Core Viewpoint - Strathcona Resources Ltd. has confirmed the payment of a special distribution of $10.00 per share and provided updates on its capital structure, including debt management and liquidity enhancements [1][2][4][5]. Special Distribution - The special distribution of $10.00 per share has been completed and will be distributed to registered shareholders by Odyssey Trust Company after December 22, 2025 [2]. - Beneficial shareholders will receive the distribution through their intermediaries, which may vary in timing based on their procedures [2][3]. Capital Structure Update - Strathcona has issued a notice of redemption for all outstanding US$500 million 6.875% Senior Notes due 2026, with a redemption date set for December 30, 2025 [4]. - The company has closed an upsized and extended bank credit facility, increasing the total facility size to approximately $3.490 billion from $3.255 billion, with a maturity extension to March 2030 [5]. - Strathcona disposed of its entire marketable security portfolio for approximately $1.390 billion, resulting in a gain of about $101 million compared to September 30, 2025 [6]. Financial Projections - Pro forma for the special distribution, Senior Notes redemption, and the disposition of public securities, Strathcona expects approximately $2.1 billion in outstanding debt as of December 31, 2025, with about $1.4 billion of liquidity available [7]. - The company anticipates a debt to EBITDA ratio of approximately 1.5x at a WTI price of US$60, with a projected weighted average interest rate of around 5% in 2026, down from approximately 6% in 2025 [7]. Company Overview - Strathcona is recognized as one of North America's fastest-growing pure play heavy oil producers, focusing on thermal oil and enhanced oil recovery [8].

Core Points - Strathcona Resources Ltd. has confirmed the closing of its acquisition of the Vawn thermal project and certain undeveloped thermal lands, collectively referred to as the "Acquired Assets" [1] Group 1 - The acquisition is part of Strathcona's strategy to expand its portfolio in the thermal energy sector [1] - The Vawn thermal project is expected to enhance Strathcona's operational capabilities and resource base [1] - The deal aligns with the company's long-term growth objectives in the energy market [1]

Core Points - Strathcona Resources Ltd. announced a special distribution of $10.00 per share, totaling approximately $2.142 billion, approved by the Court of King's Bench of Alberta and shareholders [1][6]. Company Overview - Strathcona is recognized as one of North America's fastest-growing pure play heavy oil producers, focusing on thermal oil and enhanced oil recovery [5]. - The company employs an innovative growth strategy through the consolidation and development of long-life assets [5]. Special Distribution Details - The special distribution is scheduled to be executed on December 22, 2025, with shareholders having the option to receive it as a return of capital [6]. - The election deadline for shareholders to opt for the return of capital is set for 5:00 p.m. (Calgary time) on December 16, 2025 [6]. - Following the distribution, Strathcona's common shares will be assigned new CUSIP and ISIN numbers, with trading under the existing numbers continuing until the close of business on December 22, 2025 [6].

Core Viewpoint - Waterous Energy Fund Management Corp. announced the dissolution of WEF Osum Co-Invest I LP, resulting in the disposition of approximately 11.3 million common shares of Strathcona Resources Ltd., reducing the WEF Funds' ownership from 79.6% to 74.3% of the company's outstanding shares [1][2]. Group 1: Transaction Details - The transaction involved the disposition of 11,299,917 common shares, representing about 5.3% of Strathcona Resources Ltd.'s issued shares, to the limited partners of Osum I without any consideration paid to Osum I [1][2]. - Prior to the transaction, the WEF Funds collectively owned 170,536,718 common shares, and after the transaction, they own 159,236,801 common shares [1]. Group 2: Future Ownership Intentions - The remaining WEF Funds hold the common shares for investment purposes and may change their beneficial ownership depending on market conditions and other factors [3]. - Potential transactions by the remaining WEF Funds may occur at any time and will depend on various factors, including the price and availability of the company's securities and general economic conditions [3]. Group 3: Regulatory Compliance - The news release is issued in accordance with National Instrument 62-103, and an early warning report will be filed with applicable securities commissions [4].

Core Insights - Strathcona Resources Ltd. reported its Q3 2025 financial and operational results, highlighting a quarterly dividend declaration of $0.30 per common share and an update on a special distribution of $10.00 per share [1][21][15] Financial Performance - The company achieved total oil production of 116,201 boe/d, with 99.6% being liquids, and operating earnings of $235.5 million, equating to $1.10 per share [3][6] - Free cash flow for the quarter was reported at $93.8 million, or $0.44 per share [3][40] - Oil and natural gas sales, net of blending costs, totaled $807.3 million, a decrease from $1,041.3 million in Q3 2024 [2][28] Production and Operations - Q3 production reflected a 36% decrease from Q2 2025, primarily due to the Montney business segment's disposition [6][4] - Normalized production from continuing operations increased by 6% quarter-over-quarter [6] - In Cold Lake, production increased by 8% quarter-over-quarter to 61 Mbbls/d, aided by a major turnaround and new well completions [7][11] Special Distribution and Shareholder Meeting - A special meeting for shareholders is scheduled for November 27, 2025, to approve a statutory plan of arrangement for a special distribution of approximately $2.142 billion [14][15] - Shareholders of record as of October 17, 2025, are entitled to vote at the meeting [14] Capital Expenditures and Future Outlook - The company’s capital budget for 2026 is set at $1.0 billion, with production guidance unchanged at 115 – 125 Mbbls/d [13] - Current capital activity is focused on the D01 West pad at Lindbergh, targeting first oil in mid-2026 [10]

