Hammerhead Energy Inc. (formerly Hammerhead Resources Inc. and Canadian International Oil Corp.) is a Calgary-based upstream oil and gas company focused on advancing a growth-oriented strategy focused on leading, large scale resource development in the Alberta Montney, one of North America’s highest return plays. The company is led by President and CEO Scott Sobie, a former Talisman executive. Since its establishment in 2009, Hammerhead has aggregated one of the largest and most advantaged land positions in the emerging Montney and Duvernay formations of Western Canada’s Deep Basin. The company controls and operates 100% of this asset base, which comprises approximately 400,000 acres prospective for the Montney and Duvernay.
As a result of the combination of Hammerhead and DCRD, which closed on 23 February 2023, REL's existing Hammerhead ownership converted into 15.4 million common shares of Hammerhead Energy Inc. (NASDAQ / TSX: HHRS). REL also owns a 5 per cent. stake in the DCRD Sponsor. The DCRD Sponsor is entitled to up to 45 per cent. of the 7.9 million Sponsor Shares subject to Riverstone Fund V achieving a 1.0x Gross MOIC, as detailed in the F-4 Side Letter. Therefore, at or above a $10.53 share price, REL will own an additional 0.2 million HHRS shares.
Hammerhead’s operations target the responsible development of multi-zone, light-oil rich opportunities, supported by a culture of excellence and strong alignment with integrated environment, social and governance (“ESG”) principles.
Find out more on the Hammerhead Energy and DCRD websites.