40 LEXPERT MAGAZINE
|
JANUARY/FEBRUARY 2018
| TOP 10 DEALS |
and Restructuring )
Ad Hoc Committee of Noteholders and DIP
Lenders: Goodmans LLP (Restructuring )
Noteholders forming part of the negotiat-
ing creditor group: Paul, Weiss, Riind,
Wharton & Garrison LLP (US Counsel);
Cardenas y Cardenas Abogados
Creditor Group: Davies Ward Phillips
& Vineberg LLP
Bank of America: Torys LLP
GMP Securities: Wildeboer Dellelce LLP
(Corporate/Securities)
Independent Committee of the Board:
Osler, Hoskin & Harcourt LLP
Monitor, PwC: ornton Grout
Finnigan LLP
Canadian Natural
Resources acquires
Athabasca Oil Sands
Project interests from
Shell (and completes
joint acquisition of Mara-
thon Oil Canada Corp.)
As we reported earlier in Lexpert: On May
31, 2017, Canadian Natural Resources Ltd.
(Canadian Natural) completed two previ-
ously announced agreements to acquire
oil sands assets from Shell Canada Energy,
Shell Canada Ltd. and Shell Canada Re-
sources (Shell) and, with a subsidiary of
Shell, to jointly acquire Marathon Oil Can-
ada Corp. (MOCC).
Under the first agreement, a subsid-
iary of Canadian Natural completed the
acquisition of Shell's entire 60-per-cent
interest in Athabasca Oil Sands Project
(AOSP), its 100-per-cent interest in the
Peace River Complex in-situ assets, in-
cluding Carmon Creek, and a number of
undeveloped oil sands leases in Alberta.
e consideration to Shell from Cana-
dian Natural was approximately $11.1 bil-
lion, comprising $7.2 billion in cash plus
97,560,975 common shares of Canadian
Natural valued at $3.9 billion at the date
of closing.
Separately and under the second agree-
ment, Canadian Natural and one of Shell's
subsidiaries have completed the joint
acquisition and now own equally MOCC,
which holds a 20-per-cent interest in AOSP,
from an affiliate of Marathon Oil Corp. for
US$2.5 billion (US$1.25 billion each).
On completion of the acquisition, the
respective ownership interests in the AOSP
assets are 70 per cent Canadian Natural, 20
per cent Chevron Canada Ltd., and 10 per
cent Shell.
On June 1, 2017, a subsidiary of Cana-
dian Natural commenced as operator of the
AOSP upstream mining assets, while Shell
continues as operator of the Scotford up-
grader and Quest carbon capture and stor-
age (CCS) project, located adjacent to the
100-per-cent Shell-affiliate-owned Scot-
ford refinery and chemicals plants.
Key Law Firms
Canadian Natural: Bennett Jones LLP
Shell: McCarthy Tétrault LLP
Marathon: Burnet, Duckworth
& Palmer LLP
Lenders to Canadian Natural: Norton
Rose Fulbright Canada LLP
Felesky Flynn LLP is a recognized leader in Canadian and
international tax matters. For 40 years our dedicated focus
to tax law has allowed the Firm to provide our clients
with exceptional quality service backed by a team comprised
of professionals with reputations built on expertise and
integrity.
CALGARY
5000 Suncor Energy Centre
150 - 6 Avenue SW
Calgary, AB T2P 3Y7
Tel: (403) 260-3300
Fax: (403) 263-9649
E-mail: felesky@felesky.com
EDMONTON
1980 Manulife Place
10180 - 101 Street
Edmonton, AB T5J 3S4
Tel: (780) 428-8310
Fax: (780) 421-8820
E-mail: edmonton@felesky.com
SASKATOON
Suite 100
728 Spadina Crescent East
Saskatoon, SK S7K 3H2
Tel: (306) 952-0894
Fax: (306) 952-2439
E-mail: saskatoon@felesky.com
At Felesky Flynn LLP, we rigorously adhere to a collaborative
practice approach which allows us to direct the collective
knowledge of the rm to solving client's tax problems.
This approach enables us to provide consistent top quality tax
advice to our clients.
We oer unique solutions to your unique problems. Our lawyers
have the experience and technical skills to provide clients in all
sectors with business-driven legal tax advice.
Celebrating
Years
40
2018
www.felesky.com
