Strathcona Resources closes Pipestone Energy merger deal

CALGARY – Strathcona Resources Ltd. says it has closed its merger with Pipestone Energy Corp.

Pipestone shareholders voted to approve the deal last week in a move to create the fifth largest oil producer in Canada.

Under the terms of the deal, Pipestone shareholders received 9.05 per cent of the equity in the merged company, while Strathcona becomes a public company.

It will be listed on the Toronto Stock Exchange under the symbol SCR.

Trading of Strathcona shares is expected to begin on or about Thursday when Pipestone’s shares will be delisted.

The companies have said the merged company will have production of about 185,000 barrels of oil equivalent per day across the Cold Lake, Lloydminster and Montney oil-producing regions.

This report by The Canadian Press was first published Oct. 3, 2023.

Companies in this story: (TSX:SCR, TSX:PIPE)