Strathcona Resources Ltd. Receives Court Approval for Special Distribution

Strathcona Resources Ltd. ("Strathcona") today announced that the Court of King's Bench of Alberta issued a final order approving the previously announced plan of arrangement pursuant to Section 193 of the Business Corporations Act (Alberta), under which Strathcona will make a special distribution of $10.00 per share, or approximately $2.142 billion in aggregate, to its shareholders (the "Special Distribution"). The Special Distribution also received shareholder approval yesterday at a special meeting to consider the Special Distribution.

Timeline/Next Steps

• The Special Distribution is expected to be effected on December 22, 2025.
  
  
• Shareholders may elect to receive the Special Distribution as a return of capital by following the procedures set out in Strathcona's management information circular dated October 28, 2025 (the "Circular") and related materials, which are available under Strathcona's profile on SEDAR+ or under the "Investors" section of Strathcona's website www.strathconaresources.com. Any such election is optional and no election or other action is required to be taken by a shareholder to receive the Special Distribution as a dividend, unless such shareholder is a registered shareholder whose common shares are represented by certificate(s). The election deadline is 5:00 p.m. (Calgary time) on December 16, 2025.
  
  
• Beneficial shareholders will receive payment from their intermediary (usually a bank, trust company, securities broker or other financial institution) on or after December 22, 2025, depending on such intermediary's procedures. Odyssey Trust Company will deliver payment to each registered shareholder as soon as practicable after December 22, 2025.
  
  
• Upon completion of the Special Distribution, Strathcona's common shares will be assigned new CUSIP and ISIN numbers. Common shares will continue to trade under the existing CUSIP and ISIN numbers (862952108/CA8629521086) until the close of business on December 22, 2025, representing the entitlement of holders of such common shares to the Special Distribution. All Strathcona common shares will trade under new CUSIP and ISIN numbers (862952207/CA8629522076), representing no entitlement of holders of such common shares to the Special Distribution, commencing at the open of markets on December 23, 2025.
  
  
  • Following the transaction, Odyssey Trust Company will update the CUSIP and ISIN numbers for book-entry accounts of registered shareholders' whose common shares are represented by DRS statement(s) without any further action by such registered shareholder and will provide such registered shareholder with an updated DRS statement(s) as soon as practicable after December 22, 2025. Registered shareholders whose common shares are represented by one or more certificates, should refer to the Circular for instructions on further actions required to be taken to receive the Special Distribution and the new CUSIP and ISIN numbers.
    
    
  • The accounts of beneficial shareholders will be adjusted by their intermediary to reflect the new CUSIP and ISIN numbers. Beneficial shareholders should contact their intermediary if they have questions regarding this process.

Shareholders are encouraged to consult their brokers and financial advisors regarding the specific consequences of trading common shares between December 16, 2025 and December 22, 2025 (inclusive).

Shareholders who have any questions about how to complete, execute and submit the election form may contact Odyssey Trust Company at 1-888-290-1175 (within North America) or 1-587-885-0960 (outside North America) or corp.actions@odysseytrust.com. Shareholders should consult their own tax advisors as to whether an election to receive the Special Distribution as a return of capital is appropriate or desirable in their particular circumstances.

About Strathcona

Strathcona is one of North America's fastest growing pure play heavy oil producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).

For more information about Strathcona, visit www.strathconaresources.com.

Website addresses are provided for informational purposes only and no information contained on, or accessible from, such websites is incorporated by reference in this news release unless expressly incorporated by reference.

Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as "believes", "plans", "expects", "intends" and "anticipates", or variations of such words, and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information contained in this news release include statements regarding the anticipated effective date for the Special Distribution and the trading of Strathcona common shares prior to and following such effective date.

Although Strathcona believes that the expectations reflected by the forward-looking information presented in this news release are reasonable, the forward-looking information is based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to Strathcona about itself and the business in which it operates. Information used in developing forward-looking information has been acquired from various sources, including third party consultants, suppliers and regulators, among others. The material assumptions used to develop the forward-looking information herein include, but are not limited to: the ability of Strathcona to file articles of amendment with the Alberta Registry to effect the Special Distribution; and assumptions regarding the governmental, regulatory and legal environment. Although Strathcona believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information herein will prove to be accurate.

The forward-looking information included in this news release is not a guarantee of future performance. Because actual results or outcomes could differ materially from those expressed in any forward-looking information, readers should not place undue reliance on any such forward-looking information. By its nature, forward-looking information is based on assumptions and involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking information. Factors that could cause actual events to differ materially from those contemplated or implied by the forward-looking information in this news release include, but are not limited to, an outage or shutdown of the Alberta Registry; failure to complete the Special Distribution on time or at all and the other risks described in Strathcona's annual information form for the year ended December 31, 2024 and other documents filed by Strathcona with the applicable Canadian securities regulatory authorities (available under Strathcona's profile on SEDAR+ at www.sedarplus.ca).

The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this news release is provided as of the date hereof and Strathcona does not undertake any obligation to publicly update or to revise any of the forward-looking information included herein to reflect new circumstances or events, except as required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

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SOURCE Strathcona Resources Ltd.

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