# EDGAR Filing Document

**Accession Number:** 0001848959
**File Stem:** 0001193125-23-049537
**Filing Date:** 2023-2
**Character Count:** 46827
**Document Hash:** 1bfe81bf02dd6cccf8a469bf73ad948b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-049537.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001193125-23-049537

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Decarbonization Plus Acquisition Corp IV
- **CENTRAL INDEX KEY:** 0001848959
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40731
- **FILM NUMBER:** 23669960

**BUSINESS ADDRESS:**
- **STREET 1:** 2744 SAND HILL ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** (212) 993-0076

**MAIL ADDRESS:**
- **STREET 1:** 2744 SAND HILL ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

?xml version="1.0" encoding="utf-8" ? 8-K

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

### FORM 8-K

------

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of report (Date of earliest event reported): February 21, 2023

------

## Decarbonization Plus Acquisition Corporation IV

#### (Exact name of registrant as specified in its charter)

------

---

| | | |
|:---|:---|:---|
| **Canada** | **001-40731** | **98-1585724** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **2744 Sand Hill Road, Suite 100<br>Menlo Park, CA** | **94025** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

(212) 993-0076

#### Registrant's telephone number, including area code

#### Not Applicable

#### (Former name or former address, if changed since last report)

------

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Units, each consisting of one Class A ordinary share and one-half of one warrant | DCRDU | Nasdaq Capital Market |
| Class A ordinary share, par value $0.0001 per share | DCRD | Nasdaq Capital Market |
| Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | DCRDW | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Introductory Note
On February 23, 2023, Decarbonization Plus Acquisition Corporation IV (the "Company" or "DCRD") consummated its previously announced business combination (such date, the "Closing Date") pursuant to the Business Combination Agreement, dated September 25, 2022 (the "Business Combination Agreement," and the transactions contemplated thereby, the "Business Combination"), by and among DCRD, Hammerhead Resources Inc., an Alberta corporation ("Hammerhead"), Hammerhead Energy Inc., an Alberta corporation and wholly owned subsidiary of Hammerhead ("NewCo"), and 2453729 Alberta ULC, an Alberta unlimited liability corporation and wholly owned subsidiary of the Company ("AmalCo").

Pursuant to the plan of arrangement (the "Plan of Arrangement") and the Business Combination Agreement, (i) on February 21, 2023, DCRD transferred by way of continuation from the Cayman Islands to the Province of Alberta, Canada in accordance with the Cayman Islands Companies Act (as amended) and domesticated as an Alberta corporation in accordance with the applicable provisions of the *Business Corporations Act* (Alberta) (such transfer by way of continuation and domestication, including all matters necessary or ancillary in order to effect such transfer by way of continuation and domestication, the "Domestication"), (ii) following the Domestication, on February 22, 2023, DCRD amalgamated with NewCo (the "SPAC Amalgamation") to form one corporate entity ("New SPAC") and NewCo survived the SPAC Amalgamation as New SPAC and (iii) on the Closing Date, Hammerhead amalgamated with AmalCo (the "Company Amalgamation," and, together with the SPAC Amalgamation, the "Amalgamations") and formed a wholly owned subsidiary of New SPAC in accordance with the terms of the Plan of Arrangement.

Capitalized terms used and not otherwise defined herein have the meaning set forth in NewCo's prospectus (File No. 333-267830) filed with the U.S. Securities and Exchange Commission (the "SEC") on December 30, 2022 (the "Prospectus"). The description of the Business Combination Agreement and the Business Combination (including, without limitation, the Amalgamations) in this Current Report on Form 8-K does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Business Combination Agreement, which is attached as Annex A to the Prospectus and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

---

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.

