Strathcona to become fifth-largest Canadian oil producer after Pipestone takeover

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In a conference call on Aug. 1, Waterous said that Strathcona has decided to go public since it believes that the sector in general is undervalued and provides “multiple attractive acquisition” opportunities. He added that while many of Strathcona’s targets were happy to take cash, there are others interested in partnering with the company by acquiring shares in a public company.Article content

Owned by private equity firm Waterous Energy Fund, Strathcona has been a big buyer of Canadian oil and gas assets ever since it was formed in 2020. It acquired Saskatchewan-based heavy oil company Serafina Energy Ltd. in August last year. It purchased Caltex Resources in March 2022 and Osum Oil Sands Corp. in June 2021.

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Strathcona buys rival to go public, create Canada's 5th biggest oil companyCanadian oil producer Strathcona Resources said on Tuesday it will go public by acquiring smaller rival Pipestone Energy Corp in an all-stock deal that will value the combined business at C$8.6 billion ($6.49 billion), creating the country's fifth largest oil producer.
Source: Reuters - 🏆 2. / 97 Read more »