream and Infrastructure Ltd. has entered into an initiative agreement (the FCC initiative agreement) with the government of British Columbia that will provide Tidewater with BC LCFS credits to support the production of low-carbon renewable gasoline and renewable diesel from the fluid catalytic cracking (FCC) co-processing infrastructure at the Prince George refinery. The BC LCFS credits awarded under the FCC initiative agreement are expected to finance, once such BC LCFS credits are sold, approximately 50 per cent of the cost of the renewable feedstocks required to operate the FCC co-processing infrastructure from May, 2026, to April, 2028, at rates of up to 300 barrels per day.

The FCC initiative agreement is in addition to the previously announced hydrotreater co-processing initiative agreement that is expected to finance, through the sale of BC LCFS credits awarded under the agreement, approximately 50 per cent of the cost of the renewable feedstocks required to operate the hydrotreater co-processing unit during 2026 and 2027, at rates of up to 300 bbl/d.

Co-processing renewable feedstocks at the Prince George refinery contributes to the corporation's continuing initiatives to transition to the production of lower carbon fuels. The renewable gasoline and renewable diesel produced through co-processing at the Prince George refinery in both the FCC co-processing infrastructure and hydrotreating co-processing infrastructure, at rates of up to 600 barrels per day in the aggregate, is expected to reduce carbon emissions in British Columbia by over 60,000 metric tonnes of carbon dioxide annually, when compared with the production of conventional fuels. In addition, co-processing supports the continuing economic success of the Prince George refinery.

"We are thankful for the support we have received from the government of British Columbia, and the Ministry of Energy and Climate Solutions, as we work to successfully lead the energy transition. The Prince George refinery is an important value-added industrial operation that supports energy security in Northern British Columbia and is a significant contributor to the economy of British Columbia," said Jeremy Baines, chief executive officer of Tidewater.

About Tidewater Midstream and Infrastructure Ltd.

Tidewater is traded on the Toronto Stock Exchange under the symbol TWM. Tidewater's business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage and various renewable initiatives. To complement its infrastructure asset base, the corporation also markets crude, refined product, natural gas, natural gas liquids, and renewable products and services to customers across North America. Tidewater is a majority shareholder of Tidewater Renewables.

We seek Safe Harbor.