Borden, Richard P.
Norton Rose Fulbright
Canada LLP
(403) 267-8362
rick.borden@nortonroseful-
bright.com
Mr. Borden focuses on large
projects, financing and JVs in
the energy sector, including
oil sands, pipelines and LNG
projects. He counsels on
structuring, due diligence,
negotiation and draing. His
clients include major banks
and sponsors.
Bouchard, Lucien
Davies Ward Phillips
& Vineberg LLP
(514) 841-6515
lbouchard@dwpv.com
Mr. Bouchard is a partner in
the Corporate/Commercial,
Litigation, M&A, Energy
and Mining practices. He
advises large corporations
on strategic issues and policy
matters in addition to acting
as negotiator and mediator
for significant disputes.
Bouvette, Sylvie
Borden Ladner Gervais LLP
(514) 954-2507
sbouvette@blg.com
Ms. Bouvette has over 23
years' experience repre-
senting clients in connection
with the development,
acquisition, joint ventures,
partnership and financing
of hydro, biomass and wind
farm projects, and has
been involved in the
energy industry.
Borduas, Robert G.
Norton Rose Fulbright
Canada LLP
(514) 847-4524
robert.borduas@nortonroseful-
bright.com
Mr. Borduas is a Canadian
practice leader in project
finance. He has represented
lenders and borrowers in
several large energy projects
including wind farms and
gas storage facilities.
Bourassa, Philippe
Blake, Cassels
& Graydon LLP
(514) 982-4061
philippe.bourassa@blakes.com
Mr. Bourassa's key practice
areas include energy and
infrastructure projects. He
advised developers and
institutional investors on the
development and acquisition
of some of the largest hydro-
electric, wind, solar and
biomass projects in Canada.
Braithwaite, William J.
Stikeman Elliott LLP
(416) 869-5654
wbraithwaite@stikeman.com
Chair of the firm and member
of the Executive Committee.
Senior partner in the Toronto
office with transactional prac-
tice focusing primarily on
public M&A. Also advises
boards and shareholders as well
as governments and regulators
on policy matters.
Janice Buckingham, energy lawyer with
Osler, Hoskin & Harcourt LLP. Neal Ross,
Buckingham's colleague at Osler, puts it
another way: "No one is getting into this
so they can be here 20 years later." He says
exceptions to the rule are MEG Energy,
Seven Generations Energy, Northern Bliz-
zard and Gibson Energy, where PE back-
ers elected to retain their investments aer
initial public offerings (IPOs). But the vast
majority of those 960 oil companies are
born to be sold off or consolidated once
they've built up sufficient value.
8
|
PRIVATE EQUITY
LEXPERT
®
RANKED LAWYERS
Derek Flaman of Torys LLP says deal
making was slowed in the first half of 2015
by a significant gap between bid and ask
prices for energy assets. But prolonged
price weakness has soened asking prices in
recent weeks. He adds that private equities
are particularly suited to tough times in the
oil patch because of their ability to conduct
intensive analysis before taking controlling
positions in carefully chosen companies.
"Since June, the dial has really been
turned up," says Neville Jugnauth, Flaman's
partner at Torys in Calgary. "Private equity
fits the Calgary model and currently it's
driving the model."
e long-established Calgary model is
for a young engineer or geo-scientist to
work 10 to 20 years learning the ropes at a
major oil company before forming a group
of similarly expert, middle-aged tyros to go
forth and conquer the energy world.
A leading example is the team led by
energy accountant Mike Culbert, who re-
mains president and CEO of Progress En-
ergy aer selling the company to Petronas
of Malaysia for $5.5 billion in 2012. But the
acknowledged archetype is geologist Mike
Rose, who worked 14 years for Shell Cana-
da before striking out with a few friends in
the early 1990s. In 2001, they sold their first
vehicle, Berkley Petroleum, for $777 mil-
lion, and in 2008 they sold Duvernay Oil
Corp. to Shell for $5.25 billion. Rose's lat-
est effort, Tourmaline Oil Corp., now has
a market capitalization of about $7 billion.
And, while his is the name to conjure with,
there are hundreds of others engaged in the
business of making themselves and others
rich through the trade in hydrocarbon as-
sets. While some crash and burn, others go
on to glory.
"It's a very entrepreneurial culture," says
"WE'RE ALSO STARTING to see private equity coming
from China. [This could raise national security concerns and]
it's going to be interesting to see how Investment Canada
is going to handle that."–
Alicia Quesnel, Burnet, Duckworth & Palmer LLP
