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PARAMOUNT RESOURCE AND PEMBINA
GAS SERVICES LP COMPLETE SALE OF MUSREAU
FACILITY, CLOSE MIDSTREAM DEAL
CLOSING DATE: APRIL 20, 2016
MUNGO
HARDWICKE-BROWN
BLAKE, CASSELS
& GRAYDON LLP
PATRICK MAGUIRE
BENNETT JONES LLP
On April 20, 2016, Paramount Resources (Paramount) completed
the sale of sour gas processing assets in north western Alberta to Pem-
bina Gas Services Limited Partnership, an indirect wholly owned
subsidiary of Pembina Pipeline Corporation (Pembina) for cash and
other considerations.
As part of the transaction, Paramount and Pembina have entered
into a 20-year midstream services agreement that secures Para-
mount's priority access to sold capacity at the Musreau Facility. Un-
der the terms of the transaction, Pembina has acquired Paramount's
preliminary engineering studies, licenses and surface rights with re-
spect to a proposed sour gas processing facility and additional sour gas
processing assets, and has agreed, at Paramount's election, to provide
additional capacity on agreed terms.
Concurrent with the acquisition, Pembina announced an offering
of common shares through a syndicate of underwriters co-led by Sco-
tia Capital Inc. and RBC Dominion Securities Inc. On March 29,
2016, the offering closed and Pembina issued 10,148,750 common
shares for total gross proceeds of approximately $345 million, includ-
ing the exercise of the underwriters' option in its entirety.
Paramount was represented in-house by Mitchell Shier (General
Counsel & Corporate Secretary Manager, Land), Anne Love and
Reid Yester and Bennett Jones LLP by a team led by Patrick Magu-
ire and including Donald Greenfield, Tom McInerney, Jana Prete and
Megan Bertram (corporate/oil & gas) and Beth Riley (competition).
On the acquisition, Pembina was represented in-house by Tim Nel-
son (Senior Legal Counsel) and Blake, Cassels & Graydon LLP by a
team consisting of Mungo Hardwicke-Brown, Chris Harris and Paul
Blyschak (corporate/oil & gas) and Jason Gudofsky and Litsa Kriaris
(competition). On the common share financing, Pembina was rep-
resented in-house by Chelsea Hunter (Legal Counsel) and a Blakes
team consisting of Jeff Bakker, Chad Schneider and Chris Salamon
(corporate/securities).
e underwriters were represented by Stikeman Elliott LLP. e
Stikeman Elliott team comprised Christopher Nixon, Keith Cha-
twin, Andrew Beamer and Zhuo Chen (corporate/securities) and
Julie D'Avignon (tax).
Oil & Gas Oil & Gas Oil & Gas
ATHABASCA OIL AND MURPHY
OIL LIGHT OIL COMPLETE JOINT VENTURE
CLOSING DATE: MAY 13, 2016
SEAN KORNEY
BURNET, DUCKWORTH
& PALMER LLP
VIVEK WARRIER
BENNETT JONES LLP
On May 13, 2016, Athabasca Oil Corporation (Athabasca) and
Murphy Oil Company Ltd. (Murphy), completed the previously an-
nounced light oil joint venture to develop Duvernay and Montney
plays in the Kaybob area of northwestern Alberta for approximately
$486 million.
Athabasca is a Canadian energy company based in Calgary with a
focused strategy on the development of thermal and light oil assets.
Murphy owns and operates extensive upstream exploration and pro-
duction assets in Canada and is the Canadian subsidiary of Murphy
Oil Corporation based in El Dorado, Arkansas.
Athabasca was represented by Athabasca's Anne Schenkenberger,
VP General Counsel and Corporate Secretary and Sarah Nossiter,
Senior Legal Counsel and by Burnet, Duckworth & Palmer LLP
with a team that included Sean Korney, Jody Wivcharuk, Ashley Wel-
don, Cassandra Calder and Jon Ozirny (energy), John Wilmot and
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