On February 21, 2023, DCRD entered into that certain Assignment and Assumption Agreement (the "Warrant Assumption Agreement") by and among DCRD, NewCo, Continental Stock Transfer & Trust Company, a New York corporation ("CST"), and Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company (collectively, "Computershare"). Pursuant to the Warrant Assumption Agreement, New SPAC assumed by way of assignment and assumption all of the liabilities, duties and obligations of DCRD under and in respect of the Warrant Agreement, dated August 10, 2021, between DCRD and CST, as warrant agent (the "DCRD Warrant Agreement"), and Computershare was appointed as successor warrant agent under the DCRD Warrant Agreement. In connection with the SPAC Amalgamation and pursuant to the Business Combination Agreement, each whole warrant issued to Decarbonization Plus Acquisition Sponsor IV LLC ("DCRD Sponsor") and certain of DCRD's independent directors in a private placement simultaneously with the closing of DCRD's initial public offering (the "DCRD IPO," and such warrants, the "DCRD Private Placement Warrants") and each whole warrant sold as part of the DCRD units in the DCRD IPO (the "DCRD Units") (whether they were purchased in the DCRD IPO or thereafter in the open market) (the "DCRD Public Warrants," and, together with the DCRD Private Placement Warrants, the "DCRD Warrants") was exchanged for a warrant to acquire one Class A common share in the authorized share capital of New SPAC (a "New SPAC Class A Common Share," and such warrants to acquire New SPAC Class A Common Shares being referred to as "New SPAC Warrants"). The New SPAC Warrants are subject to substantially the same terms and conditions as were applicable to the DCRD Warrants and are governed by an Amended and Restated Warrant Agreement entered into on February 22, 2023 by and between New SPAC and Computershare.

------

The description of the Warrant Assumption Agreement in this Current Report on Form 8-K does not purport to be complete and is subject and qualified in its entirety by reference to the full text of the Warrant Assumption Agreement, which is attached hereto as Exhibit 4.1 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 2.01.** | **Completion of Acquisition or Disposition of Assets.** |

---

The information set forth in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

On February 21, 2023, pursuant to the Domestication, each Class A ordinary share, par value $0.0001 per share, of DCRD (a "DCRD Class A Ordinary Share") was exchanged for a Class A common share of DCRD (a "DCRD Class A Common Share") and each Class B ordinary share, par value $0.0001 per share, of DCRD was exchanged for one Class B common share of DCRD (a "DCRD Class B Common Share").

On February 22, 2023, pursuant to the SPAC Amalgamation, (a) each DCRD Class A Common Share issued and outstanding immediately prior to the effective time of the SPAC Amalgamation (the "SPAC Amalgamation Effective Time") was exchanged, on a one-for-one basis, for a New SPAC Class A Common Share; (b) each DCRD Class B Common Share issued and outstanding immediately prior to the SPAC Amalgamation Effective Time was exchanged, on a one-for-one basis, for a Class B common share in the authorized share capital of New SPAC (a "New SPAC Class B Common Share"); (c) the common share of NewCo held by Hammerhead was exchanged for one New SPAC Class A Common Share; (d) each DCRD Warrant issued and outstanding immediately prior to the SPAC Amalgamation Effective Time was exchanged for a New SPAC Warrant; (e) each DCRD Unit issued and outstanding immediately prior to the SPAC Amalgamation Effective Time was exchanged for one unit of New SPAC representing one New SPAC Class A Common Share and one-half of one New SPAC Warrant; and (f) the New SPAC Class A Common Share held by Hammerhead was purchased for cancellation for cash equal to the subscription price for such common share of NewCo.

On the Closing Date, prior to the Company Amalgamation, among other things: (a) the articles of amalgamation of Hammerhead dated October 1, 2017, as have been amended from time to time, were amended to authorize a new class of common shares in the capital of Hammerhead having the rights, privileges and restrictions set forth in the Plan of Arrangement (the "Hammerhead Class B Common Shares") and, concurrently, all of the issued and outstanding common shares in the authorized share capital of Hammerhead were re-designated as "Class A Common Shares" in the capital of Hammerhead (the "Hammerhead Class A Common Shares", and, together with the Hammerhead Class B Common Shares, the "Hammerhead Common Shares"); (b) each Hammerhead Class A Common Share held by the Employee Borrowers (as defined in the Prospectus) was exchanged for one Hammerhead Class B Common Share; (c) each then issued and outstanding New SPAC Class B Common Share was exchanged for one New SPAC Class A Common Share pursuant to the articles of New SPAC adopted at the effective time of the Company Amalgamation and in accordance with the Plan of Arrangement; and (d) each warrant to purchase Hammerhead Common Shares was either exchanged for Hammerhead Class A Common Shares or cash, in each case, in accordance with the Plan of Arrangement.

