(ARX - TSX, VII - TSX) ARC Resources Ltd. ("ARC") and Seven Generations Energy Ltd. ("Seven Generations") are pleased to announce that the shareholders of each company have voted in favour of the proposed business combination (the "Business Combination") to create the premier Montney producer and leader in responsible energy development. The Business Combination is expected to be completed on or about April 6, 2021 and is subject to the satisfaction of all closing conditions.

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On March 31, 2021, ARC and Seven Generations each held special shareholders meetings virtually, via live webcasts, with each company’s shareholders voting on resolutions in connection with the proposed Business Combination.

  • At the ARC special shareholders meeting, the resolution authorizing the issuance of ARC common shares to Seven Generations shareholders pursuant to and in connection with the Business Combination, as set out in the joint management information circular dated March 1, 2021, was approved by 96.08 per cent of the votes cast.
  • At the Seven Generations special shareholders meeting, the resolution approving the Business Combination was approved by 99.41 per cent of the votes cast.

Further, the Court of Queen’s Bench of Alberta issued a final order approving the Business Combination on March 31, 2021.

Forward-looking Information and Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations about the future, based on certain assumptions made by ARC and Seven Generations. Although ARC and Seven Generations believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "expect", "will", or similar expressions and includes suggestions of future outcomes, including statements about the expected closing date of the Business Combination and the characteristics of the ARC following the completion of the Business Combination.

Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC and Seven Generations undertake no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and/or Seven Generations and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release is based include: successful closing of the Business Combination, including obtaining necessary regulatory approvals, satisfying all other conditions to closing, within expected timelines, and the realization of the anticipated benefits of the Business Combination.

Additional information about assumptions, risk factors, and uncertainties on which the forward-looking information is based and that could cause ARC's or Seven Generations' actual results to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements are described in the joint management information circular of ARC and Seven Generations dated March 1, 2021 and the documents incorporated by reference therein, which are available on ARC's website at www.arcresources.com and Seven Generations' website at www.7Genergy.com, as applicable, and on ARC's and Seven Generations' respective SEDAR profiles at www.sedar.com and are incorporated by reference herein.

About the Companies

ARC Resources Ltd. is one of Canada’s largest energy companies and its common shares trade on the Toronto Stock Exchange under the symbol ARX.

Seven Generations Energy Ltd. is a low supply-cost energy producer dedicated to stakeholder service, responsible development, and generating strong returns from its liquids-rich Kakwa River Project in northwest Alberta. Seven Generations’ common shares trade on the Toronto Stock Exchange under the symbol VII.

Kris Bibby Senior Vice President and Chief Financial Officer ARC Resources Ltd. 403-503-8675 KBibby@arcresources.com

Martha Wilmot Investor Relations Analyst ARC Resources Ltd. 403-509-7280 MWilmot@arcresources.com

Brian Newmarch Vice President, Capital Markets and Stakeholder Engagement Seven Generations Energy Ltd. 403-767-0752 BNewmarch@7Genergy.com

Ryan Galloway Director, Investor Relations Seven Generations Energy Ltd. 403-718-0709 Ryan.Galloway@7Genergy.com

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