OVERVIEW & EXPERTISE

 

​The global financial markets’ gradual recovery since 2008 continues to dovetail with unprecedented levels of interest in Canada's resource sector. The result has been an explosion of M&A activity in the Canadian energy industry, marked by the return of financial buyers and strategic investors pursuing acquisitions in order to increase earnings and gain both operational and technological expertise.

There is every reason to think this trend will accelerate and expand. Mega-deal activity is set to continue in the Canadian energy sector, characterized by creative deal structures such as partnerships, joint ventures, minority investments and long-term supply arrangements.

Price and valuation volatility, along with debt and liquidity issues, will significantly affect M&A, consolidation and divestitures activity. Despite signs of financial recovery, the gap between buyers’ and sellers’ expectations will likely lead to more unsolicited and hostile bids. Legal loopholes and market underperformance will drive greater shareholder activism. Foreign energy companies continue to enter Canada and will change the nature and practices of our domestic industry.

In this rapidly fluctuating environment, Blakes is proud to boast an extraordinary depth of talent and resources in the energy/finance field. More than 100 M&A lawyers and more than 100 energy law practitioners throughout our Canadian and overseas offices constitute an exceptional cross-border capability for our clients every day. We believe that no other firm can combine our expertise in M&A, competition, securities, tax and environmental law with our thorough understanding of the oil and gas industry’s business and legal environment.

Representative Matters:

  • Kinder Morgan Canada on its C$4.5-billion sale of the Trans Mountain Pipeline system and expansion project to the Government of Canada.
  • Strath Resources Ltd. on the acquisition of Montney assets from Paramount Resources Ltd. for a total consideration of C$340-million – paid 50 per cent in cash and 50 per cent in common shares of Strath.
  • Pembina Pipeline Corporation on its C$9.3-billion acquisition of Veresen Inc.
  • Cenovus Energy Inc. on the sale of its Palliser crude oil and natural-gas assets in southeastern Alberta to Torxen Energy and Schlumberger for C$1.3-billion.
  • Cenovus Energy Inc. on the sale of its Suffield crude oil and natural-gas assets in southern Alberta to International Petroleum Corporation for C$512-million.
  • Suncor Energy Inc. on the sale of its Petro-Canada lubricants division to HollyFrontier Corporation for C$1.13-billion.
  • Husky Energy on its C$1.7-billion sale of 65 per cent of certain midstream assets to Cheung Kong Infrastructure Holdings Limited and Power Assets Holding Limited.
  • Cenovus Energy Inc. on the sale of its wholly owned subsidiary Heritage Royalty Limited Partnership to Ontario Teachers' Pension Plan for C$3.3-billion.
  • Daylight Energy Ltd. on its C$2.2-billion acquisition by Sinopec.
  • Suncor Energy Inc. on its purchase and sale of interests in the Fort Hills and Joslyn mining projects and the Voyageur (U3) upgrader with Total E&P Canada Ltd., and on related development and operating agreements. Further assisted Suncor with its strategic merger with Petro-Canada
  • Sinopec on its C$4.65-billion purchase of ConocoPhillips' interest in the Syncrude joint venture, the largest oil sands venture in the world that includes surface mining, extraction and upgrading; and has been in production for over 30 years.
  • UTS Energy Corporation on its C$1.5-billion plan of arrangement with Total E&P Canada Ltd., whereby Total acquired UTS Energy.
  • TriStar Oil & Gas Ltd. on its C$2.8-billion acquisition by Petrobank Energy and Resources Ltd, thereby creating a new publicly listed company named PetroBakken Energy Ltd.
  • Nexen Inc. on its C$735-million acquisition of an additional 15 per cent interest in the Long Lake oil sands joint venture project and the joint venture lands from OPTI Canada Ltd.
  • Cliffs Natural Resources Inc. on its C$240-million acquisition of Freewest Resources Canada Inc., which was supported by Freewest as superior to an unsolicited take-over bid by Noront Resources Ltd.
  • Pure Energy Services Ltd. on its strategic merger with Canadian Sub-Surface Energy Services Corporation.


 

