06:34 AM EDT, 07/03/2025 (MT Newswires) -- Strathcona Resources ( STHRF ) late on Wednesday said it has closed its sale of Montney assets for approximately $2.86 billion.

The sale of the Groundbirch asset closed on June 1, and the sale of the Kakwa and Grande Prairie assets closed on Wednesday.

As a result, Strathcona is now a pure-play heavy oil company producing about 120,000 barrels per day and plans to grow to 195,000 b/d by 2031.

Strathcona has about $200 million in net cash and marketable securities after deducting debt, inclusive of approximately 4.6 million shares in Tourmaline Oil (TOU.TO) and 23.4 million shares in MEG Energy ( MEGEF ) .

Separately, the company said it is disappointed that in the nine weeks since it submitted its offer to acquire MEG Energy ( MEGEF ), the board has declined to have any dialogue with Strathcona. MEG Energy ( MEGEF ) has elected to pursue a strategic alternatives process.

Strathcona said this does not match feedback from MEG shareholders, who have indicated their desire to see engagement between the two companies. Strathcona said it remains willing to engage with the MEG board, including as part of its strategic alternatives process.