On the Closing Date, pursuant to the Company Amalgamation, among other things: (a) each then issued and outstanding Series IX First Preferred Share in the authorized share capital of Hammerhead was exchanged for a number of New SPAC Class A Common Shares equal to the Hammerhead Common Share Exchange Ratio (as defined in the Prospectus); (b) each then issued and outstanding Series VIII First Preferred Share in the authorized share capital of Hammerhead was exchanged for one New SPAC Class A Common Share; (c) each then issued and outstanding Series VII First Preferred Share in the authorized share capital of Hammerhead was exchanged for a number of New SPAC Class A Common Shares equal to the Hammerhead Series VII Preferred Share Exchange Ratio (as defined in the Prospectus); (d) each then issued and outstanding Series VI First Preferred Share in the authorized share capital of Hammerhead was exchanged for one New SPAC Class A Common Share; (e) each then issued and outstanding Series IV First Preferred Share in the authorized share capital of Hammerhead was exchanged for one New SPAC Class A Common Share; (f) each then issued and outstanding Series III First Preferred Share in the authorized share capital of Hammerhead was exchanged for a number of New SPAC Class A Common Shares equal to the Hammerhead Series III Preferred Share Exchange Ratio (as defined in the Prospectus); (g) each then issued and outstanding Series II First Preferred Share in the authorized share capital of Hammerhead was exchanged for a number of New SPAC Class A Common Shares equal to the product of the Hammerhead Common Share Exchange Ratio and 1.13208; (h) each then issued and outstanding Series I First Preferred Share in

------

the authorized share capital of Hammerhead was exchanged for one New SPAC Class A Common Share; (i) each then issued and outstanding Hammerhead Option (as defined in the Prospectus) was exchanged for an option to acquire a number of New SPAC Class A Common Shares (rounded down to the nearest whole share) equal to (i) the number of Hammerhead Class A Common Shares subject to the applicable Hammerhead Option multiplied by (ii) the Hammerhead Common Share Exchange Ratio, at a per share exercise price (rounded up to the nearest cent) equal to (x) the per share exercise price for the Hammerhead Class A Common Shares (determined in US dollars with reference to the US dollar to Canadian dollar exchange rate reported by the Bank of Canada on September 23, 2022 of 1.357) divided by (y) the Hammerhead Common Share Exchange Ratio; (j) each then issued and outstanding Hammerhead RSU (as defined in the Prospectus) was exchanged for an option to acquire a number of New SPAC Class A Common Shares (rounded down to the nearest whole share) equal to (a) the number of Hammerhead Class A Common Shares subject to the applicable Hammerhead RSU multiplied by (b) the Hammerhead Common Share Exchange Ratio, at a per share exercise price (rounded up to the nearest cent) equal to (x) the per share exercise price for the Hammerhead Class A Common Shares (determined in US dollars with reference to the US dollar to Canadian dollar exchange rate reported by the Bank of Canada on September 23, 2022 of 1.357) subject to the applicable Hammerhead RSU divided by (y) the Hammerhead Common Share Exchange Ratio; and (k) each then issued and outstanding Hammerhead Class A Common Share and Hammerhead Class B Common Share was exchanged for a number of New SPAC Class A Common Shares equal to the Hammerhead Common Share Exchange Ratio.

Pursuant to DCRD's Amended and Restated Memorandum and Articles of Association, any holders of DCRD Class A Ordinary Shares other than DCRD Sponsor or DCRD's officers or directors were permitted to elect to have their DCRD Class A Ordinary Shares redeemed for cash at a per-share redemption price equal to the aggregate amount then on deposit in DCRD's trust account (the "Trust Account"), including interest earned on the funds held in the Trust Account and not previously released to DCRD to fund regulatory withdrawals or to pay its taxes, calculated as of two business days prior to the consummation of the Business Combination, divided by the number of then-outstanding DCRD Class A Ordinary Shares. A number of holders of DCRD Class A Ordinary Shares validly exercised their redemption rights with respect to their DCRD Class A Ordinary Shares. Following the Company Amalgamation, 31,498,579 New SPAC Class A Common Shares issued and outstanding (the "Redemption Shares") were converted into the right to receive from New SPAC, in cash, a pro rata portion of the funds in the Trust Account. As a result, $324,499,668.37 (or approximately $10.30 per share) was removed from the Trust Account to redeem the Redemption Shares. After such redemption, all Redemption Shares ceased to be outstanding and were cancelled and retired and each holder of Redemption Shares ceased to have any rights with respect thereto, except the right to receive the cash payment in respect thereof from New SPAC referred to in the immediately preceding sentence.

