On January 31, 2022, Strathcona Resources Ltd., owned by Calgary-based investment firm Waterous Energy Fund, completed the $800 million acquisition of the Tucker thermal oil sands project from Cenovus Energy Inc.

Waterous Energy Fund was founded in 2017 and has invested $2 billion of private equity since then in the North American energy industry.

Strathcona is an amalgamation of two Waterous Energy Fund portfolio companies, Strath Resources and Cona Resources. The two companies combined in August 2020.

Stikeman Elliott advised Waterous Energy Fund and Strathcona Resources with a team lead by Leland P. Corbett, Haifeng Hu, Chelsea Daku (Corporate/M&A); Kurtis Reed (Energy); Julie D’Avignon, Conrad Gibbs (Tax); Brian Reigh (Banking & Finance); Michael Laskey, Peter Flynn (Competition & Foreign Investment).