CALGARY – Oil and gas producers Whitecap Resources Inc. and Veren Inc. are joining forces in a $15-billion deal to create the biggest landholder in two Alberta shale formations.
Under the all-stock transaction, Veren shareholders are to get 1.05 shares of Whitecap for each Veren share they own.
The combined company is to be led by Whitecap’s existing management team under the Whitecap name.
Four directors are to join the Whitecap board of directors, including Veren’s current chief executive, Craig Bryksa.
The deal is expected to close before May 30.
Whitecap CEO Grant Fagerheim says the deal gives his company a leading position in the Montney and Duvernay shales in western Alberta, which are rich in valuable natural gas liquids.
Bryksa says the transaction positions the new company to be stronger and more resilient.
This report by The Canadian Press was first published March 10, 2025.
Companies in this story: (TSX:VRN) (TSX:WCP)