The description of the Amalgamations set forth above does not purport to be complete and is qualified in its entirety by reference to the Business Combination Agreement, which is attached as Annex A to the Prospectus and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 3.01.** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.** |

---

The information set forth in the Introductory Note and Items 1.01 and 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

In connection with the Amalgamations, on February 22, 2023, DCRD notified the Nasdaq Capital Market ("Nasdaq") of the consummation of the SPAC Amalgamation and requested that Nasdaq suspend trading of the DCRD Class A Ordinary Shares, DCRD Public Warrants and DCRD Units (the "DCRD Securities") effective as of the close of trading on February 24, 2023. On February 23, 2023, DCRD notified Nasdaq of the consummation of the Business Combination and requested that Nasdaq file with the SEC a Form 25 to delist the DCRD Securities under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On February 27, 2023, New SPAC Class A Common Shares and New SPAC Warrants began trading on Nasdaq under the ticker symbols "HHRS" and "HHRSW," respectively, and on the Toronto Stock Exchange under the ticker symbols "HHRS" and "HHRS.WT," respectively. DCRD intends to file a certification on Form 15 with the SEC to deregister the DCRD Securities and suspend DCRD's reporting obligations under Sections 13 and 15(d) of the Exchange Act.

------

---

| | |
|:---|:---|
| **Item 3.03.** | **Material Modification to Rights of Security Holders.** |

---

The information set forth in the Introductory Note and Items 1.01, 2.01 and 3.01 of this Current Report on Form 8-K is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events** |

---

On February 23, 2023, a press release was issued announcing the closing of the Business Combination, a copy of which is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1\* | [Business Combination Agreement, dated September 25, 2022, by and among DCRD, Hammerhead, NewCo and AmalCo (incorporated by reference to Annex A to NewCo's Prospectus filed with the SEC on December 30, 2022).](http://www.sec.gov/Archives/edgar/data/1946425/000119312522315368/d261388d424b3.htm#tx261388_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Assignment and Assumption Agreement by and among DCRD, NewCo, CST and Computershare, dated February 21, 2023.](d436441dex41.htm) |
| 99.1 | [Press Release dated February 23, 2023.](d436441dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Schedules to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules to the SEC upon request.

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **HAMMERHEAD ENERGY INC. (AS SUCCESSOR BY AMALGAMATION TO DECARBONIZATION PLUS ACQUISITION CORPORATION IV)** | **HAMMERHEAD ENERGY INC. (AS SUCCESSOR BY AMALGAMATION TO DECARBONIZATION PLUS ACQUISITION CORPORATION IV)** |
| Date: February 27, 2023 | By: | /s/ Scott Sobie |
|  | Name: | Scott Sobie |
|  | Title: | President and Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1** 

WARRANT ASSIGNMENT AND ASSUMPTION AGREEMENT

HAMMERHEAD ENERGY INC.,

DECARBONIZATION PLUS ACQUISITION CORPORATION IV,

CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

COMPUTERSHARE INC.

and

COMPUTERSHARE TRUST COMPANY, N.A.

Dated February 21, 2023

This Assignment and Assumption Agreement (the "***Agreement***") is entered into as of February 21, 2023 (the "***Effective Date***"), by and among Decarbonization Plus Acquisition IV Corporation, an Alberta corporation ("***DCRD***"), Hammerhead Energy Inc., an Alberta corporation ("***NewCo***"), Continental Stock Transfer & Trust Company, a New York corporation ("***Continental***") and Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company (collectively, "***Computershare***"). Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Business Combination Agreement (as defined below).

