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Hammerhead Resources has successfully completed its business combination with Decarbonization Plus Acquisition Corporation IV (DCRD), resulting in the formation of Hammerhead Energy Inc. The new entity will be listed on NASDAQ and TSX under the ticker 'HHRS' starting February 27, 2023. Hammerhead's operations focus on a 107,000 net acre resource in the Montney Trend and aims for substantial production growth while maintaining free cash flow neutrality. The company achieved a production average of 32,081 boe/d in 2022 and a record of 40,308 boe/d in January 2023. Hammerhead targets net zero emissions by 2030.
Hammerhead Resources Inc. reported record operating results for 2022, achieving an annual average production of 32,100 boe/d (approx. 43% liquids), marking a 15% increase over 2021. January 2023 saw peak production exceeding 41,000 boe/d after the commissioning of a 9-well pad at North Karr. The company plans to drill approximately 40 wells in 2023 with a focus on enhancing operational efficiencies. Hammerhead has hedged about 43% of its natural gas exposure for 2023 amidst price volatility. The credit facility has increased to $350 million, supporting growth plans. A planned business combination with Decarbonization Plus Acquisition Corporation IV (DCRD) will be voted on during the meeting scheduled for February 3, 2023.
Decarbonization Plus Acquisition Corporation IV (NASDAQ: DCRD, DCRDU) announced the filing of its definitive proxy statement related to its merger with Hammerhead Resources Inc., an oil and gas company. The proxy statement was filed with the SEC on December 30, 2022. Shareholders are invited to vote on the merger at the extraordinary general meeting scheduled for January 23, 2023. If approved, the business combination is expected to close in February 2023. The DCRD Board recommends voting 'FOR' the proposal.
Hammerhead Resources and Decarbonization Plus Acquisition Corporation IV (DCRD) announced a definitive agreement for a business combination valued at approximately C$1.39 billion. The transaction aims to form a public upstream oil and gas company targeting net zero emissions by 2030. Hammerhead expects to invest C$240 million in its carbon capture and sequestration program, which is projected to reduce emissions by 79% from 2021 levels by 2029. The combined company will maintain Hammerhead's executive leadership and is set to trade under the ticker HHRS following the transaction's completion in Q1 2023.
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