Whitecap Resources (Whitecap) and Veren, formerly Crescent Point Energy, are set to merge in a $15-billion, all-stock deal.
In a joint news release, the Calgary-based oil producers announced that the combined company will retain the Whitecap name.
“We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer with one of the deepest inventory growth sets of both liquids-rich Montney and Duvernay opportunities, along with conventional light oil opportunities in some of the most profitable plays in the Western Canadian basin,” Grant Fagerheim, Whitecap’s president and CEO, said in the release.
“We look forward to bringing Whitecap and Veren together and providing increased value to both sets of shareholders well into the future.”
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The all-stock transaction is currently expected to close before the end of May.
As Whitecap and Veren prepare to join forces, here are a few things that non-unionized employees in Canada need to be aware of.
In certain provinces, including Alberta, an individual’s employment is deemed to be continuous and uninterrupted when the business they work for is sold, leased, transferred, or merged.
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