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Announced

Waterous Energy Fund to combine Strath Resources and Cona Resources to create Strathcona Resources.

Financials

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Transaction Value-
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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oil production

Acquisition

Private

United States

Friendly

Private Equity

oil producer

Integrated Oil and Gas

Merger

Pending

Single Bidder

Synopsis

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Waterous Energy Fund, a private equity firm, is set to combine its portfolio companies Strath Resources and Cona Resources to create Strathcona Resources, a wholly private equity-owned, oil-weighted producer in North America. Financial terms were not disclosed. "We believe that the Strath and Cona assets fit perfectly together, with Strath's condensate and natural gas production closely matching Cona's condensate and natural gas operational requirements. Together, Strath and Cona create a premier company with sufficient scale and commodity diversity to withstand the current market volatility and generate substantial free cash flow after sustaining capital expenditures. This transaction fits with WEF's strategy of acquiring companies with trophy properties in special situations and pursuing an action-oriented value creation plan through recapitalising, restructuring and repositioning the businesses," Adam Waterous, WEF CEO.

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