Oil prices climbed back above US$100 per barrel in the third quarter of 2026 as renewed fighting in the Middle East and continued disruptions to shipping through the Strait of Hormuz tightened global supply.
Brent crude opened July at US$71.50 and ended September at US$97.91, a gain of nearly 37 percent, and West Texas Intermediate (WTI) followed a similar trajectory. On the other hand, North American natural gas prices remained comparatively stable, but were down compared to Q2.
The International Energy Agency (IEA) reported that more than 10 million barrels per day of Gulf production remained shut in during August, contributing to a 95 million barrel decline in global inventories. The agency also pushed its forecast for a recovery in Middle Eastern production into 2027.
For Canadian oil and gas producers, elevated crude prices created a potentially favorable operating environment, although market volatility and weaker global demand remained concerns.
Against that backdrop, the five top-performing Canadian oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on October 23, 2026, using TradingView’s stock screener.
Oil and gas companies with market caps above C$10 million at that time were considered.
1. Bengal Energy (TSX:BNG)
Year-to-date gain: 200 percent
Market cap: C$15.87 million
Share price: C$0.030
Bengal Energy is an oil and gas explorer focused on Australia. Currently, the company has four assets — Cuisinier, Barrolka, Tookoonooka and Katandra — all located onshore within Central Australia’s Cooper Basin.
In mid-February, Bengal Energy reported lower production and revenue in its fiscal third quarter of 2026, citing weaker prices and operational challenges. On March 24, the company signed a letter of intent to fund production testing at its Ramses 2 well in Australia’s Cooper Basin, which has been shut in since 2007.
Shares reached a year-to-date high of C$0.075 on April 2. A few days later, on April 6, Bengal secured a C$1.15 million loan to meet rehabilitation bonding requirements at its Barta joint venture and on April 23, closed a C$1.52 million private placement.
In early August, Bengal reported a 30 percent increase in revenue year-over-year to C$1.4 million for its first fiscal quarter of 2027, driven by higher realized oil prices. Prices averaged US$124.26 per barrel, up 87 percent year-over-year, while the company’s share of production totaled 108 barrels of oil per day, down 10 percent.
The company reported a net loss of C$242,000. It said it continues to evaluate potential farm-out opportunities across its portfolio of exploration and development assets.
Shares of Bengal reached a Q3 high price of C$0.03 on September 23 and went on to test the threshold several times in the weeks since.
2. Arrow Exploration (TSXV:AXL)
Year-to-date gain: 192.59 percent
Market cap: C$225.83 million
Share price: C$0.79
Arrow Exploration, through its wholly owned subsidiary Carrao Energy, operates in Colombia with a focus on developing its portfolio of Colombian oil assets. The company’s strategy targets the expansion of oil production in key basins, including Llanos, Middle Magdalena Valley and Putumayo.
Arrow Exploration is the operator of most of its assets, according to the company, with high working interests. It has a 50 percent beneficial interest in the Tapir block in the Llanos Basin, which includes four producing fields.
The company ended Q1 by bringing the Mateguafa 11 well online in Tapir’s Mateguafa field, followed by the Mateguafa HZ12 well in mid-April. It had already drilled two other development wells at the field in Q1.
In late May, Arrow Exploration reported Q1 2026 average production of 4,715 barrels of oil equivalent per day (boe/d), a 15 percent increase year-over-year, with oil and natural gas revenue rising 21 percent to US$23.5 million.
In mid-September, Arrow Exploration reported a sharp increase in its mid-year 2026 oil and gas reserves, driven by its Icaco discovery in Colombia and the acquisition of the Thorsby asset in Alberta, Canada.
Proved reserves rose 110 percent to 11.4 million barrels of oil equivalent, while proved plus probable reserves increased 82 percent to 21.4 million barrels of oil equivalent, with an estimated pre-tax net present value of US$410 million. The update also noted that well production exceeded 6,000 boe/d, with additional drilling planned at Icaco to support further growth.
On October 22, Arrow reported record production exceeding 6,500 boe/d, driven by new wells at its Icaco field in Colombia. The IC-8 and IC-7 wells contributed a combined 726 boe/d net at restricted rates. Arrow also completed drilling its first horizontal well targeting the Carbonera C7 reservoir, identifying approximately 950 feet of potential oil pay.
Additionally, the company reported a cash balance exceeding US$28 million as of October 1.
Arrow shares also reached a year-to-date high of C$0.81 on October 22.
3. Cavvy Energy (TSX:CVVY)
Year-to-date gain: 184.78 percent
Market cap: C$777.17 million
Share price: C$2.62
Cavvy Energy is a Calgary-based Canadian energy company focused on the development, production, processing and marketing of natural gas, natural gas liquids and sulfur. The company also owns and operates natural gas gathering and processing infrastructure in Alberta and British Columbia, Canada, providing midstream services to third-party customers.
In mid-March, Cavvy Energy reported net operating income of C$110.5 million for 2025, while production declined 14 percent to 23,904 boe/d due to voluntary natural gas shut-ins. Proved and probable reserves increased 7 percent to 260.5 million barrels of oil equivalent. Additionally, third-party processing and marketing revenue rose 92 percent to C$38.8 million.
For Q1 2026, Cavvy reported a 29 percent year-over-year increase in net operating income to C$41.9 million for the first quarter of 2026, driven by higher sulfur prices and growing midstream revenue.
