Company Profile


Strathcona Resources Ltd. is one of the largest private-equity owned energy companies in North America and an industry-leading consolidator and developer of top decile oil and gas assets.

Focused on thermal oil, enhanced oil recovery and condensate-rich Montney, our operations are located in the Cold Lake oil sands region of Alberta, the Lloydminster heavy oil region, and the Montney natural gas basin spanning west central Alberta and NE British Columbia. Annual guidance for 2022 production at these operations totals 99,000 – 103,000 barrels of oil equivalent per day, weighted 85% to liquids and an industry-leading Proven Reserve Life Index given the long-life nature of our assets.

Our strategy for continued growth is focused on the acquisition of high-quality, high-performing assets combined with the optionality to grow production organically via low-cost brownfield expansion projects utilizing our existing infrastructure. We manage risk through our financial strength, asset and commodity diversification and disciplined allocation of capital while consistently seeking innovative ways to improve our asset performance.

At our core is our people, essential to Strathcona’s high productivity and culture in which we live our values, encourage curiosity, and support personal growth. We are committed to maintaining our high standard of safety, operational and environmental performance while being positively involved in the communities where we live and work.

Taking our name from Donald Smith, Lord Strathcona, the most successful oilman in Canadian history, we hope to honour him by pursuing innovation and excellence in all we do.


Map

Historical Business Combinations

Caltex and Stickney Acquisitions

On March 11, 2022, Caltex and Stickney were amalgamated into Strathcona.

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Osum Acquisition

On June 11, 2021, Waterous Energy Fund announced the amalgamation of Strathcona Resources Ltd. and Osum Oil Sands Corp.

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Strath Amalgamation

On August 14, 2020, Cona Resources Ltd. and Strath Resources Ltd. amalgamated to form Strathcona Resources Ltd.

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Pengrowth Acquisition

On January 7, 2020, Cona Resources Ltd. acquired Pengrowth Energy Corporation.

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Management

Rob Morgan
President & Chief Executive Officer

Rob is a Professional Engineer with more than 35 years of experience in the oil and gas industry, largely focused on heavy oil and Montney development. In addition to his previous roles as Director, President and Chief Executive Officer of Cona Resources, Rob has extensive senior management experience including six years as Chief Operating Officer at Crew Energy Inc. and various executive positions with Harvest Operations Corporation, Viking Energy Trust and Petrovera Resources Ltd.

Rob holds a Bachelor of Science degree in Chemical Engineering from the University of Saskatchewan. He also sits on the Board of Directors for Explorers and Producers Association of Canada and is a member of the Alberta Security Commission’s Petroleum Advisory Committee.

Michael Makinson
Senior Vice-President & Chief Financial Officer

Michael has more than 40 years of experience in the oil and gas industry and brings a broad range of knowledge to Strathcona including corporate strategy, leadership, equity and debt financing and risk management. He has been the CFO of Strathcona and predecessor companies since November 2009. Previously, Michael served as Vice-President, Finance and CFO of Toronto Stock Exchange listed companies TUSK Energy Corporation, Milagro Energy Inc. and BXL Energy Ltd.  He also served on the board of directors of Milagro and BXL.

Michael received a Bachelor of Commerce from the University of Calgary and holds a CPA, CA designation.

Connie De Ciancio
Vice-President, Corporate

As Vice-President, Corporate, Connie leads the Business Development, HR, Communications, Land and Stakeholder Relations units in building strong, mutually beneficial partnerships both internally and externally. With more than 25 years of industry experience, she previously served as Vice-President, Business Development and Land at Strath and Vice President, Land at Mosaic Energy Ltd. Connie started her career with 12 years at Petro-Canada Oil and Gas, holding various positions including Negotiating Landman, Joint Venture Representative and Team Leader.

Connie holds a Bachelor of Commerce degree with a focus on Petroleum Land Management from the University of Calgary’s Haskayne School of Business.

Nolan Lerner
Vice-President, Production

Nolan leads Strathcona’s production, field operations, health, safety and environmental units across Western Canada, bringing more than 15 years of experience to the company. Previously, Nolan served as Vice-President, Development (Cona 2017-2020), and held positions of increasing responsibility at Cona Resources, Penn West Exploration Ltd. and Talisman Energy with a focus on development and production management of conventional and unconventional resources.

A Professional Engineer, Nolan earned a Bachelor of Science degree in Industrial Systems Engineering from the University of Regina.

Scott Seipert
Vice-President, Finance

Overseeing Strathcona’s accounting and finance teams, Scott brings over 25 years of leadership experience in the oil and gas industry to the company. Previously, Scott held the position of Vice-President, Finance at Strath and prior thereto served as Chief Financial Officer and Controller at Mosaic Energy Ltd. Before joining Mosaic, Scott held the position of Vice-President, Finance & Chief Financial Officer at Evolve Exploration Ltd.

Scott is a member of the Chartered Professional Accountants of Alberta.

Mark Teasdale
Vice-President, Operations

Mark brings more than 20 years of experience in development of conventional and unconventional assets to his strategic leadership of Strathcona’s operations across Western Canada. Previously serving as Production and Completions Manager at Strath, Mark started his career at BP Canada Energy, holding positions of increasing responsibility. He later moved to Houston, working on multiple shale plays with both BP plc and Apache Corporation. Prior to moving over to Strath in September 2017, Mark was with Apache Canada as production manager.

Mark is a Professional Engineer and holds a Bachelor of Science degree in Civil & Environmental Engineering from the University of Alberta.

Tim Waters
Vice-President, Development

With more than 25 years of comprehensive industry experience, Tim leads Strathcona’s subsurface and development planning to sustainably increase production and reserves through organic growth, technical innovation and acquisitions. Prior to joining Strathcona, Tim held progressively senior positions in several mid- and large-cap oil and gas producers, including Vice-President, Development at Devon Canada.

A Professional Engineer, Tim earned a Bachelor of Science degree in Mechanical Engineering from the University of Calgary.

Board of Directors

Adam Waterous, Chairman
Managing Partner & Chief Executive Officer, Waterous Energy Fund

Steve Fagan, Vice-Chairman
Independent Business Leader

Michael Buckingham
Managing Director, Waterous Energy Fund

Henry Hager
Managing Director, Waterous Energy Fund

Andrew Kim
Chief Financial Officer, Waterous Energy Fund

Rob Morgan
President & Chief Executive Officer, Strathcona

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