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Strathcona Resources Ltd. Reports Year End 2023 Reserves

Strathcona, working with Canada Growth Fund (CGF), has become the first oil and gas producer in the world to establish an economic framework for advancing post combustion carbon capture and sequestration (CCS) projects on SAGD facilities.

Calgary, Alberta (March 11, 2024) – Strathcona Resources Ltd. (“Strathcona”) (TSX: SCR) today reported its year end 2023 reserves.

The tables below summarize Strathcona’s year end 2023 reserves which were prepared by McDaniel & Associates Consultants Ltd. (“McDaniel”) and Sproule Associates Limited (“Sproule”). A complete filing of our oil and gas reserves and other oil and gas information presented in accordance with National Instrument  51-101 – Standards of Disclosure for Oil and Gas Activities will be included in Strathcona’s Annual Information Form for the year ended December 31, 2023, to be released in late March 2024.

In addition, a letter to shareholders regarding its year end 2023 reserves has been posted on Strathcona’s website at https://www.strathconaresources.com/investors/#reports. Shareholders are encouraged to read the letter, which provides additional detail on Strathcona’s 2023 reserves, including a summary of growth and value creation since 2017..

Summary of Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2023

Notes:   

(1) Conventional Natural Gas (Solution Gas) includes all gas produced in association with light and medium crude oil and heavy crude oil.

(2) Figures may not add due to rounding.

Summary of Net Present Value of Future Net Revenue Attributable to Oil and Gas Reserves (Forecast Prices and Costs) as of December 31, 2023

Notes:   

(1)           Net present value of future net revenue includes all resource income, including the sale of oil, gas, by-product reserves, processing third party reserves and other income.

(2)           Calculated using net present value of future net revenue before deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes.

(3)           Calculated using net present value of future net revenue after deducting income taxes, discounted at 10% per year, and net reserves. The unit values are based on net reserves volumes.

(4)           Figures may not add due to rounding.

Forecast Prices and Costs

Notes:  

(1)           Product sale prices will reflect these reference prices with further adjustments for quality and transportation to point of sale.

(2)           Inflation rates for forecasting costs only. Prices inflated at 2% after 2024 where applicable.

(3)           The exchange rate is used to generate the benchmark reference prices in this table.

Reconciliation of Changes in Gross Reserves(1)

Notes:  

(1)           Gross reserves means Strathcona’s working intertest reserves before calculation of royalties, and before consideration of Strathcona’s royalty interests.

(2)           Additions due to new wells drilled and booked during the year, and any reserve changes due to enhanced oil recovery.

(3)           Technical revisions also include changes in reserves associated with changes in operating costs, capital costs and commodity price offsets.

(4)            Additions where no reserves were previously booked.

(5)           Changes to reserves volumes due to changes in price forecasts and/or inflation rates.

(6)            Figures may not add due to rounding

Undiscounted Future Net Revenue by Reserves Category

Notes:  

(1) Figures may not add due to rounding

Fourth Quarter Financial and Operating Results and Conference Call

Strathcona will release its fourth quarter 2023 financial and operating results after market close on March 26, 2024 and will host a conference call on March 27, 2024 starting at 9:00AM MT (11:00AM ET).

About Strathcona

Strathcona Resources is one of North America’s fastest growing oil and gas producers with operations focused on thermal oil, enhanced oil recovery and liquids-rich natural gas. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life oil and gas assets. Strathcona’s common shares (symbol SCR) are listed on the Toronto Stock Exchange.

For more information about Strathcona Resources, visit www.strathconaresources.com.

Media inquiries:

communications@strathconaresources.com

Investor inquiries:

info@strathconaresources.com