Production rose 9 percent to 24,655 boe/d, while third-party gas processing volumes increased 72 percent. The company also repaid US$27 million in debt, reducing its outstanding balance to US$88.9 million. Cavvy maintained its 2026 guidance at the time but said it is not planning for new development drilling in 2026 amid weak natural gas prices.
Cavvy’s Q2 results, released August 11, highlighted an 87 percent year-over-year increase in Q2 net operating income to C$49.6 million, driven by record sulfur prices and higher third-party processing revenue, and noted it repaid C$39.2 million in debt. Production during the quarter declined 18 percent to 21,497 boe/d due to scheduled plant downtime.
The company raised its 2026 net operating income guidance to a range of C$170 million to C$180 million, while lowering its year-end debt forecast to between C$75 million and C$85 million.
On July 31, Cavvy announced a one year agreement to sell 200,000 metric tons of sulfur in 2027 at a fixed price of US$525 per metric ton, covering approximately half of its forecast production. The deal includes two advance payments of US$45.8 million each and a US$4 million contribution from its marketing partner for infrastructure maintenance and capital expenditures.
Shares of Cavvy reached a year-to-date high of C$2.66 on October 16.
4. Tenaz Energy (TSX:TNZ)
Year-to-date gain: 180.22 percent
Market cap: C$2.41 billion
Share price: C$74.79
Tenaz Energy is an explorer and producer focused on acquiring and developing oil and gas assets, with core operations spanning the Dutch North Sea and Alberta’s Leduc-Woodbend region.
The company has established itself as the largest natural gas producer in the Dutch offshore sector while pursuing growth through both acquisitions and organic development.
On March 11, the company released its 2025 results, detailing two major acquisitions it made last year that expanded its operations in the North Sea. The first was NAM Offshore, which it renamed Tenaz Energy Netherlands, and the second was the US$244 million purchase of Hansa Hydrocarbons, which held a non-operating interest in the GEMS project.
These deals added immediate output and exploration potential. Growth is further supported by early drilling success at the K07 block. As noted in the release, Q4 production rose 32 percent quarter-on-quarter to average 15,556 boe/d, while full-year output surged 257 percent compared to 2024 at an average of 9,609 boe/d due to production from the acquisitions.
on May 6, Tenaz reported that Q1 2026 production averaged 16,183 boe/d, a small increase quarter-over-quarter but nearly five times higher year-over-year.
Capital investment totaled C$92 million in Q1, and Tenaz has increased its 2026 capital plan to US$300 million, citing a large inventory of high-return organic projects.
On August 5, Tenaz Energy reported second-quarter production of 17,125 boe/d. Funds flow from operations rose to C$74.2 million, while net income reached C$89 million, partly reflecting an unrealized gain on derivative instruments. The company estimated that production increased further to approximately 23,000 boe/d in July, supported by new Dutch natural gas wells.
Propelled by continued disruptions to key oil transport routes, shares of Tenaz rallied to a year-to-date high of C$74.79 on October 23, 2026.
5. Condor Energies (TSX:CDR)
Year-to-date gain: 108.04 percent
Market cap: C$357.51 million
Share price: C$4.14
Condor Energies is a Calgary-based energy company focused on Central Asia. Its core asset is a production enhancement contract with Uzbekistan’s state-owned JSC Uzbekneftegaz covering a cluster of eight natural gas-condensate fields. Condor holds a 51 percent interest in the project.
In Kazakhstan, the company is building a modular liquefied natural gas (LNG) facility to supply a diesel substitute fuel, and it holds two critical minerals licenses with lithium brine and copper potential.
In late January, Condor agreed to sell its Turkish subsidiary, which holds the Poyraz Ridge and Destan gas fields, a move the company said reinforces its focus on Central Asia. The buyer will pay a nominal cash amount plus a 10 year gross overriding royalty capped at US$10 million. The deal is subject to Turkish government approval.
Most of Condor’s 2026 news has come from horizontal drilling at the Kumli gas field in Uzbekistan.
In early April, the company reported that its K-46 horizontal well flowed at a peak rate of 18.3 million standard cubic feet per day (MMscf/d). Later that month, Condor closed a C$29.9 million bought deal financing at C$2.60 per share to fund Uzbekistan field development. A second drilling rig arrived in May.
On August 10, Condor reported milestone output of 17,925 boe/d over a 24 hour period after tying in the K-43 and K-44 horizontal wells. The company said the figure was 64 percent higher than production at the start of the year.
Three days later, Condor released its Q2 2026 results. Production averaged 13,851 boe/d during the period, a 35 percent increase year-over-year. Natural gas and condensate sales came in at C$27.14 million, up 20 percent from Q1.
Shares of Condor began climbing in mid-July and reached a year-to-date high of C$4.80 on August 31.
In mid-September, the company said its K-48 horizontal well flowed at a peak rate of 19.5 MMscf/d. K-48 targets a lower carbonate reservoir first identified by the K-42 vertical well. Condor also said its inventory of drillable prospects had grown to 58 locations, and that it moved one drill rig to the nearby Andakli field.
On October 15, Condor closed a C$71.55 million financing of 12 percent unsecured convertible debentures that convert at C$6 per share and mature in October 2029. Proceeds will fund a US$25.3 million field booster compressor in Uzbekistan and Condor’s first modular LNG facility at Saryozek, Kazakhstan, which is designed to produce 48,000 gallons of LNG per day.
The company is targeting Q2 2027 both for commissioning the compressor and for first LNG production.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.