Strathcona Resources Ltd. (“Strathcona”) has successfully closed the acquisition of Pipestone Energy Corp. (“Pipestone”). The transaction, executed through a plan of arrangement under the Business Corporations Act (Alberta), saw existing Pipestone shareholders receive 0.067967 common shares of Strathcona for each Pipestone common share.
Trading Symbol and Listing Status
As a result of the acquisition, Strathcona will transition into a publicly traded reporting issuer on the Toronto Stock Exchange (TSX) under the symbol TSX:SCR. Trading of Strathcona common shares is scheduled to commence on or about Thursday, October 5, 2023, leading to the delisting of Pipestone’s shares.
About Strathcona
Strathcona Resources is rapidly emerging as one of North America’s leading oil and gas producers, with a strategic focus on thermal oil, enhanced oil recovery, and liquids-rich natural gas. The company’s growth strategy revolves around the consolidation and development of long-life oil and gas assets. Strathcona’s common shares (symbol SCR) are already listed on the TSX, and this move marks a significant development in its corporate journey.
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Forward-Looking Statements and Information
This release includes forward-looking statements and information (collectively “forward-looking information”) in accordance with applicable securities laws. The forward-looking information is based on Strathcona’s current expectations, estimates, projections, assumptions, and beliefs, utilizing expressions such as “believe,” “estimate,” “anticipate,” “expect,” “plan,” “predict,” and similar terms.
The forward-looking information covers various aspects, including the anticipated timing of Strathcona’s shares trading on the TSX, the delisting of Pipestone’s shares, and statements about Strathcona’s strategy, development, opportunities, and future prospects.
Cautionary Note on Forward-Looking Information
While Strathcona deems the expectations and assumptions in the forward-looking information as reasonable, there’s no guarantee of future performance. Known and unknown risks, uncertainties, and other factors could cause actual results to differ materially from the forward-looking information.
Factors contributing to such differences include, but are not limited to, the satisfaction of conditions for Strathcona’s shares trading on the TSX, the potential failure to achieve the expected benefits of the acquisition, changes in economic conditions, operational risks associated with oil and gas activities, regulatory changes, availability of capital, and other risks outlined in the management information circular of Pipestone dated August 25, 2023.
Conclusion and Forward-Looking Information Update
Strathcona maintains confidence in the reasonableness of the expectations in the forward-looking information. However, readers are advised not to place undue reliance on such information. The forward-looking information is valid as of the release date, and Strathcona undertakes no obligation to publicly update or revise it, except as required by applicable securities laws. The forward-looking information is qualified in its entirety by this cautionary statement.
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