Core Viewpoint - Cenovus Energy Inc. is confident in its takeover bid for MEG Energy Corp., despite a recent regulatory inquiry related to a complaint from a former MEG employee holding approximately 4,000 shares [1][2]. Group 1: Takeover Bid Details - 86% of MEG shareholders have voted in favor of the deal or indicated their intention to do so, surpassing the required two-thirds threshold [2]. - The deal, valued at $8.6 billion including assumed debt, is anticipated to close in November [2]. - The acquisition will add 110,000 barrels of daily oilsands production to Cenovus' portfolio, increasing total production to 720,000 barrels of oil equivalent per day (boe/d), with potential growth to 850,000 boe/d by 2028 [5]. Group 2: Competitive Landscape - MEG accepted Cenovus's takeover offer in August after rejecting a hostile bid from Strathcona Resources Ltd., which holds a 14.2% stake in MEG [6]. - Strathcona Resources has since withdrawn from the bidding process and pledged support for Cenovus's offer [6]. Group 3: Financial Performance - Cenovus reported a third-quarter profit of $1.29 billion, an increase from $820 million a year ago, translating to 72 cents per diluted share, up from 42 cents [8]. - Revenue for the quarter was $13.20 billion, down from $13.82 billion in the same quarter last year [9]. - Total upstream production for the quarter was 832,900 boe/d, an increase from 771,300 boe/d in the previous year [9].

Core Viewpoint - Cenovus Energy Inc. has announced a second amendment to its agreement to acquire MEG Energy Corp, providing shareholders with new options for their shares [1][2]. Summary by Sections Acquisition Agreement - Each MEG shareholder can choose to receive either $30.00 in cash or 1.255 Cenovus common shares for each MEG common share, with a maximum of $3.8 billion in cash and 159.6 million Cenovus shares available [2]. - The fully pro-rated consideration equates to approximately $15.00 in cash and 0.6275 of a Cenovus common share per MEG share [2][3]. Shareholder Support - Strathcona Resources Ltd. has entered into a voting support agreement with Cenovus, committing to vote its MEG shares in favor of the acquisition [4]. Meeting and Proxy Information - A special meeting for MEG shareholders is scheduled for October 30, 2025, with a proxy submission deadline of October 29, 2025 [5]. Asset Sale - Cenovus announced the sale of certain assets to Strathcona for up to $150 million, including $75 million in cash and contingent consideration based on future commodity prices [6]. - The assets include the Vawn thermal heavy oil asset in Saskatchewan, with production averaging approximately 5,000 barrels per day in 2025 [6].

Core Points - Strathcona Resources Ltd. will release its third quarter 2025 financial and operating results on November 5, 2025, after market close [1] - A conference call to discuss these results is scheduled for November 6, 2025, at 9:00 AM MT (11:00 AM ET) [1][7] - Strathcona is recognized as one of North America's fastest-growing pure play heavy oil producers, focusing on thermal oil and enhanced oil recovery [3] Company Overview - Strathcona Resources Ltd. operates with an innovative growth strategy through the consolidation and development of long-life assets [3] - The company's common shares are listed on the Toronto Stock Exchange under the symbol SCR [3] - For further information, Strathcona Resources maintains a website at www.strathconaresources.com [3]

Core Viewpoint - Cenovus Energy Inc. has postponed the special meeting for the acquisition of MEG Energy Corp. to October 30, 2025, with the proxy submission deadline extended to October 29, 2025 [1][2]. Group 1: Acquisition Details - Approximately 63% of MEG common shares are in favor of the acquisition, with over 75% support when excluding Strathcona Resources Ltd. [2] - The acquisition requires approval from at least 66⅔% of MEG shareholders present or represented by proxy at the meeting [2]. - Cenovus's offer includes $29.50 in cash or 1.240 common shares of Cenovus for each MEG share, representing a 44% premium over MEG's 20-day volume-weighted average share price as of May 15, 2025 [3]. Group 2: Shareholder Engagement - Cenovus encourages MEG shareholders to vote in favor of the transaction before the revised proxy deadline [4]. - Shareholders are advised to refer to MEG's news release for additional information regarding voting and submission of consideration elections [4]. Group 3: Company Overview - Cenovus Energy Inc. operates in oil and natural gas production in Canada and the Asia Pacific, with refining and marketing operations in Canada and the U.S. [9].

Core Viewpoint - Strathcona Resources Ltd. has terminated its takeover bid for MEG Energy Corp due to changes in the arrangement with Cenovus Energy Inc, and plans to distribute $10.00 per share to its shareholders as part of a corporate update [1][2][6]. Termination of MEG Offer - The termination of the takeover bid is attributed to the revised agreement between MEG's board and Cenovus, which Strathcona believes makes the conditions for its offer unachievable [2]. - The MEG Board's actions, including allowing Cenovus to vote shares acquired after the record date, are seen as unprecedented and anti-competitive, leading Strathcona to conclude that a better offer is impractical [3]. Special Distribution - Strathcona plans to pay a special distribution of $10.00 per share to its common shareholders, which will be part of a statutory plan of arrangement [6]. - Shareholders of record as of October 17, 2025, will vote on the plan at a special meeting scheduled for November 27, 2025, with support expected from significant shareholders [7]. Corporate Update - Following the sale of MEG, Strathcona will be the only pure play oil company in North America producing over 50,000 barrels per day without mines or refineries [9]. - The company aims for organic growth from 120,000 barrels per day to 195,000 barrels per day by 2031, with a capital budget of $1.0 billion for 2026 [10]. Financial Position - After the special distribution, Strathcona expects to have approximately $2.0 billion in debt net of marketable securities and over $1.0 billion in available liquidity [11]. - Excess free cash flow will be allocated between debt repayment, mergers and acquisitions, and further shareholder returns [11]. Share Pass-Through - Waterous Energy Fund intends to distribute up to approximately 13% of Strathcona's outstanding shares to its limited partners in two stages, reducing its ownership from 79.6% to approximately 66.6% [12].