Strathcona Resources completes Tucker, Caltex acquisitions

CALGARY — Strathcona Resources Ltd. has completed its acquisition of privately held oil company Caltex Resources Ltd. as well as the Tucker thermal oil property previously owned by Cenovus Energy Inc.

Calgary-based investment firm Waterous Energy Fund, which owns Strathcona, says the resulting amalgamation creates one of the largest private equity-backed oil companies in North America.

It says Strathcona Resources Ltd. now has production capabilities of approximately 110,000 barrels of oil equivalent per day throughout Alberta and Saskatchewan.

Waterous Energy Fund was founded in 2017 and has invested $2 billion of private equity since then in the North American energy industry.

Strathcona is an amalgamation of two Waterous Energy Fund portfolio companies, Strath Resources and Cona Resources. The two companies combined in August 2020.

Cona Resources acquired Pengrowth Energy Corp. in January 2020 for $740 million.

This report by The Canadian Press was first published March 14, 2022.

The Canadian Press