CALGARY — Shareholders of Pipestone Energy Corp. have voted to approve a merger with Strathcona Resources Ltd., a deal the companies say will create what will be the fifth largest oil producer in Canada.
Under the terms of the deal, Pipestone shareholders will receive 9.05 per cent of the equity in the merged company, while Strathcona — one of North America's fastest-growing oil and gas producers — will go public. The companies say the new merged company will have current production of approximately 185,000 barrels of oil equivalent per day across the Cold Lake, Lloydminster and Montney oil-producing regions.
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