WHEREAS, DCRD and Continental have previously entered into the SPAC Warrant Agreement governing the terms of the SPAC Warrants;

WHEREAS, DCRD previously transferred by way of continuation from the Cayman Islands to Alberta in accordance with the Cayman Islands Companies Act (as amended) and domesticated as an Alberta corporation in accordance with the applicable provisions of the Business Corporations Act (Alberta);

WHEREAS, pursuant to the Business Combination Agreement, dated as of September 25, 2022 (as may be amended from time to time, the "***Business Combination Agreement***"), by and among DCRD, Hammerhead Resources Inc., an Alberta corporation, NewCo, and 2453729 Alberta ULC, an Alberta unlimited liability corporation, the parties intend to consummate a business combination, pursuant to which, among other things, DCRD will amalgamate with NewCo on or about the date hereof (the "***SPAC Amalgamation***") and form one corporate entity ("***New SPAC***");

WHEREAS, in connection with the SPAC Amalgamation and pursuant to the Business Combination Agreement, each SPAC Warrant, including (a) 15,812,000 warrants sold to the public in DCRD's initial public offering (the "***DCRD IPO***" and such warrants, the "***DCRD Public Warrants***") and (b) 12,737,500 warrants issued to Decarbonization Plus Acquisition Sponsor IV LLC, a Cayman Islands limited liability company ("***DCRD Sponsor***"), and certain of DCRD's independent directors in connection with the DCRD IPO (the "***DCRD Private Placement Warrants***"), will be exchanged for warrants to purchase an equal number of Class A common

------

shares in the authorized share capital of New SPAC ("***New SPAC Class A Common Shares***") (as exchanged, such DCRD Public Warrants being referred to as "***Public Warrants***," such DCRD Private Placement Warrants being referred to as "***Private Placement Warrants***" and such SPAC Warrants being referred to as "***Warrants***") and be governed by the Amended and Restated Warrant Agreement to be entered into on or about the date hereof by New SPAC and Computershare (the "***Amended and Restated Warrant Agreement***");

WHEREAS, in connection with the foregoing, DCRD, NewCo, Continental and Computershare wish that (i) New SPAC shall assume by way of assignment and assumption all of the liabilities, duties and obligations of DCRD under and in respect of the SPAC Warrant Agreement, (ii) Computershare shall be appointed as successor warrant agent under the SPAC Warrant Agreement and (iii) DCRD and the Continental shall be released from all liabilities, duties and obligations under and in respect of the SPAC Warrant Agreement; and

WHEREAS, Continental consents to the assignment and assumption of the SPAC Warrant Agreement from DCRD to New SPAC and wishes to release DCRD from its liabilities, duties and obligations under and in respect of the SPAC Warrant Agreement and DCRD consents to the assignment and assumption of the SPAC Warrant Agreement from Continental to Computershare and wishes to release Continental from its liabilities, duties and obligations under and in respect of the SPAC Warrant Agreement.

NOW, THEREFORE, the parties hereby agree as follows:

1. <u>Assignment and Assumption</u>. In accordance with Section 8.2 and Section 9.1 of the Warrant
Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) New SPAC shall be substituted for DCRD in the SPAC Warrant Agreement and shall become obligated to perform all
of the liabilities, duties and obligations of DCRD under and in respect of the SPAC Warrant Agreement. New SPAC shall undertake full performance of the SPAC Warrant Agreement in the place of DCRD and shall faithfully and fully perform the SPAC
Warrant Agreement as if New SPAC had been the original party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Computershare shall be substituted for Continental in the SPAC Warrant Agreement and shall be vested with the
same powers, rights, liabilities, duties, obligations and responsibilities as if it had been originally named as warrant agent under the SPAC Warrant Agreement; provided that, in no event shall Computershare be liable for the actions or omissions of
Continental under the SPAC Warrant Agreement prior to this assignment and assumption. Computershare undertakes full performance of the SPAC Warrant Agreement in the place of Continental. In furtherance of the foregoing, DCRD hereby waives the
requirement in Section 8.2.1 of the SPAC Warrant Agreement that the successor warrant agent be a New York corporation with its principal office in the Borough of Manhattan, City and State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Continental and DCRD shall be irrevocably and unconditionally released from their liabilities, duties and
obligations under and in respect of the SPAC Warrant Agreement, and their respective rights against each other under and in respect of the SPAC Warrant Agreement shall be cancelled.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) New SPAC shall owe to Computershare all the rights that were, immediately prior to the assignment and
assumption, owed to Continental under and in respect of the SPAC Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Computershare shall perform and discharge all liabilities, duties and obligations under and in respect of the
SPAC Warrant Agreement and be bound by its terms in every way as if New SPAC had been the original party thereto in place of DCRD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) New SPAC shall perform and discharge all liabilities, duties and obligations under and in respect of the SPAC
Warrant Agreement and be bound by its terms in every way as if Computershare had been the original party thereto in place of Continental.

