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Strathcona Resources Ltd. Announces Agreement to Acquire Greenfire Resources Ltd.
The deal gives Greenfire shareholders a choice of cash or stock and could create a combined oil sands producer with more than 3.0 billion barrels of reserves.
- Strathcona Resources Ltd. announced Sunday it reached a definitive agreement to acquire Greenfire Resources Ltd. in a deal valued at up to $2.9 billion, expanding its Alberta oil sands operations.
- Greenfire shareholders may elect 0.25 Strathcona shares or $11 cash per share. Waterous Energy Fund , holding 72% of Greenfire and 57% of Strathcona, signed a support agreement backing the deal.
- To manage Greenfire's assets, Strathcona will create SCR Central Athabasca, a new business unit led by Greenfire President Colin Germaniuk. The unit will function semi-autonomously to maximize operational performance.
- Strathcona anticipates $75 million in annual run-rate synergies within the first year of combined operations. Greenfire's $2.8 billion in tax pools should extend Strathcona's cash tax horizon from 2027 to 2031, yielding approximately $400 million in savings.
- Shareholder meetings are expected in January 2027, with closing shortly thereafter pending court, shareholder, and regulatory approvals. The transaction requires two-thirds vote approval at each meeting plus minority shareholder consent under MI 61-101.
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