 PEOPLE

 
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Partner | Montréal
Montréal: 514-982-4025
Areas of Expertise: Energy, Banking, Commercial Real Estate, Financial Services, Construction, Infrastructure, Oil & Gas, Pension Funds Investment, Debt Capital Finance, Structured Finance, Major Projects, Downstream & Marketing, Mergers, Acquisitions, & Divestitures, Hotel Finance
Partner | Calgary
Calgary: 403-260-9622
Areas of Expertise: Joint Venture & Co-Ownership Structuring, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream, E&P Conventional, E&P Unconventional, Oil & Gas, Power, Mergers & Acquisitions
Associate | Calgary
Calgary: 403-260-9658
Areas of Expertise: Corporate & Commercial, Mergers & Acquisitions, Energy, LNG, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream, Oilfield Services, Oil & Gas, Power, Renewables (Wind, Solar, Hydro, & CleanTech)
Chair | Calgary, Toronto
Calgary: 403-260-9610
Toronto: 416-863-2150
Areas of Expertise: Capital Markets, Mergers & Acquisitions, Oil & Gas, Energy, Restructuring & Insolvency, Australia, Africa, Europe, Middle East, Latin America, Equity Capital Markets, Pension Funds Investment, Investment Funds, Investment Vehicles, Major Projects, Mergers, Acquisitions, & Divestitures, Credit Unions
Office Managing Partner | London
London: +44-20-7429-3555
Areas of Expertise: Mergers & Acquisitions, Mining, Oil & Gas, Infrastructure, Australia, Africa, Capital Markets, Europe, Equity Capital Markets, Debt Capital Finance, Corporate Governance, Mining Lending, Mining Streaming & Royalties, Mining M&A and Capital Markets, Mergers, Acquisitions, & Divestitures
Associate | Calgary
Calgary: 403-260-9760
Areas of Expertise: Energy, Corporate & Commercial, Mergers & Acquisitions, Mergers, Acquisitions, & Divestitures, Joint Venture & Co-Ownership Structuring, Pipeline & Midstream, Oil & Gas, Restructuring & Insolvency
Partner | Calgary
Calgary: 403-260-9674
Areas of Expertise: Mergers & Acquisitions, Energy, Oil & Gas, Infrastructure, Food, Beverage & Agribusiness, Hospitality & Leisure, Construction, United States, Major Projects, LNG, Downstream & Marketing, E&P Conventional, E&P Unconventional, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream
Partner | Calgary
Calgary: 403-260-9744
Areas of Expertise: Energy, Mergers & Acquisitions, Corporate & Commercial, Major Projects, E&P Conventional, E&P Unconventional, Joint Venture & Co-Ownership Structuring, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream, Oilfield Services, Power, Emerging Companies & Venture Capital, Power, Oil & Gas, Renewables (Wind, Solar, Hydro, & CleanTech), Private Equity, Oil & Gas
Associate | Calgary
Calgary: 403-260-9717
Areas of Expertise: Corporate & Commercial, Oil & Gas, Energy, Mergers & Acquisitions, Food, Beverage & Agribusiness, Corporate Governance, Joint Venture & Co-Ownership Structuring, Pipeline & Midstream, Middle East, Major Projects, Mergers, Acquisitions, & Divestitures
Partner | Calgary
Calgary: 403-260-9644
Areas of Expertise: Capital Markets, Corporate & Commercial, Equity Capital Markets, Corporate Governance, Mergers & Acquisitions, Debt Capital Finance, Oil & Gas, Private Equity, Mergers, Acquisitions, & Divestitures
Partner | Calgary
Calgary: 403-260-9663
Areas of Expertise: Energy, Mergers & Acquisitions, Oil & Gas, Corporate & Commercial, Food, Beverage & Agribusiness, Power, Renewables (Wind, Solar, Hydro, & CleanTech), Transmission & Distribution, Equity Capital Markets, Automotive, Pension Funds Investment, Investment Funds, Investment Vehicles, Major Projects, E&P Unconventional, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream
Partner | Calgary
Calgary: 403-260-9746
Areas of Expertise: Energy, Mergers & Acquisitions, Oil & Gas, Corporate & Commercial, Power, Renewables (Wind, Solar, Hydro, & CleanTech), Major Projects, Downstream & Marketing, E&P Conventional, E&P Unconventional, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream
Associate | Calgary
Calgary: 403-260-9646
Areas of Expertise: Energy, Oil & Gas, Power, Food, Beverage & Agribusiness, Middle East, Downstream & Marketing, Major Projects, Oil & Gas, E&P Conventional, E&P Unconventional, Mergers, Acquisitions, & Divestitures, Pipeline & Midstream, Australia, United States, Corporate & Commercial, Joint Venture & Co-Ownership Structuring, LNG, Pipeline & Midstream, Mergers & Acquisitions, Oil Sands
Associate | Calgary
Calgary: 403-260-9661
Areas of Expertise: Corporate & Commercial, Oil & Gas, Mergers & Acquisitions, Mergers, Acquisitions, & Divestitures, Joint Venture & Co-Ownership Structuring, Pipeline & Midstream, Restructuring & Insolvency
Office Managing Partner | Vancouver
Vancouver: 604-631-3345
Areas of Expertise: Mergers & Acquisitions, Capital Markets, Corporate Governance, Mining, Forestry, Africa, Joint Venture & Co-Ownership Structuring, Mergers, Acquisitions, & Divestitures, Latin America, Equity Capital Markets, Shareholder Activism, China, Mining Lending, Mining Streaming & Royalties, Mining M&A and Capital Markets, Major Projects
Partner | Calgary
Calgary: 403-260-9660
Areas of Expertise: Mergers & Acquisitions, Corporate Governance, Debt Capital Finance, Equity Capital Markets, Oil & Gas, Private Equity, Retail, Pension Funds Investment, Investment Funds, Investment Vehicles, Mergers, Acquisitions, & Divestitures
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