2. <u>Amendment and Restatement of Warrant Agreement</u>. At the effective time of the SPAC Amalgamation, pursuant
to Section 9.8 of the SPAC Warrant Agreement, New SPAC and Computershare shall enter into the Amended and Restated Warrant Agreement to reflect that, effective upon consummation of the SPAC Amalgamation, each Public Warrant and Private
Placement Warrant will entitle the holder to purchase New SPAC Class A Common Shares in accordance with the terms and subject to the conditions set forth in the Amended and Restated Warrant Agreement.

3. <u>Release of DCRN and Continental from Liabilities</u>. In consideration of this assignment and assumption,
DCRD and Continental shall be released and discharged of all liabilities, duties and obligations to perform under the SPAC Warrant Agreement as of the date hereof, and shall be fully relieved of all liability to New SPAC or Computershare arising out
of the SPAC Warrant Agreement.

4. <u>Effectiveness</u>. This Agreement shall be effective as of the Effective Date.

5. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, as such laws are applied to contracts entered into and performed in such State without resort to that State's conflict-of-laws rules.

6. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. Execution and delivery of this Agreement by email or exchange of facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and
binding execution and delivery of this Agreement by such party.

7. <u>Successors and Assigns</u>. All the covenants and provisions of this Agreement shall bind and inure to the
benefit of each party's respective successors and assigns.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **DECARBONIZATION PLUS ACQUISITION IV CORPORATION** | **DECARBONIZATION PLUS ACQUISITION IV CORPORATION** |
| By: | /s/ Peter Haskopoulos |
| Name: | Peter Haskopoulos |
| Title: | Chief Financial Officer, Chief Accounting Officer and Secretary |

---

SIGNATURE PAGE TO

ASSIGNMENT AND ASSUMPTION AGREEMENT

------

---

| | |
|:---|:---|
| **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** | **CONTINENTAL STOCK TRANSFER & TRUST COMPANY** |
| By: | /s/ Steven Vacante |
| Name: | Steven Vacante |
| Title: | Vice President |

---

SIGNATURE PAGE TO

ASSIGNMENT AND ASSUMPTION AGREEMENT

------

---

| | |
|:---|:---|
| **HAMMERHEAD ENERGY INC.** | **HAMMERHEAD ENERGY INC.** |
| By: | /s/ Michael Kohut |
| Name: | Michael Kohut |
| Title: | Senior Vice President and Chief Financial Officer |

---

SIGNATURE PAGE TO

ASSIGNMENT AND ASSUMPTION AGREEMENT

------

---

| | |
|:---|:---|
| **COMPUTERSHARE INC.** | **COMPUTERSHARE INC.** |
| **COMPUTERSHARE TRUST COMPANY, N.A.**, as Warrant Agent | **COMPUTERSHARE TRUST COMPANY, N.A.**, as Warrant Agent |
| By: | /s/ Collin Ekeogu |
| Name: | Collin Ekeogu |
| Title: | Manager, Corporate Actions |

---

SIGNATURE PAGE TO

ASSIGNMENT AND ASSUMPTION AGREEMENT

## Exhibit 99.1

**Exhibit 99.1** 

**Hammerhead Resources Completes Business Combination with Decarbonization Plus Acquisition Corporation IV to Form Hammerhead Energy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hammerhead is expected to be dually listed on the NASDAQ and TSX, with its Class A common shares to commence
trading on both exchanges under the ticker symbol "HHRS"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hammerhead is a Canadian oil and gas exploration and production company developing a 107,000 net acre resource
base within the Montney Trend, a high performing onshore basin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hammerhead averaged production of 32,081 boe/d in 2022 and expects to deliver substantial production growth in
2023 while aiming to be free cash flow neutral and maintaining modest leverage at current commodity prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hammerhead has established a goal of achieving net zero emissions on a Scope 1 and Scope 2 basis by 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the shares voted at the special meeting of DCRD's shareholders, 89% voted to approve the business
combination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the shares voted at the annual and special meeting of Hammerhead Resources shareholders, 99.4% of the common
shares, preferred shares (on an as converted basis) and warrants entitled to vote on the business combination, approved the business combination

