PrairieSky Royalty (PrairieSky) completed its acquisition of Range Royalty Limited Partnership (Range Royalty), a private oil and gas royalty company, pursuant to a plan of arrangement. With closing of the transaction, PrairieSky acquired approximately 3,000 barrels of oil equivalent of royalty production and 3.5 million acres of royalty lands. Under the transaction, PrairieSky issued approximately 19.33 million common shares to former Range securityholders, for total deemed consideration at the time of announcement of approximately $699 million.
Cameron Proctor, Vice-President, Legal & Corporate Services, oversaw legal matters for PrairieSky. PrairieSky was represented by Blake, Cassels & Graydon LLP with a team that included Chad Schneider, Olga Kary, and Marcus Ostrowerka (M&A), Ben Rogers and Chris Harris (oil & gas), Robert Kopstein and Carrie Aiken (tax) and Jason Gudofsky and Kate McNeece (competition). Andrew Foley and Stephen Centa of Paul, Weiss, Rifkind, Wharton & Garrison LLP provided US advice to PrairieSky on the transaction.
Range Royalty was represented by Burnet, Duckworth & Palmer LLP, with a team that included Grant Zawalsky, Shannon Gangl, Nicole Bacsalmasi and Shanlee von Vegesack (M&A) and Heather DiGregorio and Brandon Holden (tax) and Jody Wivcharuk (competition). Guy Lander and Christine Jung of Carter Ledyard & Milburn LLP advised Range Royalty on US matters.