New Stratus Energy Inc. (TSXV: NSE) announced on Oct. 5, 2026, from Calgary, that it has signed a Memorandum of Understanding with Baker Hughes (NASDAQ: BKR).

The announcement came after Baker Hughes issued its own press release the same day indicating that it had executed two agreements to "Develop Venezuela's Natural Gas and Energy Infrastructure." Among those agreements was an MOU with New Stratus "to support the development of future oil and gas prospects."

Under the terms of the MOU as described by Baker Hughes, the partnership will leverage Baker Hughes' integrated portfolio of subsurface, drilling, production, processing, digital, emissions abatement, power generation, oil and gas monetization, and liquid natural gas ("LNG") technologies to maximize resource recovery opportunities and accelerate future project developments.

CEO Comments on the Partnership

Jose Francisco Arata, CEO of New Stratus, commented from Caracas on the significance of the agreement. "We are very pleased to consolidate this relationship with Baker Hughes, one of the world's leading energy technology companies," Arata said.

"Venezuela possesses an extraordinary oil and natural gas reserve base. Combining New Stratus' strategy and regional experience with Baker Hughes' extensive technology portfolio, infrastructure and long-standing presence in Venezuela provides a strong platform from which to evaluate and advance significant energy projects."

Baker Hughes' Long-Standing Presence in Venezuela

Baker Hughes has supported Venezuela's energy sector for more than 60 years, according to the company's release. Its installed base in the country includes more than 1,200 oil production systems, the largest artificial lift footprint, significant flexible pipe infrastructure, and approximately 240 turbomachinery units across 23 sites.

Strategic Implications for New Stratus

New Stratus stated that it is "extremely excited about the many opportunities available in Venezuela," and that the MOU with Baker Hughes further enhances the company's ability to develop large reserve plays, consider LNG as an integral offtake and export opportunity, and use cutting-edge technology to increase the oil and gas production of the country.

Forward-Looking Caveats

The company cautions that much of the information constitutes forward-looking statements under applicable securities legislation. Among the forward-looking statements identified are the ability of NSE to acquire and develop oil and gas opportunities in Venezuela and the ability of NSE to enter into a binding agreement with Baker Hughes in respect to oil and gas opportunities in Venezuela.

New Stratus notes that forward-looking statements are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect, and are not guarantees of future performance. Key assumptions include the availability of financing on terms acceptable to the Corporation, prevailing weather conditions, prevailing legislation affecting the oil and gas industry in the jurisdictions in which it operates, receipt of required regulatory and other approvals, commodity prices and exchange rates.

The company also identified a range of risks and uncertainties that could cause actual results to differ materially from projections.

These include risks associated with the oil and gas industry in general, operational risks in development, exploration and production; the uncertainty of reserve estimates; uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks, as well as risks associated with negotiating with foreign governments, country risk from conducting international activities, the impact of general economic conditions in Canada and Venezuela, prolonged volatility in commodity prices, and the risk that the U.S. administration imposes tariffs affecting the oil and gas industry in Venezuela or globally, including retaliatory tariffs that could adversely affect demand for the Corporation's production.

Other cited risks include the possibility that oil prices are lower than anticipated, determinations by OPEC and other countries as to production levels, the risk of changes in government policy on resource development, and industry conditions including changes in laws and regulations, including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced.

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