Whitecap Resources

REL, through the Partnership, invested its $296 million commitment in full to Hammerhead Energy, a company focused on liquids-rich unconventional resources in the Montney and Duvernay resource play in Western Canada. REL provided an initial equity commitment to Hammerhead Energy in 1Q14; since the initial commitment, REL made several additional investments into Hammerhead Energy. Prior to the acquisition, Hammerhead Energy had aggregated a position of ~190,000 net acres in the Montney and ~100,000 net acres in the Duvernay formations and operated 100 per cent. of its asset base.

On 6 November 2023, Crescent Point Energy (NASDAQ: CPG) acquired Hammerhead Energy for C$21 per share (C$15.50 cash, C$5.50 stock). Pro forma for the transaction, REL owned ~1.3 per cent. of Crescent Point Energy. At its AGM held on 10 May 2024, the shareholders voted in favour of changing the company’s name to Veren Inc. (“Veren”) (TSX: VRN) (NYSE: VRN), effectively immediately.

On 12 May 2025, Veren completed a strategic combination with Whitecap Resources Inc. (“Whitecap”), creating the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada. Whitecap is now the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan with an enviable portfolio of premium drilling opportunities which provides for decades of sustainable production and funds flow growth. The companies combined in an all-share transaction valued at approximately $15 billion, inclusive of net debt. Under the terms of the Agreement, Veren shareholders received 1.05 common shares of Whitecap for each common share of Veren held. Following the close of the transaction, Whitecap shareholders owned approximately 48% and Veren shareholders owned approximately 52% of the total common shares outstanding of the combined company.

Find out more on the Whitecap website.