Whitecap Resources and Veren combine and create a leading Canadian light oil and condensate producer

On May 12, 2025, Whitecap Resources Inc. ("Whitecap") announced the successful closing of its strategic combination with Veren Inc. ("Veren"), creating the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada.

The all-share transaction, valued at approximately C$15 billion (inclusive of net debt), was announced on March 10, 2025. Under the terms of the definitive business combination agreement, the combination was structured through a plan of arrangement under the Business Corporations Act (Alberta) whereby. Veren shareholders received 1.05 common shares of Whitecap for each common share of Veren held. Following the close of the transaction, shareholders of Whitecap pre-closing owned approximately 48% of the total outstanding common shares of the combined company and former Veren shareholders owned approximately 52%.

Now the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan with an enviable portfolio of premium drilling opportunities, the combined company is led by Whitecap's management team along with an eleven-member board of directors, seven of which were existing Whitecap directors.

BMO Capital Markets acted as financial advisor to Veren, and Scotiabank acted as financial advisor to the independent special committee (the "Special Committee") of the board of directors of Veren (the “Veren Board of Directors”) formed to consider and review the transaction. Each of BMO Capital Markets and Scotiabank provided a verbal opinion to the Veren Board of Directors and the Special Committee, respectively, that the exchange ratio under the plan of arrangement was fair to Veren shareholders, from a financial point of view.

Further information can be found on Canada Newswire’s website and on prnewswire.com.

Whitecap is a Canadian oil & liquids weighted growth company that pays a monthly cash dividend to its shareholders.