While many investors and fossil fuel companies are reducing spending, Strathcona’s ambitious strategy has seen production increase from 5,000 barrels of oil a day to 185,000
producer. The combined company will have a market capitalization of $11.5-billion, including debt.
Strathcona was formed in 2020 through the merger of two companies backed by Waterous Energy Fund – Strath and Cona. In 2021, it bought a large stake in producer Osum Oil Sands Corp. to help maintain access to capital through size, and last year it acquired private equity-backed Serafina Energy for $2.3-billion.
It has plays in the Cold Lake oil sands region of Alberta, the Lloydminster and North Battleford heavy oil regions of Saskatchewan and the Montney natural gas basin that spans west-central Alberta and northeastern British Columbia. Strathcona’s bullish strategy has allowed the company to increase production from 5,000 barrels of oil a day to 185,000.
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