Waterous Energy Fund Management Corp. (“WEF Manager”), as manager of multiple funds—including Waterous Energy Fund III (Canadian) LP, (US) LP, (International) LP, (Canadian FI) LP, and (International FI) LP (together, the “WEF Receiptholders”)—announced that on June 27, 2025, the WEF Receiptholders purchased 21,400,000 subscription receipts of Strathcona Resources Ltd. (TSX: SCR) at a price of $30.92 each. The total purchase price was approximately $661,688,000 (the “Investment”).
The WEF Manager also manages other limited partnerships, including Waterous Energy Fund (Canadian) LP, (US) LP, (International) LP, and Waterous Energy Fund II Aggregator LP. Together with the WEF Receiptholders and certain other entities under its management, these partnerships form the broader “WEF Funds.”
Before the Investment, the WEF Funds collectively owned 170,536,718 common shares of Strathcona Resources, representing approximately 79.6% of all issued and outstanding shares. After the Investment, the WEF Funds continue to hold those same common shares and now also own all 21,400,000 subscription receipts.
The subscription receipts were purchased for investment purposes and in connection with Strathcona’s proposed acquisition of all outstanding common shares of MEG Energy Corp. (TSX: MEG) not already owned by Strathcona or its affiliates, via a formal take-over bid (the “Offer”). Funds from this Investment will partially finance the cash portion of the Offer. Completion of the Offer is subject to customary conditions, including regulatory and stock exchange approvals.
The WEF Funds may adjust their holdings—whether of the common shares (in the open market or otherwise) or the subscription receipts (in accordance with securities laws)—depending on market conditions, strategic developments, and other relevant factors. The WEF Funds and/or their affiliates may also consider actions outlined in paragraphs (a) through (k) of Item 5 in Form 62-103F1 – Required Disclosure Under the Early Warning Requirements.
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