Whitecap Resources Inc. reported a significant increase in Q1 earnings, with net income rising to $162.6 million from $59.8 million the previous year. Revenues reached $942.2 million, and daily production averaged over 179,000 barrels. The company is nearing the completion of a $15 billion merger with Veren Inc., having received Competition Bureau approval. Shareholders will vote on the deal on May 6, with closure expected the following week.

Whitecap Resources and Veren Inc. are merging in a $15 billion all-share transaction to form a leading Canadian light oil and condensate producer. Veren shareholders will receive 1.05 Whitecap shares per Veren share. The combined company will be the largest landholder in Alberta Montney and Duvernay, with significant production and growth potential. The merger is expected to close by May 30, 2025, pending shareholder and regulatory approvals.

CALGARY, AB, Feb. 27, 2025 /PRNewswire/ - Veren Inc. ("Veren", or the "Company") (TSX andNYSE: VRN) confirms the filing of its Annual Information Form ("AIF") for the year ended December 31, 2024, with the Canadian securities regulatory authorities on the System for Electronic Analysis and Retrieval ("SEDAR+"). In addition, Veren has filed its Form 40-F for the year ended December 31, 2024, which includes the AIF, with the United States Securities and Exchange Commission on the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system. The AIF contains the Company's reserves data and other oil and natural gas information, as required under National Instrument 51-101.An electronic copy of the AIF may be obtained on Veren's website at www.vrn.com, on the Company's SEDAR+ profile at www.sedarplus.com and on the Company's EDGAR profile at www.sec.gov/edgar.FOR MORE INFORMATION ON VEREN, PLEASE CONTACT:Sarfraz Somani, Manager, Investor RelationsTelephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020Address: Veren Inc. Suite 2000, 585 - 8th Avenue S.W