WWW.LEXPERT.CA
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2018
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LEXPERT 15
Davey, Peter J. Fillmore Riley LLP
(204) 957-8388 pjdavey@fillmoreriley.com
Mr. Davey is the Chair of the firm's Securities Law Practice Group. He practis-
es in the areas of M&A, commercial and corporate law in various industries,
including agriculture, mining, oil & gas, technology, telecommunications, real
estate and financial services. He has extensive experience advising public
and private companies and other entities in all areas of their businesses.
Dahme, Harry J. Gowling WLG
(416) 862-4300 harry.dahme@gowlingwlg.com
Mr. Dahme is a Certified Specialist in Environmental Law. He advises on all
aspects of environmental law. He has significant expertise counselling clients
on environmental due diligence programs and environmental risks in corpo-
rate transactions, as well on matters related to waste management, water
and wastewater facilities, chemical substances, contaminated sites
and Brownfield redevelopment.
Cusinato, Curtis Stikeman Elliott LLP
(416) 869-5221 ccusinato@stikeman.com
Mr. Cusinato is a senior partner practising corporate and securities law with
a focus on cross-border transactions. He has advised public, private and mul-
tinational companies and private equity groups on domestic and cross-border
mergers & acquisitions, divestitures, leveraged and management buyouts
and other private equity transactions.
Cusano, John R. Gowling WLG
(403) 298-1826 john.cusano@gowlingwlg.com
Mr. Cusano appears before energy regulators with matters related to market
rules applications, transmission system expansions, and cost of capital
and other tariff issues. He has extensive experience in oil & gas contractual
agreements related to surface rights, natural gas liquids, facility applica-
tions, processing service agreements, pipeline agreements and cost
of service issues.
Curpen, Radha D. Bennett Jones LLP
(604) 891-5158 curpenr@bennettjones.com
Ms. Curpen is Managing Partner of Bennett Jones' Vancouver office and co-
chair of the firm's Aboriginal law practice. She specializes in environmental,
Aboriginal and regulatory matters, advising on regulatory compliance, busi-
ness disruption and regulatory enforcement, and the defence of environmen-
tal related prosecutions.
Cullen, Peter J. Stikeman Elliott LLP
(514) 397-3135 pcullen@stikeman.com
Mr. Cullen is a partner in the Litigation & Dispute Resolution, Insurance
& Reinsurance, Energy and Arbitration Groups. He has expertise in energy
insurance (BI, construction, DSU, exploration, LOPI, package covers) and
related marine, regulatory, general coverage and litigation/ADR matters.
He is a member of the Bars of Québec and Ontario and a Fellow
of the Chartered Institute of Arbitrators.
LEXPERT-RANKED LAWYERS
dation, just not the type most people expected.
It has come more through some large global
investors exiting the oil sands, selling to Ca-
nadian companies who are doubling down on
their holdings.
Royal Dutch Shell, for example, did a full re-
treat earlier this year, selling its stake in oil sands
producer Canadian Natural Resources for $4.3
billion in a bought deal, reportedly to unidenti-
fied institutions. e sale was remarkable coming
about a year aer Royal Dutch Shell and Cana-
dian Natural Resources teamed up to buy Mara-
thon Oil's oil sands holdings for US$2.5 billion.
Last year, Houston-based ConocoPhillips sold
$17.7 billion in mainly oil sands holdings to Cal-
gary-based Cenovus. Cenovus funded the bought
deal partly with 208-million Cenovus common
shares, with Conoco planning to sell the stock as
soon as energy share prices rebounded.
Before that, Norway's Statoil ASA sold its stake
in the oil sands to Calgary-based Athabasca Oil in
2016 for $836 million.
Canadian oil sands producers realize they have
to do something about the differential, and, as the
federal government fights to get a pipeline all the
way to the coast, they've been innovating like mad
to get production costs down, reportedly shaving
as much as 30 per cent off the cost of a barrel of oil.
"e industry was very good when prices fell as
steeply as they did at reducing its cost structure,"
says Pat Maguire, an energy lawyer and vice chair
of Bennett Jones LLP. "It has turned out to be far
more scaleable and resilient around price volatili-
ty than people gave it credit for, and most produc-
ers were able to adapt to a new price environment
by focusing on their costs."
Despite the departure of some big global
names, Maguire, who is also the Bennett
Jones' Calgary managing partner, says buyers
are definitely still watching Canadian oil com-
panies. "ere's far more in the works than has
been announced."
While he doesn't see any headline-type deals in
2018, he sees mergers picking up in the junior and
intermediate end. "With companies increasingly
focused on core areas, they may need to consoli-
date to develop them."
US private equity is still interested in Canada,
he says. In June, for example, New York-based
Warburg Pincus funded a management team at
privately held Artis Exploration with $180 mil-
lion to help the Calgary-based company develop
its Duvernay shale position in Western Canada.
And there have been some early indications
the banks are starting to increase producers'
borrowing bases by conservative amounts. In-
Play Oil Corp. announced a credit facility hike
of 25 per cent to $75 million, while a syndicate
