It is proposed that Whitecap Resources acquire all the shares of Veren on a s. 85.1 exchange

It is proposed that, under an Alberta Plan of Arrangement, all of the outstanding shares of Veren will be exchanged, generally on a s. 85.1 rollover basis, for shares of Whitecap Resources on the basis of 1.05 Whitecap shares for each Veren share. The combined company is expected to have an enterprise value of approximately $15 billion, and to be initially owned as to approximately 52% by the former Veren shareholders.

Neal Armstrong. Summary of 28 March 2025 joint Management Information Circular of Whitecap Resources Inc. and Veren Inc. under Mergers & Acquisitions – Mergers – Share for Share.