11:56 AM EDT, 03/10/2025 (MT Newswires) -- Whitecap Resources ( SPGYF ) on Monday said it agreed to acquire Veren ( VRN ) for shares worth $5.72 billion to create a dominant oil and gas producer in the Montney and Duvernay shale regions in Western Canada .

Veren ( VRN ) shareholders will receive 1.05 Whitecap shares for each Veren ( VRN ) share held.

The combined company will be led by Whitecap's existing management team under the Whitecap name and four Veren ( VRN ) directors will join the Whitecap's board of directors, including Veren ( VRN ) chief executive Craig Bryksa.

The combined company will have 370,000 barrels of oil equivalent per day of production and will be the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan

"We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer with one of the deepest inventory growth sets of both liquids-rich Montney and Duvernay opportunities, along with conventional light oil opportunities in some of the most profitable plays in the Western Canadian basin" Whitecap chief executive Grant Fagerheim said in a release.

Whitecap has received commitments from National Bank of Canada and Toronto Dominion Bank, for a $500 million increase to the company's existing committed $2 billion credit facilities and commitments for an additional fully committed $1 billion credit facility.

The deal is scheduled to close by the end of May.

Whitecap shares were last seen down $1.05 to $8.30 on the Toronto Stock Exchange, while Veren ( VRN ) was up $1.26 to $8.32.

Price: 8.25, Change: -1.10, Percent Change: -11.76