#Canada #Calgary #TSX #Veren Inc. #Whitecap Resources

Whitecap Resources and Veren Inc. Merger

Calgary, Alberta – In a significant development in the Canadian energy sector, Whitecap Resources Inc. (TSX: WCP) and Veren Inc. (TSX: VRN, NYSE: VRN) announced that they received the final order from the Court of King's Bench in Alberta regarding their previously disclosed plan of arrangement. This court approval allows for the acquisition of all outstanding common shares of Veren by Whitecap, a move that is poised to significantly reshape the landscape of light oil and condensate production in Canada.

On May 6, 2025, both Whitecap and Veren shareholders gathered at special meetings, where they overwhelmingly voted in favor of the merger. Each Veren shareholder will receive 1.05 common shares of Whitecap for every share they hold, marking a positive step for stakeholders in both companies as they look toward future growth and stability.

The completion of this strategic acquisition is anticipated to occur on May 12, 2025. Following this date, Veren’s common shares are expected to be delisted from the Toronto Stock Exchange (TSX) and cease trading on the New York Stock Exchange (NYSE) as well. This transition signifies a consolidation in the market, allowing Whitecap to expand its portfolio and reinforce its position as a leading player in the energy sector.

While the merger moves forward, it is essential for U.S. investors to understand the implications of holding shares in a company that will no longer be listed on U.S. exchanges. Once the acquisition is finalized, Whitecap will take steps to discontinue any reporting obligations it may have with the Securities and Exchange Commission (SEC). Investors are encouraged to consult their financial advisors for personalized guidance on this transition and its potential impact on their investments.

The merger is a clear illustration of how companies in the oil and gas industry are continuously adapting to changing market conditions and striving to enhance shareholder value. Both companies have made evident the strategic benefits of this combination, including increased resource diversification, operational efficiencies, and enhanced financial performance as they seek to improve production capabilities and expand their market presence.

As the energy sector continues to evolve, this merger stands as a testament to the growing trend of consolidation within the industry, driven by the need for companies to scale up to compete effectively in a complex and competitive marketplace. The integration of Veren into Whitecap’s operations is expected to facilitate enhanced resource management and broaden the access to new markets, which will be critical for driving growth in the years to come.

For shareholders and market watchers alike, the upcoming completion of this acquisition on May 12 represents not just a pivotal moment for the companies directly involved but also an important signal about the future direction of the energy industry in Canada. Stakeholders remain optimistic about the prospects for success as these two companies combine their strengths to navigate the challenges and opportunities that lie ahead.

As the closing date approaches, further updates will be provided to ensure that all parties remain informed and prepared for this significant transition. Whitecap and Veren invite inquiries from their shareholders and the media to address any questions or concerns regarding the merger and its implications for the future.

Contact:
Grant Fagerheim, President & CEO
Craig Bryksa, President & CEO
Whitecap Resources Inc.
3800, 525 – 8th Avenue SW, Calgary, AB T2P 1G1
(403) 266-0767

Thanh Kang, Senior Vice President & CFO
Ken Lamont, CFO
Veren Inc.
2000, 585 – 8th Avenue SW, Calgary, AB T2P 1G1
(403) 693-0020