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Cranberry Journal

Tuesday, November 10, 2026

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At the close · Nov 10

Athabasca Oil

Tagged stories

An aerial view of a large industrial oil processing plant with tanks, pipe racks and a steam plume, surrounded by snow-covered cleared land, roads and dark spruce forest.
Business

Waterous Energy Fund Is on Both Sides of Strathcona's C$2.9 Billion Deal for Greenfire, 119 Days After Greenfire Agreed to Buy Connacher

Strathcona Resources agreed on Monday to buy Greenfire Resources for C$11 a share in cash or 0.25 of a Strathcona share, valuing Greenfire at C$2.7 billion to C$2.9 billion including debt. Waterous Energy Fund owns 72 per cent of Greenfire and 57 per cent of Strathcona and will take shares. The deal needs approval from minority shareholders of both companies in January.

By Thomas Gutierrez  

An oil pump jack with an orange horsehead standing in a green field, with a river valley and farmland behind it.
Business

Cenovus Will Pay C$12 a Share for Athabasca Oil, a 14 Per Cent Premium. Athabasca's Shares Ended the Week Above the Offer.

Cenovus Energy agreed on 5 October to buy Athabasca Oil for C$12.00 a share in cash and Cenovus stock, an implied enterprise value of C$5.7 billion. Athabasca puts the equity value at about C$5.8 billion and the premium at 14 per cent to its 20-day average price. Athabasca shareholders vote in late November, and the deal is not expected to close until December.

By Thomas Gutierrez