On November 30, 2005, Daylight Energy Trust (the Trust), a Calgary-based investment trust with a high quality natural gas weighted property base, extensive prospect inventory and a large undeveloped land base, and Tempest Energy Corp. completed a plan of arrangement for a total acquisition cost of approximately $100 million. Pursuant to the arrangement, the Trust acquired all the outstanding common shares of Tempest after giving effect to the disposition of Tempest's oil and gas properties in the Red Earth area to Midnight Oil Exploration Ltd. for $46 million. As part of the arrangement, a new junior exploration company, Open Range Energy Corp., was spun-out with exploration type petroleum and natural gas properties being contributed by the Trust and Tempest with 65 per cent of the common shares of Open Range being distributed to securityholders of the Trust, and the remaining 35 per cent of the Open Range common shares being distributed to Tempest shareholders (prior to giving effect to an initial private placement of Open Range common shares to its new management team).
The Trust was represented by Burnet, Duckworth & Palmer LLP with a team that included Chris Von Vegesack and Shannon Gangl (securities), Mark Houston (oil and gas), John Wilmot and Colby Dewart (banking), David Ross (tax) and Alicia Quesnel (competition).
Tempest was represented by Burstall Winger LLP with a team that included Harley Winger, Roger MacLeod, Jarrod Isfeld and Marco Mazzocchi (securities), Jonathan Bahnuik (energy) and Melinda Kondrat (litigation).
The Trust was represented by Burnet, Duckworth & Palmer LLP with a team that included Chris Von Vegesack and Shannon Gangl (securities), Mark Houston (oil and gas), John Wilmot and Colby Dewart (banking), David Ross (tax) and Alicia Quesnel (competition).
Tempest was represented by Burstall Winger LLP with a team that included Harley Winger, Roger MacLeod, Jarrod Isfeld and Marco Mazzocchi (securities), Jonathan Bahnuik (energy) and Melinda Kondrat (litigation).
