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-tier 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 and North Battleford heavy oil region, and the Montney natural gas basin spanning west central Alberta and NE British Columbia. Annual guidance for 2023 production at these operations totals 148,000 – 154,000 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 using 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.


Historical Business Combinations

Serafina Acquisition

On August 29, 2022, Strathcona completed the acquisition of privately held and primarily Saskatchewan-based heavy oil company Serafina Energy Ltd.

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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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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.

Connor Waterous
Senior Vice-President & Chief Financial Officer

As co-founder and Managing Director of the Waterous Energy Fund, Connor brings significant investment banking and private equity expertise to Strathcona with a focus on energy and natural resource development. Previously, he served as a member of the energy private equity team at both Kohlberg Kravis Roberts (KKR) in New York and the Blackstone Group. He was also part of Barclay’s Capital natural resource investment banking group.

Connor holds a Bachelor of Arts in Economics from Harvard College where he graduated Magna Cum Laude and was named a John Harvard Scholar.

Connie De Ciancio
Vice-President, Corporate

As Vice-President, Corporate, Connie leads the Business Development, HR, Communications, Land, Stakeholder Relations and Environmental, Social and Governance 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, Development - Montney & Lloydminster Heavy Oil

Nolan leads Stratchona’s development, production, geosciences, and reservoir engineering for Montney and Lloydminster Heavy Oil. Previously, Nolan served as Vice-President, Production where he oversaw production, field operations and health, safety and environmental units across Western Canada. Bringing more than 15 years of experience to the company, Nolan has 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, Development - Thermal

Mark brings more than 20 years of experience in development of conventional and unconventional assets to his strategic leadership of Strathcona’s thermal development across Western Canada. Previously, Mark held the position of Vice President, Operations at Strathcona and prior thereto served 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.

Al Grabas
Vice-President, Capital Operations

As Vice-President, Capital Operations, Al is responsible for the execution of Strathcona’s capital programs, including drilling, completions, construction, facility engineering and supply chain management. Previously, Al served as Vice-President, Production at Strath and held positions of increasing responsibility at Bruin Oil and Gas, Polar Star Oil and Gas, Perpetual Energy and Gulf Canada / Conoco Phillips. Al brings over 27 years of oil and gas experience to the company, with a focus in production, facilities and field operations.

As a Professional Engineer, Al holds a Bachelor of Science degree Mechanical Engineering from the University of Alberta.

Dale Babiak
Vice-President, Production Operations

With over 35 years of oil and gas experience, Dale oversees all field and plant operations as well as asset integrity and health, safety, environment and regulatory (HSER). Previously, Dale served as Senior Operations Manager – Gas Portfolio and Integrity Services and held positions of increasing responsibility at Cona Resources, Pengrowth Energy and Imperial Oil, with a focus on production operations and integrity services.

Dale holds a diploma in Hydrocarbon Engineering Technology from NAIT.

Board of Directors

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

Steve Fagan, Vice-Chairman
Independent Business Leader

Henry Hager
Managing Director, Waterous Energy Fund

Andrew Kim
Chief Financial Officer, Waterous Energy Fund

Rob Morgan
President & Chief Executive Officer, Strathcona

David Roosth
Managing Director, Waterous Energy Fund

Connor Waterous
Senior Vice-President & Chief Financial Officer, Strathcona
Managing Director, Waterous Energy Fund

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