Research Firm Names Top 5 Energy Picks for 2026

Source: Bill Newman 01/12/2026

Condor Energies Inc. (CDR:TSX.V), Criterium Energy Ltd. (CEQ:TSX.V), Reconnaissance Energy Africa Ltd. (RECO:TSX.V; RECAF:OTCQX; 0XD:FSE), Tenaz Energy Corp. (TNZ:TSX) and Valeura Energy Inc. (VLE:TSX; PNWRF:OTCMKTS) each offers a distinct path to value, noted a Research Capital Corp. report. Read on to learn more about these Buy-rated oil and gas firms.

Analyst Bill Newman presented Research Capital Corp.’s 2026 Top Picks in energy, five international oil and gas companies, in a Jan. 5 research update.

“This portfolio of stocks offers compelling but differentiated risk-reward profiles as we enter the year,” Newman wrote. “Together, these names provide diversified exposure to operational catalysts, balance sheet strength, and rerating potential through 2026.”

The diverse set encompasses frontier exploration, development monetization, organic production growth, acquisition capacity, and transformational appraisal drilling, the analyst noted.

Here are Research Capital Corp.’s choices, all of them in its coverage universe:

Condor Energies Inc.

Condor Energies Inc. (CDR:TSX.V) simultaneously is advancing three large-scale projects in Central Asia, “each with company-making potential,” Newman wrote. At its Uzbekistan operations, near-term production and cash flow growth are expected to boost the company’s financial performance. Condor’s liquefied natural gas (LNG) facility in Kazakhstan, the country’s first, is on track for initial production and sales this year. The company’s lithium brine portfolio, also in Kazakhstan, adds longer-term upside.

Catalysts:

• January 2026: Production test results from the first horizontal well in Uzbekistan
• LNG offtake agreements, timing to be announced
• Q3/26, first LNG production and sales from the Saryozek facility

Rating: Speculative Buy

Target: CA$5.15/share

Market Cap: CA$133 million (CA$133M)

Criterium Energy Ltd.

Criterium Energy Ltd. (CEQ:TSXV) is entering a transformational growth phase through gas monetization, or the staged tie-in of its discovered gas fields, part of its transition into a multifield natural gas producer from a small oil producer, in Indonesia.

“With infrastructure now secured, first gas expected in 2026 and development largely funded by third parties, the company offers asymmetric upside driven by execution rather than exploration risk,” Newman wrote.

Catalysts:

• H1/26: First gas from Southeast Mengoepeh
• Q1/26: More production testing at North Mengoepeh
• Execution of long-term gas sales agreement
• Progressive tie-in of additional gas fields in its portfolio

Rating: Speculative Buy

Target: CA$0.20/share

Market Cap: CA$11M

Reconnaissance Energy Africa Ltd.

Reconnaissance Energy Africa Ltd. (RECO:TSXV; RECAF:OTCQX; 0XD:FSE) Energy offers near-term upside in Namibia and lower-risk appraisal and development exposure in Gabon where it is advancing Loba field development. This rare combination represents a high-risk, high-reward opportunity in advance of a pivotal 2026 production test at Kavango West 1X (KW1X) in Namibia. Positive results there could be a game changer, Newman noted.

Catalysts:

• Q1/26: Production test results from KW1X
• Decision on appraisal follow-up drilling at KW1X
• 2026: Gabon seismic reprocessing and independent resource assessment

Rating: Speculative Buy

Target: CA$4.40/share

Market Cap: CA$315M

Tenaz Energy Corp.

Tenaz Energy Corp. (TNZ:TSX) offers a compelling mix of visible multiyear production growth, strong free cash flow generation, and exposure to premium European natural gas pricing. After its 2025 acquisitions, Tenaz became the largest natural gas producer in the Dutch North Sea, its core growth engine, where three rigs are active.

Catalysts:

• Ongoing results from the Dutch North Sea drill program
• Production ramp-up and infill results at N05-A Platform in the Dutch North Sea
• Potential additional acquisitions to further enhance scale and cash flow

Rating: Buy

Target: CA$35/share

Market Cap: CA$848M

Valeura Energy Inc.

Valeura Energy Inc. (VLE:TSX; PNWRF:OTCMKTS) combines a low-risk, cash-generating offshore production base in Thailand with a “pristine” balance sheet and multiple reinvestment pathways, positioning it for organic growth and redevelopment-led value creation. Valeura is redeveloping Thailand’s Wassana oil field, a cornerstone growth project. The company continues to pursue nonorganic growth opportunities that could deliver material upside and drive further share price appreciation.

Catalysts:

• Continued execution of low-risk development and appraisal drilling in Thailand
• Progress updates on Wassana redevelopment
• Appraisal and development planning on PTT Exploration and Production Plc’s farm-in blocks
• Potential material acquisitions

Rating: Buy

Target: CA$14/share

Market Cap: CA$863M

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1. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Research Capital Corp., January 5, 2026

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( Companies Mentioned: CDR:TSX.V, CEQ:TSXV, RECO:TSXV;RECAF:OTCQX;0XD:FSE, TNZ:TSX, VLE:TSX; PNWRF:OTCMKTS, )

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