On May 12, 2025, Whitecap Resources Inc. announced the successful closing of its strategic combination with Veren Inc., creating the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada. The transaction also positions Whitecap as the largest landholder in Alberta’s Montney and Duvernay plays and a leading light oil producer in Saskatchewan. The deal is valued at approximately $15 billion, inclusive of net debt.
The combined company will be led by Whitecap’s existing management team, with an eleven-member Board of Directors that includes seven directors from Whitecap: Ken Stickland (Chair), Grant Fagerheim (President & CEO), Vineeta Maguire, Glenn McNamara, Steve Nikiforuk, Brad Wall, and Grant Zawalsky. Joining the Board from Veren are Craig Bryksa, Jodi Jenson Labrie, Barbara Munroe, and Myron Stadnyk. As part of the board changes, Mary-Jo Case and Chandra Henry are stepping down from their roles as Whitecap directors.
Burnet, Duckworth & Palmer LLP served as legal advisor to Whitecap, with National Bank Financial Inc. and TD Securities serving as financial advisors.
Norton Rose Fulbright Canada LLP represented Veren with a team that includes Justin Ferrara, Katherine Prusinkiewicz, Marcus Archer, Dion Legge, Matthew Longstaff, Rujuta Patel, Jeff Landmann, Etienne Godel, Alexander Crisp, Seema Pandher, James Farrell, Carly Manning, Andrew Hopkins, Steven Leitl, Wayne Fedun, Ryan Keays, Alan Harvie, Amanda Cerisano, Ana Lucia Lobos, Andrew Avery, Chris Hersh, David Dyckerhoff, Dianne Rideout, Elizabeth Williams, Erika Vidlak, Gemma Walsh, Hailey Boutin, Katherine Oglesby, Katrijn Thys, Loveneet Khosa, Marlow Gereluk, Mike Mitchell, Preston Brasch, Regan Fossen, Rick Borden, Richard Li, Sean Wallace, Sophia Roth, Stephen Nattrass, Stephen Vincent, and Todd Schroeder.
Blake, Cassels & Graydon LLP served as legal counsel to the Special Committee of Veren. BMO Capital Markets acted as financial advisor to Veren, and Scotiabank advised the Special Committee.