Parties
Company
Hammerhead Resources Inc.
Company
Decarbonization Plus Acquisition Corporation IV
On February 23, 2023, Hammerhead Resources Inc., a Canadian oil and gas company, completed its merger with Decarbonization Plus Acquisition Corporation IV (DCRD), forming Hammerhead Energy Inc. This announcement, made on February 24, 2023, will see Hammerhead's shares and warrants trade on NASDAQ and TSX under "HHRS" and "HHRS.WT" starting around February 27, 2023.
Robert Tichio, former CEO of DCRD, highlighted the merger's alignment with Hammerhead's goals of asset development, production growth, cash flow, and emissions management. Scott Sobie, CEO of Hammerhead, expressed excitement about the company's future as a sustainable energy provider with high-return assets in North America.
Hammerhead boasts over 1,500 well locations in the Montney area and set a production record of 40,308 boe/d in January 2023. A continuous two-rig program is planned for 2023 to drill around 40 wells, with annual guidance expected post their 2022 year-end results announcement on March 23, 2023.
The Hammerhead board, chaired by Robert Tichio, comprises eight members, half of whom are independent directors. The merger's legal advisors included CIBC Capital Markets, Peters & Co. Limited, National Bank Financial Inc., ATB Financial, Burnet Duckworth & Palmer LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Blake, Cassels & Graydon LLP, Vinson & Elkins L.L.P., Walkers, Bennett Jones LLP, and Maples Group.
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 1,390,000,000Deal Status
ClosedClosing Date
23 February 2023