Strathcona Resources Ltd. has been formed by the combination of two Waterous Energy Fund portfolio companies—Cona Resources Ltd., Alberta, and Strath Resources Ltd.
The combine becomes the the largest wholly private equity-owned, oil-weighted producer in North America, with production of 60,000 boe/d (67% oil and liquids), according to Waterous. The producer’s portfolio holds condensate and natural gas production to complement heavy oil operations.
Cona Resources holds operations, infrastructure, and land position focused in British Columbia, Alberta, and Saskatchewan. In January, the company—formed from Northern Blizzard Resources Inc.—closed on its acquisition of Pengrowth Energy Corp., Calgary, for $740 million (Can.), making it the largest privately-owned heavy oil producer in North America with production of 35,000 boe/d (OGJ Online, Apr. 11, 2017; Jan. 7, 2020). The deal included the Lindbergh oil property in the Cold Lake area of Alberta.
Strath’s operations lie in the Kakwa region of the Montney natural gas and liquids play in Alberta (OGJ Online, June 15, 2018).
Strathcona is 100% owned by WEF and Strathcona employees.
