Waterous Energy Fund announces the amalgamation of Strathcona Resources Ltd. and Osum Oil Sands Corp. and the closing of a new C$1.0 billion covenant-based credit facility
Published: Friday, June 11, 2021
Transaction creates the largest private equity-owned oil producer in North America, with ~ 1.7 BnBoe of 2P reserves, ~80,000 Boe / d of production, and a ~60-year reserve life
Financing marks the first new covenant-based loan issued to a Canadian oil and gas producer since 2018 and the first ever for a private exploration and production company in Canada
CALGARY, AB, June 11, 2021 /CNW/ - Waterous Energy Fund (“WEF”) today announced the closing of the amalgamation of its two portfolio companies, Strathcona Resources Ltd. (“Strathcona”) and Osum Oil Sands Corp. (“Osum”). The amalgamated entity will continue in business under the name Strathcona Resources Ltd. and will remain 100% owned by WEF, WEF co-investors and Strathcona employees. Strathcona is the product of nine separate transactions completed by WEF since 2017, including three take-private transactions and two bankruptcy situations.
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