Strathcona is a uniquely positioned producer with a portfolio of condensate and natural gas production to complement its heavy oil operations Waterous Energy Fund announces the combination of Strath Resources and Cona Resources. (Credit: Adam Radosavljevic from Pixabay) Waterous Energy Fund (“WEF”) today announced the amalgamation of two portfolio companies, Cona Resources Ltd. (“Cona”) and Strath Resources Ltd. (“Strath”), to form Strathcona Resources, Ltd. (“Strathcona”). Strathcona is the largest wholly private equity-owned, oil-weighted producer in North America, with production of ~60,000 Boe / d (67% oil and liquids), a 40-year reserve life index, industry-leading full-cycle margins, a base oil decline rate of approximately 10%, and low carbon emissions per barrel. Strathcona is a uniquely positioned producer with a portfolio of condensate and natural gas production to complement its heavy oil operations. Strathcona is 100% owned by WEF and Strathcona employees.Strathcona’s leadership team includes executives from both Strath and Cona, with Rob Morgan as President and CEO, Michael Makinson as VP Finance and CFO, Tom Everest as VP Development, Nolan Lerner as VP Production, Connie De Ciancio as VP Corporate, and Mark Teasdale as VP Drilling and Completions. Steve Fagan, founder and former CEO of Strath, will continue to contribute to Strathcona as Vice Chairman.Adam Waterous, WEF’s CEO, commented, “We believe that the Strath and Cona assets fit perfectly together, with Strath’s condensate and natural gas production closely matching Cona’s condensate and natural gas operational requirements. Together, Strath and Cona create a premier company with sufficient scale and commodity diversity to withstand the current market volatility and generate substantial free cash flow after sustaining capital expenditures. This transaction fits with WEF’s strategy of acquiring companies with trophy properties in special situations and pursuing an action-oriented value creation plan through recapitalizing, restructuring and repositioning the businesses.”Rob Morgan, CEO of Strathcona, commented, “We believe the combined Strathcona business is financially stronger and better positioned to generate sustainable free cash flow than either Strath or Cona on a standalone basis. I am very excited to be working with the Strath and Cona teams as we continue the excellent work both companies have achieved in optimizing the operational and financial performance of our assets.”Since 2017, WEF has completed six separate transactions to create Strathcona, investing approximately C$1.5 billion in equity from WEF’s first private equity fund and co-investors. Strathcona has a simple capital structure with all debt held by a consortium of Canadian banks.Waterous added, “Technology has disrupted the North American oil and gas industry’s historic M&A dynamics and traditional growth-oriented operating and investing thesis. To capitalize on this new era, we have used an innovative investing model to build Strathcona into a scaled company which can continue to consolidate complementary businesses and/or use its free cash flow to provide dividends.” Waterous went on, “In 2017, we named Strath and Cona in honour of Lord Strathcona, Canada’s greatest industrialist and its most impactful energy investor. Following Lord Strathcona’s trailblazing example, Strathcona Resources is pioneering a new prototype for Canadian oil and gas companies.”AdvisorsRBC Capital Markets acted as exclusive financial advisor to WEF in connection with the transaction.ATB Capital Markets provided a fairness opinion to Strath in connection with the transaction.TD Securities, RBC Capital Markets and Scotiabank served as Co-Lead Arrangers and Joint Bookrunners, and ATB Financial served as Documentation Agent, on the expanded Strathcona credit facility.Stikeman Elliott LLP served as legal advisor to WEF, and Blake, Cassels & Graydon LLP served as legal advisor to Strath and Cona in connection with the transaction. Source: Company Press Release
Dear Editor,Some media houses are busy questioning the PPP/C’s presidential candidate on the authenticity of his qualifications. They have every right to ask him questions, to which he provided them with answers.Now, I have noticed that there is a drought whenever questions are to be asked on the Government side. I therefore take this opportunity to ask a “few” questions of the Government. These questions are all listed below:1. The Finance Minister recently announced that the economy grew by 4.1per cent, is this an honest statement, or another falsification of the figures? I make that assertion based on his projections for a previous year, which were later downgraded to half of that amount. Could someone give us a clear answer on this one?2. The Minister of Finance recently sourced money from The Islamic Bank to build 3 mini-hydro projects. Is he subscribing to the theory that 3 is better than one?3. Did Minister Cathy Hughes declare her financial dealings with her own company, Video-mega?4. Sole-sourcing to Minister Patterson’s husband to build houses for the Government? Is this legal?5. Where is the President of Guyana, and who is really in charge of the ship of state?6. Why only now do we see a battery of ministers on meet-the-people tours? What have they been doing for four (4) years?7. The health sector is in a deplorable state, with malfunctioning equipment, shortage of drugs and maternal deaths, among others. Could the minister shed some light on this?8. The Rice Industry is in a terrible state. Where is the Agriculture Minister on this?9. What is the position of the squatters in Parliament on that dual citizenship breach?10. Monies for GECOM. They are claiming that they need more money to conduct elections, but house-to-house registration, which is a costlier exercise, is already underway. What is this Government really saying?11. What has become of the US$18 million ExxonMobil bonus?12. The four-lane highway to Belfield, what progress has been made thus far?13. The four-lane highway to the Timehri Airport, please grant us an update14. The renovation of the Cheddi Jagan International Airport, Timehri; this project has been going on for six years now. Is there no completion date set?These are questions and more questions which deserve answers. Do not just ask questions of the Opposition, we have been given a daily dose of that. I am now asking questions of the Government, to which we deserve legitimate answers.Respectfully,Neil Adams
THE excitement begins.We will have build-up to the big clash throughout the week on Saintsrlfc.com with news and views from all around the club ahead of the Old Trafford showpiece.Paul Wellens, Nathan Brown and several players will be giving their thoughts before Saturday’s game and we will have lots of other fantastic content too.Keep an eye on our Official Youtube Channel for exclusive videos and there will be a Grand Final preview live at iTunes and via our Fanzone too.We will also be posing questions throughout the week on our Official Facebook and Official Twitter (@saints1890) sites.Saints will take on Wigan on Saturday October 11 (6pm) at Old Trafford and tickets are selling fast.We will be predominately based in the Stretford End (West Stand) of Old Trafford and tickets are priced at £60, £50, £40, £20.A massive Saints contingent is expected and we will need you to be loud and proud in the Red Vee!You can buy your ticket from the Ticket Office at Langtree Park or by calling 01744 455 052 until Thursday October 9 5pm when any unsold tickets will return to the RFL.You can also purchase through the RFL’s Ticketing website and on 0844 856 1113.Saints reached the Grand Final with an exciting 30-12 victory on Thursday evening and as League Leaders will be the ‘home’ team on Saturday.It will be the third time the auld rivals have met in the Super League Grand Final with honours so far shared: a Chris Joynt-inspired Saints defeated the Warriors 29-16 in 2000 and Wigan as they took the title in 2010.The 2014 First Utility Super League Grand Final will also feature a fantastic package of entertainment, including two sets by British indie band James, a performance by internationally celebrated classical artist Laura Wright and interaction with BBC Radio 6Music DJ Shaun Keaveny.