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CALGARY, AB , Aug. 1, 2023 /CNW/ – Strathcona Resources Ltd. ( “Strathcona” ) and Pipestone Energy Corp. ( TSX: PIPE ) ( “Pipestone” ) are pleased to announce that they have entered into a definitive agreement (the “ Arrangement Agreement “), pursuant to which Strathcona will acquire all of the issued and outstanding common shares of Pipestone for 100% share consideration (the “Transaction” ). Upon closing of the Transaction, Strathcona will become a public reporting issuer in Canada. Upon closing of the transaction, Strathcona will become a publicly traded reporting issuer. Strategic Transaction Rationale for Pipestone Shareholders: The Pipestone Board and management team view this transaction as being in the best interests of Pipestone shareholders. The Company has grown its production rapidly since inception, developing an economically attractive asset base. This all-share combination provides Pipestone shareholders with a meaningful ownership stake in a large, low-decline rate, oil-weighted producer with more than 35 years of highly economic development inventory and significant tax shelter to optimize future growth. Continued Ownership Stake in a Highly Differentiated Producer: The combined company will have three core areas, each with meaningful scale and inventory, and a balance of heavy oil, condensate / NGLs and […]
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