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Grenadier Energy III
UPSTREAM DOWNSTREAM
Strathcona Resources announces commitment TransAlta completes second
announces acquisition of from EnCap Investments to off-coal conversion –

Montney Assets target acquisitions in the another major milestone in

Strathcona Resources is pleased to announce Lower 48 its phase out of coal
it has completed a strategic acquisition of
Montney assets in the Resthaven area, located Grenadier Energy III today announced TransAlta announced today that it has
directly offsetting and integral with the the closing of an initial $350mn equity completed the second of three planned coal-
company’s existing Montney operations in commitment in June 2021 from EnCap to-gas conversions at its Alberta Thermal
the Kakwa area. The acquired assets include Investments, a leading provider of growth power generation facilities near Wabamun,
2,600 boepd of low-decline production, capital to the independent sector of the US Alberta.
consolidated ownership of gas processing energy industry. “The full conversion of Keephills Unit 2
facilities and infield pipeline infrastructure, Grenadier, led by chief executive officer (KH2) from thermal coal to natural gas is
and additional undeveloped acreage. Patrick J. Noyes, is an upstream exploration another significant milestone for TransAlta as
TD Securities acted as exclusive financial and production company focused on it transitions off coal. We are pleased to have
advisor to Strathcona for the transaction. acquiring, developing and exploiting assets to completed another step in our plan towards
STRATHCONA RESOURCES, July 22, 2021 create significant enterprise value and return 100% clean electricity by end of 2021 in
that value to its stakeholders. Alberta,” said John Kousinioris, President and
Earthstone completes strategy through multiple iterations, most CEO of TransAlta. “Converting to natural gas
Grenadier has successfully employed this
from coal maintains our current generation
Tracker acquisition and recently with Grenadier Energy Partners II, capacity and reduces our CO2 emissions
by more than half from approximately 1.04
which sold assets in the Midland Basin to
updates guidance and Surge Energy US Holdings for $420mn in tonnes CO2e per MWh to approximately 0.51
tonnes CO2e per MWh in 2021. This not only
March 2021. The divested assets included
operations more than 18,000 net acres and ~9,000 boepd highlights TransAlta’s commitment to meet
Alberta’s need for safe, reliable and low-cost
from a successful horizontal development
Earthstone Energy today announced that programme in the Wolfcamp and Spraberry electricity but also our commitment to meet
it has completed the previously announced formations. our sustainability goals focused on clean
acquisition of privately held operated assets “The Grenadier team has a proven track electricity generation.”
located in the Midland Basin from Tracker record of acquiring high quality assets and With CAD31.5mn invested in the KH2
Resource Development III and an affiliate developing them effectively to build attractive conversion and another CAD64.7mn for
and from affiliates of Sequel Energy Group, businesses of scale,” stated Patrick Noyes, system upgrades, gas infrastructure and
which hold well-bore interests in certain of CEO of Grenadier, “We are excited to again maintenance projects, the over CAD96mn
the producing wells operated by Tracker. The partner with EnCap as we embark on this next investment in the project was also a significant
company also updated its 2021 guidance, adventure together and continue the success boost to the economy, locally and across
provided an operational update, and provided this company has shown over the past 14 Canada. At its peak, nearly 800 additional jobs
an estimate of mid-year 2021 proved reserves. years. I am extremely confident in the ability were created to complete the KH2 conversion.
The company estimates its oil and gas sales of our staff to utilise our experience and The conversion of KH2 to gas is the
volumes for the second quarter of 2021 to be leverage new technology to capture the next Company’s second conversion project
approximately 2.07 MMBoe or an average profitable venture as we navigate the energy following the successful conversion of
of 22,716 boepd (52% oil, 76% liquids). The transition.” Sundance Unit 6 (SD6) in February 2021.
company also has provided its estimate of “We are excited to continue our Both SD6 and KH2 will maintain the same
mid-year 2021 proved reserves based on SEC longstanding partnership with Pat Noyes generator nameplate capacity of 401 MW
pricing as of June 30, 2021, on a standalone and Grenadier,” said EnCap Managing and 395 MW, respectively. Later this year, the
basis as well as based on NYMEX strip Partner Doug Swanson, “This newest equity Company will also complete the conversion of
pricing as of June 30, 2021 and adjusted for commitment is a testament to our confidence Keephills Unit 3.
closing of the Tracker acquisition. adjusted in the entire Grenadier team and their TRANSALTA, July 19, 2021
for the closing of the tracker acquisition and strategy.”
including only proved developed reserves Additionally, Grenadier today announced
from the tracker acquisition, the company the promotion of Kyle Noyes to President and SERVICES
estimates total proved reserves were 133.6mn Chief Operating Officer, Lenny Lilja to Chief
boe, with a corresponding PV-10 value1 of Financial Officer and Thomas Belsha to Chief K-Solv Group acquires
$1,677mn. Technical Officer – Business Development &
EARTHSTONE ENERGY, July 20, 2021 Engineering. Energy Completion Services
GRENADIER ENERGY III, July 21, 2021
The K-Solv Group acquires Energy

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