Veren and Whitecap Complete Court-Approved Business Combination

May 12, 2025 — Veren Inc. has officially filed its Articles of Arrangement following approval by the Court of King’s Bench of Alberta on May 8, 2025, enabling its business combination with Whitecap Resources Inc. under Section 193 of the Alberta Business Corporations Act.

Under the approved plan, each Veren shareholder (excluding dissenters) will receive 1.05 Whitecap shares for every Veren share held. The combination also includes cash payments to certain option and performance share unit holders. The Court deemed the terms of the arrangement fair and reasonable to all affected stakeholders.

No amendments were made to Veren’s articles of incorporation through this transaction. The arrangement is expected to strengthen the combined entity’s market presence and shareholder value.