Strathcona Resources, Waterous Energy Fund affiliates acquire Caltex Resources

On November 30, 2021, Strathcona Resources Ltd. (Strathcona) and affiliates of Waterous Energy Fund (WEF) jointly acquired all of the outstanding shares of Caltex Resources Ltd. (Caltex), a private oil company with high-margin enhanced oil recovery (EOR) assets proximate to Strathcona's Lloydminster heavy oil EOR operations. At the time of acquisition, Caltex produced around 13,000 boe/d (98 percent oil).

Blake, Cassels & Graydon LLP represented Strathcona and WEF with a team led by Kevin Kerr (Corporate/M&A) and Olga Kary (Securities/M&A), and including Carrie Aiken, Ahmed Elsaghir, Zvi Halpern-Shavim and Derrick Osborne (Tax); de Lobe Lederman and Birch Miller (Employment); Sean Maxwell (Pensions); Courtney Carston, Kristopher Simard and Chad Schneider (Securities/M&A); Renee Reichelt and Randell Trombley (Litigation); Drew Campbell, Simon Lidster, Aaron Palmer and Daniel Rosario (Financial Services); Erik Fleming and Ashton Menuz (Corporate/M&A); and Kevin MacDonald and Tori Skot (Competition).

Cassels Brock & Blackwell LLP represented Caltex with a team led by Josef Hocher and Daniel Zuniga (Securities and M&A) and included Lindsay Clements, Robert Hamilton and John Norman (Business and M&A), Keith Templeton and Chris McLelland (Energy), Douglas Richardson and Corinne Grigoriu (Tax), Bryan Woodman (Banking & Specialty Finance) and Natalie Thompson (Articling Student).


Kevin Kerr Olga Kary Carrie Aiken Zvi Halpern-Shavim Chad Schneider Renee Reichelt Drew Campbell Aaron Palmer Kevin MacDonald John Norman Bryan Woodman