Cenovus Energy Inc.


Closed the bought deal secondary offering of 50 million common shares of Headwater Exploration Inc., including 5 million shares sold pursuant to the exercise in full of an over-allotment option granted to the Underwriters, completed on a bought deal basis at a price of $4.55 per share, pursuant to an underwriting agreement dated effective Sept. 27 among Headwater, Cenovus, Cenovus Marten Hills Partnership, a wholly-owned subsidiary of Cenovus and a syndicate of underwriters led by Peters & Co. Ltd. and BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. Proceeds will be used by CenovusĀ as part of its plan to reduce its net debt levels toward its $10 billion interim target and accelerate shareholder returns.

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