06:35 AM EDT, 03/10/2025 (MT Newswires) -- Whitecap Resources ( SPGYF ) and Veren (VRN.TO) agreed to merge in a $15 billion all-share deal to create a major light oil and condensate producer in Saskatchewan and the largest landholder in the Alberta Montney and Duvernay production area.

Veren shareholders will receive 1.05 Whitecap common share for each Veren share held. The deal value includes debt.

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

The combined company will have 370,000 barrels of oil equivalent per day of corporate production with significant overlap across both unconventional and conventional assets.

Whitecap has received commitments from National Bank of Canada and the Toronto Dominion Bank, with National Bank Financial Markets and TD Securities as joint book runners and co-lead arrangers, 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.