On November 30, 2021, Strathcona Resources Ltd. (Strathcona) and affiliates of Waterous Energy Fund (WEF) jointly acquired all of the outstanding shares of Caltex Resources Ltd. (Caltex), a private oil company with high-margin enhanced oil recovery (EOR) assets proximate to Strathcona's Lloydminster heavy oil EOR operations. At the time of acquisition, Caltex produced around 13,000 boe/d (98 percent oil).
Blake, Cassels & Graydon LLP represented Strathcona and WEF with a team led by Kevin Kerr (Corporate/M&A) and Olga Kary (Securities/M&A), and including Carrie Aiken, Ahmed Elsaghir, Zvi Halpern-Shavim and Derrick Osborne (Tax); de Lobe Lederman and Birch Miller (Employment); Sean Maxwell (Pensions); Courtney Carston, Kristopher Simard and Chad Schneider (Securities/M&A); Renee Reichelt and Randell Trombley (Litigation); Drew Campbell, Simon Lidster, Aaron Palmer and Daniel Rosario (Financial Services); Erik Fleming and Ashton Menuz (Corporate/M&A); and Kevin MacDonald and Tori Skot (Competition).
Cassels Brock & Blackwell LLP represented Caltex with a team led by Josef Hocher and Daniel Zuniga (Securities and M&A) and included Lindsay Clements, Robert Hamilton and John Norman (Business and M&A), Keith Templeton and Chris McLelland (Energy), Douglas Richardson and Corinne Grigoriu (Tax), Bryan Woodman (Banking & Specialty Finance) and Natalie Thompson (Articling Student).
