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Business Combinations

Pipestone

Acquisition Date:3 October, 2023

On Oct. 3, 2023, Strathcona transitioned to become a publicly traded company after completing the acquisition of Montney-focused oil and gas company Pipestone Energy Corp. Strathcona trades on the Toronto Stock Exchange under the symbol SCR.

Serafina

Acquisition Date:29 August, 2022

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

Stickney

Acquisition Date:31 January, 2022

On January 31, 2022, Strathcona and Waterous Energy Fund jointly acquired the Tucker asset through an acquisition entity named Stickney Resources Ltd. (“Stickney”).

From January 31 to March 11, 2022, Stickney operated as a separate entity from Strathcona. Strathcona acted as administrative service provider for this period.

On March 11, 2022, Stickney was amalgamated into Strathcona.

Caltex

Acquisition Date:30 November, 2021

On November 30, 2021, Strathcona and affiliates of Waterous Energy Fund jointly acquired all of the outstanding shares of Caltex Resources Ltd. (“Caltex”). As Caltex was a private company, there will be no 2021 tax slips issued by Strathcona for the share purchase.

From November 30, 2021 to March 11, 2022, Caltex operated as a separate entity from Strathcona. Strathcona acted as administrative service provider for this period.

On March 11, 2022, Caltex was amalgamated into Strathcona.

Osum

Acquisition Date:11 June, 2021

On March 15, 2021, Waterous Energy Fund (“WEF”), by its subsidiary WEF Osum Acquisition Corp. (“WOAC”), acquired a majority position in Osum pursuant to a takeover bid launched in November 2020. On April 30, 2021, WEF acquired the remaining issued and outstanding Osum Shares upon the amalgamation of WOAC and Osum (the “Amalgamation”). Through a series of transactions in connection with the Amalgamation, the remaining shareholders of Osum were entitled to receive cash consideration of $3.00 per Osum Share (the “Redemption Consideration”) pursuant to the terms of an amalgamation arrangement between Osum and WOAC (the “Amalgamation Agreement”). On June 11, 2021, Strathcona amalgamated with Osum and continued as Strathcona Resources Ltd.

In order to receive the Redemption Consideration payable in respect of Osum Shares, send the completed letter of transmittal to Kingsdale Advisors (“Kingsdale”) at the address specified in the letter of transmittal, together with the original certificates or DRS Advice(s) representing Osum Shares, and such other documents and instruments as Kingsdale may reasonably require.

The Amalgamation Agreement provides that any certificate formerly representing Osum Shares that is not deposited together with all other required documents by April 29, 2024, being the last business day before the third anniversary of the effective date of the Amalgamation, ceases to represent a right or claim by or interest of any kind or nature, including the right of former holders of Osum Shares to receive the consideration payable pursuant to the Amalgamation.

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Strath & Cona

Acquisition Date:14 August, 2020

On August 14, 2020, Cona Resources Ltd. (“Cona”) and Strath Resources Ltd. (“Strath”) amalgamated to form Strathcona Resources Ltd. (“Strathcona”).

Pengrowth

Acquisition Date:7 January, 2020

On January 7, 2020, Cona Resources Ltd. (“Cona“) acquired Pengrowth Energy Corporation (“Pengrowth”) by way of a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement”). Under the Arrangement, non-dissenting shareholders of Pengrowth were entitled to receive the following consideration in exchange for their common shares of Pengrowth:

  • cash consideration of $0.05 per common share (the “Cash Consideration”); and
  • a right to each shareholder’s pro-rata portion of any proceeds with respect to a then ongoing litigation matter with Grand Valley Resources Corp. (the “GVR Litigation”) as a dividend in kind (the “Litigation Proceeds”).

As part of the Arrangement, the GVR Litigation and the Litigation Proceeds, less applicable costs, were assigned to a litigation trustee to be held in trust for former shareholders of Pengrowth (the “Litigation Trust”). On April 2, 2020, the Litigation Trust announced the sale of all the issued and outstanding shares of the Litigation Trust, along with all rights to the GVR Litigation, to Omni Bridgeway. Each former Pengrowth shareholder was entitled to receive an additional approximate $0.025 per common share.

For further details on the Arrangement, please consult Pengrowth’s Management Information Circular dated November 18, 2019, a copy of which is available on the SEDAR+ website.

Under the Arrangement, any certificate formerly representing Pengrowth Shares that was not deposited, together with all other required documents, on January 6, 2023, being the last business day before the third anniversary of the effective date of the Arrangement, ceased to represent a right or claim by or interest of any kind or nature, including the right of former holders of Pengrowth Shares to receive the consideration payable pursuant to the Arrangement. Strathcona further provided a discretionary grace period that expired on July 31, 2023.