Strong Montney Shale drilling results have prompted private equity giant Riverstone Holdings LLC to combine Hammerhead Resources Inc. and Decarbonization Plus Acquisition Corp. (DCRD) into an Alberta-based growth firm.

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The deal primes Hammerhead with C$240 million ($180 million) for greenhouse gas (GHG) reductions using carbon capture and storage (CCS) while doubling production by 2030.

“We aim to be a leader in redefining public expectations around how companies like ours can contribute to the advancement of global net zero goals,” said Hammerhead CEO Scott Sobie.

“Not only does Hammerhead stand poised to harvest what we consider to be among the most attractive rates of return well locations in Western Canada, but Hammerhead’s current emissions profile is already...