Waterous Energy Fund Announces Acquisition of Shares of Strathcona Resources Ltd.

CALGARY, AB, Oct. 3, 2023 /CNW/ - Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships, including but not limited to, Waterous Energy Fund (Canadian) LP, Waterous Energy Fund (US) LP, Waterous Energy Fund (International) LP and Waterous Energy Fund II Aggregator LP (together with certain other limited partnerships managed by the WEF Manager, the "WEF Funds"), today announced that the WEF Funds were deemed under applicable law to have acquired beneficial ownership of approximately 194,547,294 common shares ("Common Shares") of Strathcona Resources Ltd. (the "Company") pursuant to the previously announced statutory plan of arrangement between Strathcona Resources Ltd., Pipestone Energy Corp. and Pennant Energy Inc., among others (the "Arrangement"), which was completed on October 2, 2023 and which resulted in the corporations amalgamating and continuing under the name Strathcona Resources Ltd. Following completion of the Arrangement, the WEF Funds have beneficial ownership of 194,547,294 Common Shares, representing approximately 90.8% of the issued and outstanding Common Shares of the Company (on the basis of 214,235,608 Common Shares issued and outstanding on the date hereof).

The WEF Funds hold the Common Shares for investment purposes. The WEF Funds may, depending on market and other conditions and subject to applicable securities regulation, change their beneficial ownership of the Common Shares, whether in the open market, by privately negotiated agreements, or otherwise. Any transaction that the WEF Funds may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to the WEF Funds, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the WEF Funds.

The WEF Funds will be filing an early warning report under the SEDAR+ profile of the Company at www.sedarplus.ca. A copy may also be obtained by contacting Waterous Energy Fund's Chief Executive Officer at 403-390-7770. The head office of the Company is located at 1900, 421 – 7th Avenue SW, Calgary, Alberta  T2P 4K9. The head office of the WEF Manager and the WEF Funds is located at 600, 301 – 8th Avenue SW, Calgary, Alberta T2P 1C5.

SOURCE Waterous Energy Fund Management Corp.