AEGIS Hedging Acquires Ancova Energy

AEGIS Hedging Solutions ("AEGIS"), a leader in hedging services and software for commodity markets, today announced that it has acquired Ancova Energy and its affiliates ("Ancova"). Ancova is a leading provider of oil and gas marketing services and software based in Oklahoma City.

With the acquisition, AEGIS adds colleagues with over 300 years of collective experience in developing commercial strategies for oil & gas operated and non-operated producers, originating markets, negotiating midstream and marketing agreements, and scheduling, nominating, and balancing molecules ? across every major basin.

"We are excited to bring a transparent approach and deeply experienced team to oil & gas marketing," said Bryan Sansbury, Chairman and CEO of AEGIS. "Ancova's reputation for physical market insight and service is unmatched and its software has broken new ground in revenue and contract management."

Ancova was founded in 2014 by former executives from Chesapeake Energy to optimize realized oil and gas prices for its customers. Ancova is not a market-maker and does not own transportation nor does it conduct proprietary trading activities.

In 2022, Ancova launched software to digitally read midstream and marketing statements and capture revenue and costs by product and by contract ? increasing producer and non-operated producer visibility to realized revenues so that they can improve decision making and identify contract optimization opportunities.

"We have always admired the depth of market expertise and commitment to innovation at AEGIS," said Max Gagliardi, Co-Founder of Ancova. "We are proud of what Ancova has become and are excited to accelerate the insights and capabilities we can bring to customers."

Mark Edge, Co-Founder of Ancova added, "From the first day we met, it was clear AEGIS and Ancova shared the same focus on providing white glove service and industry-leading technology. Our cultures align seamlessly, and our integrated physical and financial solution is set to redefine the industry."

AEGIS has been named the global leader in hedging for seven consecutive years driven by its focus on increasing transparency in otherwise opaque markets. With this acquisition, AEGIS now serves nearly 550 companies exposed to volatility in the energy, refined products, metals, and agricultural markets. All active Ancova employees at closing joined AEGIS and will continue operations from Oklahoma City.

About AEGIS

AEGIS simplifies commodity and environmental markets for companies serious about managing their commodity price exposures and/or emission footprints. AEGIS has unmatched technology and services to deliver market insights, tailored commercial and hedging strategies, unconflicted oil & gas marketing, efficient and compliant trade execution, and full-cycle management of physical and financial positions. Building on its core oil & gas capabilities, AEGIS has extended into environmental and metals markets and built a fully integrated SaaS E/CTRM software platform. AEGIS was recently named the industry leader in hedging solutions for a seventh consecutive year. AEGIS is headquartered in The Woodlands, Texas. To learn more, visit AEGIS' website at www.aegis-hedging.com.

About Ancova Energy

Ancova provides energy marketing, producer services and technology solutions for oil and gas producers and stakeholders. Ancova serves Fortune 500 public companies, small private equity backed teams, and everything in between. Ancova is made up of people who worked in the midstream development and commercial marketing functions for exploration and production companies. This producer-centric background allows Ancova to better understand the value drivers of upstream development and apply these learnings for customers. Ancova team members have experience working in almost every major basin in the U.S., including Anadarko, Barnett, Eagle Ford, Fayetteville, Haynesville, Marcellus, Permian, Rockies, Utica, and Woodford plays. To see our capabilities, visit www.aegis-hedging.com/physical-marketing.