Waterous Energy Fund / Strathcona Acquires Caltex Resources Ltd. and Tucker Thermal Oil Property

Waterous Energy Fund Purchases Shares of Greenfire Resources Ltd.

November 14, 2025

Energy

Waterous Energy Fund Management Corp., acting for certain Waterous Energy Fund III partnerships, purchased 1,926,055 common shares of Greenfire Resources Ltd. in a private transaction for C$6.65 per share (C$12.81 million), increasing its ownership in Greenfire to approximately 71.1% on an undiluted basis. The purchase represents an incremental strategic investment by Waterous to consolidate its position in the Calgary-based oil sands producer.

Waterous Energy Fund Acquires Majority Stake in Greenfire Resources Ltd.

November 12, 2025

Oil & Gas

Waterous Energy Fund Management Corp., acting for Waterous Energy Fund (WEF), purchased 8,703,479 common shares of Greenfire Resources Ltd. for C$6.55 per share (C$57.0 million), increasing its ownership to approximately 68.3% of Greenfire on an undiluted basis. The private transactions gave WEF majority control of the Calgary-based oil and gas producer; WEF said it will continue to review its investment and may take further actions with respect to Greenfire's securities.

Cenovus Energy to Acquire MEG Energy in $7.9 Billion Deal; Strathcona to Purchase Vawn Thermal Project From Cenovus

October 27, 2025

Oil & Gas

Cenovus Energy entered into a definitive arrangement agreement to acquire MEG Energy in a $7.9 billion deal (inclusive of assumed debt), to be paid 75% in cash and 25% in Cenovus common shares, with the transaction expected to close in the fourth quarter of 2025 subject to approvals. Strathcona Resources simultaneously signed a voting support agreement to vote its MEG shares in favor of the Cenovus–MEG transaction, and announced it will purchase Cenovus’s Vawn thermal project and certain undeveloped thermal lands for initial consideration of $75.0 million plus up to $75.0 million in contingent consideration.

Waterous Energy Fund Management Closes Acquisition of 43.3% Stake in Greenfire Resources

November 11, 2024

Energy

Waterous Energy Fund Management Corp., acting for its Waterous Energy Fund III limited partnerships, closed its previously announced acquisition of 29,988,854 common shares of Greenfire Resources Ltd., representing about 43.3% of Greenfire’s issued and outstanding shares. The stake was acquired for cash consideration following regulatory approvals, including an Alberta Securities Commission decision to cease trade Greenfire’s initial shareholder rights plan.

Woodsman Energy Acquires Central and Northern Alberta Oil & Gas Assets

March 28, 2024

Oil & Gas

Woodsman Energy Corp., with financing provided by a fund managed by Westbridge Capital Ltd., closed the acquisition of oil and gas assets in Central and Northern Alberta (Sullivan Lake and Valhalla) on March 28, 2024. The properties add approximately 400 boe/d of production (about 60% oil/NGLs), are >95% working interest and mostly operated, and expand Woodsman's portfolio of long-life, low-decline assets.

Select Energy Services Acquires Complete Energy Services from Superior Energy Services

July 12, 2021

Energy

Select Energy Services (NYSE: WTTR) acquired substantially all water-related assets and ongoing operations of Complete Energy Services, an operating subsidiary of Superior Energy Services, in exchange for 3.6 million shares of Class A common stock and $14.2 million in cash (subject to adjustments). The deal adds more than 300,000 barrels per day of permitted disposal capacity and brings over 700 field personnel to Select, expanding its footprint across the Permian, Mid-Continent, Rockies, Powder River Basin and the Marcellus/Utica regions.