Strathcona Sources Ltd. Confirms Fee of Particular Distribution and Gives Capital Construction Replace

Strathcona Sources Ltd. (“Strathcona”) in the present day confirmed the fee of its beforehand introduced particular distribution and supplied additional particulars relating to its professional forma capital construction.

Particular Distribution

Strathcona in the present day accomplished its beforehand introduced particular distribution of $10.00 per share through a plan of association (the “Particular Distribution”). Odyssey Belief Firm expects to mail or wire, as relevant, the Particular Distribution to every registered shareholder as quickly as practicable after December 22, 2025. Helpful shareholders will obtain the Particular Distribution from their middleman (normally a financial institution, belief firm, securities dealer or different monetary establishment) after December 22, 2025, relying on such middleman’s procedures.

Commencing on the open of markets on December 23, 2025, the Strathcona widespread shares will commerce on the TSX underneath new CUSIP and ISIN numbers (862952207 / CA8629522076), representing no entitlement of holders of such widespread shares to the Particular Distribution. Odyssey Belief Firm will replace the CUSIP and ISIN numbers for book-entry accounts of registered shareholders’ whose widespread shares are represented by DRS assertion(s) with none additional motion by such registered shareholder and can present such registered shareholder with an up to date DRS assertion(s) as quickly as practicable. The accounts of useful shareholders will likely be adjusted by their middleman to replicate the brand new CUSIP and ISIN numbers. Helpful shareholders ought to contact their middleman if they’ve questions relating to this course of.

Capital Construction Replace

Strathcona in the present day introduced that it has issued a discover of redemption for all of its excellent US$500 million 6.875% Senior Notes due 2026 (the “Senior Notes”). As set forth within the discover of redemption issued December 19, 2025, the redemption date for the Senior Notes is December 30, 2025, and the redemption value is 100% of the principal quantity redeemed, plus accrued and unpaid curiosity.

Strathcona in the present day additionally introduced the closing of an upsized and prolonged financial institution credit score facility (the “Amended Credit score Facility”), rising the entire facility measurement to roughly $3.490 billion (up from $3.255 billion beforehand) and increasing the maturity to March 2030 (from March 2028 beforehand). The amended and restated credit score settlement features a $265 million accordion function, permitting the Amended Credit score Facility to develop to as much as $3.755 billion topic to sure situations.

Lastly, Strathcona in the present day additionally introduced that it disposed of its complete marketable safety portfolio in late November and early December for complete money proceeds of roughly $1.390 billion, reflecting a achieve of roughly $101 million versus September 30, 2025.

Professional forma for the Particular Distribution, Senior Notes redemption and disposition of public securities, Strathcona expects to have roughly $2.1 billion in debt excellent as of December 31, 2025, offering it with roughly $1.4 billion of liquidity on its Amended Credit score Facility and equating to roughly 1.5x debt / EBITDA¹ at US$60 WTI². Underneath the phrases of the Amended Credit score Facility and professional forma for the Senior Notes redemption, Strathcona’s weighted common rate of interest is predicted to be roughly 5% in 2026, versus roughly 6% in 2025.

About Strathcona

Strathcona is one in all North America’s quickest rising pure play heavy oil producers with operations centered on thermal oil and enhanced oil restoration. Strathcona is constructed on an modern strategy to development achieved via the consolidation and improvement of long-life belongings. Strathcona’s widespread shares (image SCR) are listed on the Toronto Inventory Change (TSX).

For extra details about Strathcona, go to www.strathconaresources.com.
Investor inquiries: data@strathconaresources.com 
Media inquiries: communications@strathconaresources.com 

Web site addresses are supplied for informational functions solely and no info contained on, or accessible from, such web sites is included by reference on this information launch except expressly included by reference.

Non-GAAP Monetary Measures and Ratios

Non-GAAP monetary measures and ratios are used internally by administration to evaluate the efficiency of Strathcona. Additionally they present traders with significant metrics to evaluate Strathcona’s efficiency in comparison with different corporations in the identical trade. Nevertheless, Strathcona’s use of those phrases will not be corresponding to equally outlined measures offered by different corporations. Buyers are cautioned that these measures shouldn’t be construed as an alternative choice to monetary measures decided in accordance with typically accepted accounting rules (“GAAP“) and these measures shouldn’t be thought-about to be extra significant than GAAP measures in evaluating Strathcona’s efficiency.

In the course of the 9 months ended September 30, 2025, Strathcona entered into three separate asset buy and sale agreements to get rid of its Montney phase. The Montney phase represented a separate main line of enterprise and geographical space of operations, subsequently, its outcomes have been categorized as discontinued operations in accordance with IFRS 5 Non-Present Belongings Held for Sale and Discontinued Operations within the Firm’s September 30, 2025 monetary statements and administration’s dialogue and evaluation. The next tables embrace a reconciliation of the non-GAAP measures used all through this press launch to their most comparable GAAP measure for the Firm’s persevering with operations. 