CALGARY, ALBERTA & MENLO PARK, CA, February 23, 2023 – Hammerhead Resources Inc. ("Hammerhead Resources"), a Canadian oil and gas producer, today announced the completion of its previously announced business combination with Decarbonization Plus Acquisition Corporation IV ("DCRD") (NASDAQ: DCRD). The combined company is named Hammerhead Energy Inc. ("Hammerhead"). Hammerhead expects to file a final non-offering prospectus with the Alberta Securities Commission on February 24, 2023 to become a reporting issuer under the *Securities Act* (Alberta) and its Class A common shares and warrants are expected to commence trading on the NASDAQ under the ticker symbols "HHRS" and "HHRSW," respectively, and on the TSX under the ticker symbols "HHRS" and "HHRS.WT," respectively, on or about February 27, 2023.

"We are pleased to see the completion of this business combination and to support Scott and the Hammerhead team as they continue to execute on their mission of developing their high-quality asset base and delivering substantial production growth and free cash flow, while maintaining focus on critical emissions management and net zero goals," said Robert Tichio, former Chief Executive Officer and Director of DCRD.

"We are excited to enter the next chapter in the progression of our business. Moving forward, we look to be a clean provider of energy that is sustainably backed by some of the best-returning and long-life assets in North America," said Scott Sobie, CEO of Hammerhead. "The company now is poised with a structure and a team that we believe will facilitate both shareholder returns and a competitive growth model."

Hammerhead has an extensive undeveloped inventory of over 1,500 gross well locations targeting the Upper and Lower Montney within its core development areas of Gold Creek, South Karr, and North Karr. The Montney has ranked among the most attractive plays in North America with respect to well returns and capital efficiency. In January 2023, Hammerhead set a monthly production record for Hammerhead of 40,308 boe/d. Hammerhead plans to run a continuous two-rig program through 2023 to drill approximately 40 wells primarily within its North and South Karr assets. Hammerhead expects to provide annual guidance for 2023 when it releases its 2022 year-end results, which is expected to occur on March 23, 2023.

------

Hammerhead's Board of Directors is comprised of eight members, four of whom are "independent directors" under the applicable rules of the United States Securities and Exchange Commission, NASDAQ and Canadian securities laws. The Board of Directors is led by Chairman, Robert Tichio.

**Advisors** 

CIBC Capital Markets and Peters & Co. Limited acted as financial and capital markets advisors to Hammerhead Resources. National Bank Financial Inc. and ATB Financial acted as strategic advisors to Hammerhead Resources. Burnet Duckworth & Palmer LLP (CA) and Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) acted as counsel to Hammerhead Resources. Blake, Cassels & Graydon LLP acted as counsel to the Special Committee of the Hammerhead Resources board of directors. Vinson & Elkins L.L.P. (U.S.), Walkers (Cayman Islands) and Bennett Jones LLP (CA) acted as counsel to DCRD, and Maples Group acted as counsel to the Special Committee of DCRD's board of directors.

**About Hammerhead** 

Hammerhead Energy is a Calgary, Canada-based energy company, with assets and operations in Alberta targeting the Montney formation. The company was formed in 2009 and has over 85 employees as of February 23, 2023.

**Contacts** 

For further information, please contact:

Scott Sobie

President and CEO

Hammerhead Energy Inc.

403-930-0560

Mike Kohut

Senior Vice President and CFO

Hammerhead Energy Inc.

