An anonymous director reports

STRATHCONA RESOURCES LTD. RECEIVES COURT APPROVAL FOR SPECIAL DISTRIBUTION

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 Resources Ltd. will make a special distribution of $10 per share, or approximately $2.142-billion in aggregate, to its shareholders. 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 Dec. 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 Oct. 28, 2025, and related materials, which are available under Strathcona's profile on SEDAR+ or under the investors section of Strathcona's website. 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 certificates. The election deadline is 5 p.m. Calgary time on Dec. 16, 2025.

Beneficial shareholders will receive payment from their intermediary (usually a bank, trust company, securities broker or other financial institution) on or after Dec. 22, 2025, depending on such intermediary's procedures. Odyssey Trust Company will deliver payment to each registered shareholder as soon as practicable after Dec. 22, 2025.

Upon completion of the special distribution, Strathcona's common shares will be assigned new Cusip number and ISIN. Common shares will continue to trade under the existing Cusip number and ISIN (862952 10 8/CA 862952 10 8 6) until the close of business on Dec. 22, 2025, representing the entitlement of holders of such common shares to the special distribution. All Strathcona common shares will trade under new Cusip number and ISIN (862952 20 7/CA 862952 20 7 6), representing no entitlement of holders of such common shares to the special distribution, commencing at the open of markets on Dec. 23, 2025.

Following the transaction, Odyssey Trust Company will update the Cusip number and ISIN for book entry accounts of registered shareholders whose common shares are represented by DRS statements without any further action by such registered shareholders and will provide such registered shareholders with updated DRS statements as soon as practicable after Dec. 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 number and ISIN.

The accounts of beneficial shareholders will be adjusted by their intermediary to reflect the new Cusip number and ISIN. Beneficial shareholders should contact their intermediary if they have questions regarding this process.

Shareholders are encouraged to consult their brokers and financial advisers regarding the specific consequences of trading common shares between Dec. 16, 2025, and Dec. 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 advisers 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 Resources Ltd.

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.

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