“EBITDA” is utilized by administration to investigate working efficiency and supplies a sign of the funds generated by Strathcona’s principal enterprise earlier than accounting for curiosity, tax, and depletion, depreciation and amortization. EBITDA is calculated as oil and pure fuel gross sales, midstream income, different revenue and gross sales of bought product; much less: bought product; mixing prices; royalties; manufacturing and working expense; transportation expense and basic and administrative expense.

“Debt / EBITDA” is a liquidity measure utilized by administration to evaluate Strathcona’s potential to repay debt, assuming that EBITDA stays constant in future years. This measure is calculated as debt divided by EBITDA.

The next desk summarizes “EBITDA” and “Debt / EBITDA” for persevering with operations for the 9 months ended September 30, 2025:

Ahead-Wanting Data

This information launch incorporates sure “forward-looking info” throughout the which means of relevant Canadian securities legal guidelines and are potential in nature. Ahead-looking info isn’t primarily based on historic information, however relatively on present expectations and projections about future occasions, and is subsequently topic to dangers and uncertainties that might trigger precise outcomes to vary materially from the long run outcomes expressed or implied by the forward-looking info. Usually, however not all the time, forward-looking info might be recognized by means of forward-looking phrases comparable to “believes”, “plans”, “expects”, “intends” and “anticipates”, or variations of such phrases, and phrases or statements that sure actions, occasions or outcomes “might”, “might”, “ought to”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking info contained on this information launch embrace statements relating to the anticipated timing for fee of the Particular Distribution to registered and useful shareholders, and the anticipated capital construction of Strathcona, together with excellent debt, liquidity and, weighted common rates of interest and professional forma debt/EBITDA.

Though Strathcona believes that the expectations mirrored by the forward-looking info offered on this information launch are cheap, the forward-looking info is predicated on assumptions and elements regarding future occasions which will show to be inaccurate. These assumptions and elements are primarily based on info presently out there to Strathcona about itself and the enterprise through which it operates. Data utilized in growing forward-looking info has been acquired from numerous sources, together with third get together consultants, suppliers and regulators, amongst others. The fabric assumptions used to develop the forward-looking info herein embrace, however aren’t restricted to: the anticipated redemption of the Senior Notes, together with the timing thereof; our potential to entry capital; and assumptions relating to the governmental, regulatory and authorized atmosphere. Though Strathcona believes that the assumptions made and the expectations represented by such info are cheap, there might be no assurance that the forward-looking info herein will show to be correct.

The forward-looking info included on this information launch isn’t a assure of future efficiency. As a result of precise outcomes or outcomes might differ materially from these expressed in any forward-looking info, readers mustn’t place undue reliance on any such forward-looking info. By its nature, forward-looking info is predicated on assumptions and entails identified and unknown dangers, uncertainties and different elements which will trigger precise outcomes, efficiency or achievements to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Elements that might trigger precise occasions to vary materially from these contemplated or implied by the forward-looking info on this information launch embrace, however aren’t restricted to, failure to redeem the Senior Notes; and the opposite dangers described in Strathcona’s annual info kind for the yr ended December 31, 2024 and different paperwork filed by Strathcona with the relevant Canadian securities regulatory authorities (out there underneath Strathcona’s profile on SEDAR+ at www.sedarplus.ca).

Administration accepted the debt and liquidity steerage contained herein as of the date of this information launch. The aim of this steerage is to help readers in understanding Strathcona’s anticipated and focused monetary place and efficiency, and this info will not be acceptable for different functions.

This information launch incorporates info which will represent future-oriented monetary info or monetary outlook info (collectively, “FOFI“) about Strathcona’s potential monetary efficiency, monetary place or money flows, all of which is topic to the identical assumptions, threat elements, limitations and {qualifications} as set forth above. Readers are cautioned that the assumptions used within the preparation of such info, though thought-about cheap on the time of preparation, might show to be imprecise or inaccurate and, as such, undue reliance shouldn’t be positioned on FOFI. Strathcona’s precise outcomes, efficiency and achievements might differ materially from these expressed in, or implied by, FOFI. Strathcona has included FOFI with a purpose to present readers with a extra full perspective on Strathcona’s future operations and administration’s present expectations regarding Strathcona’s future efficiency. Readers are cautioned that such info will not be acceptable for different functions.

The foregoing dangers shouldn’t be construed as exhaustive. The forward-looking info contained on this information launch is supplied as of the date hereof and Strathcona doesn’t undertake any obligation to publicly replace or to revise any of the forward-looking info included herein to replicate new circumstances or occasions, besides as required by relevant securities legal guidelines. The forward-looking info contained on this information launch is expressly certified by this cautionary assertion.

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SOURCE Strathcona Sources Ltd.