403-930-0560

**Forward-Looking Statements** 

This press release includes certain statements that may constitute "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: the future financial and operational performance of Hammerhead; Hammerhead's strategy, future operations, financial position, and plans and objectives of management, including that Hammerhead's new structure will facilitate both shareholder returns and a competitive growth model; Hammerhead's filing of a final prospectus with the Alberta Securities Commission; Hammerhead's listing on the NASDAQ and the TSX; Hammerhead's expected production growth, free cash flow and leverage; Hammerhead's ability to achieve net zero emissions on a Scope 1 and Scope 2 basis on the timing anticipated; Hammerhead's plan to run a continuous two-rig program through 2023 to drill approximately 40 wells primarily within its North and South Karr assets; and Hammerhead's expected timing to provide annual guidance for 2023. These forward-looking statements speak only as of the date of this press release and are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Hammerhead's views as of any subsequent date, and Hammerhead does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You

------

should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, Hammerhead's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) Hammerhead's success in retaining or recruiting, or changes required in, its officers, key employees or directors; (ii) limited liquidity and trading of Hammerhead's securities; (iii) geopolitical risk and changes in applicable laws or regulations; (iv) the possibility that Hammerhead may be adversely affected by economic, business, and/or competitive factors; (v) operational risks; (vi) the possibility that the COVID-19 pandemic or another major disease disrupts Hammerhead's business; (vii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Hammerhead's resources; (viii) the ability of Hammerhead to execute its business plan; (ix) the risks of the oil and natural gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and market demand; (x) pricing pressures and supply and demand in the oil and gas industry; (xi) fluctuations in currency and interest rates; (xii) inflation; (xiii) risks of war, hostilities, civil insurrection, pandemics (including COVID-19) and epidemics, and general political and economic instability (including the ongoing Russian-Ukrainian conflict); (xiv) severe weather conditions and risks related to climate change; (xv) terrorist threats; (xvi) risks associated with technology; (xvii) changes in laws and regulations, including environmental, regulatory and taxation laws, and the application of such changes to Hammerhead's business; (xviii) availability of adequate levels of insurance; (xix) difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; and (xx) other risks and uncertainties indicated from time to time in Hammerhead's filings with the Alberta Securities Commission and United States Securities and Exchange Commission, including those under "Risk Factors" therein.

With respect to forward-looking statements contained in this press release, Hammerhead has made assumptions regarding, among other things: availability of future acquisition opportunities; future capital expenditure levels; future oil and natural gas prices; future oil and natural gas production levels; future currency exchange rates and interest rates; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the impact of competition; the general stability of the economic and political environments in which Hammerhead operates; the timely receipt of any required regulatory approvals; the ability of Hammerhead to obtain qualified staff, equipment and services in a timely and cost efficient manner; that Hammerhead will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Hammerhead's conduct and results of operations will be consistent with its expectations; that Hammerhead will have the ability to develop its oil and gas properties in the manner currently contemplated; the estimates of Hammerhead's reserves and production volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; Hammerhead's ability to add production and reserves through development and exploration activities; and other matters. Although Hammerhead believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not an exhaustive list of all assumptions which have been considered.

***Boe Equivalency***

In this press release, production information may be presented on a "barrel of oil equivalent" or "BOE" basis. "BOEs" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

------

***Supplemental Information Regarding Product Types***

This press release includes references to 2022 average production and 2023 January average production. The following table is intended to provide supplemental information about the production split for Boe/d amounts referenced in this press release:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Reference* | *Total Boe/d* | *Shale Gas<br>(Mcf/d)* | *Tight Oil<br>(bbls/d)* | *NGLs<br>(bbls/d)* |
|  *2022 Annual Average Production* | 32081 | 110273 | 9531 | 4171 |
|  *2023 January Average Production* | 40308 | 123154 | 15555 | 4227 |

---

***Other Oil and Gas Information***

This press release discloses drilling inventory which is broken down into three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations and probable locations are derived from the McDaniel 2021 Reserves Report and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations referenced in this press release were prepared internally by management of Hammerhead Resources based on the company's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review including evaluation of applicable geologic, seismic, and engineering, production reserves and resource information. These locations do not have attributed reserves or resources (including contingent and prospective) and are therefore unbooked locations. Of the more than 1,500 total drilling locations identified herein, 160 are proved locations, 116 are probable locations and more than 1,200 are unbooked locations. There is no certainty that Hammerhead will drill all such unbooked locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which Hammerhead will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.