Taqa North Acquires Pioneer Canada

On November 27, 2007, TAQA North Ltd. (“TAQA North”) completed the acquisition of all of the issued and outstanding shares of Pioneer Natural Resources Canada Inc. (“Pioneer Canada”), a Calgary-based oil and gas exploration and production company, from Pioneer International Resources Company for US$540 million in cash, less adjustments. The acquired entity is set to provide TAQA North with an additional 59,000,000 barrels of proven oil and gas reserves and production of approximately 10,000 boe/d (gross) from properties located largely in Alberta and Saskatchewan, as well as expertise in coal bed methane exploration and production. TAQA North is a wholly-owned subsidiary of Abu Dhabi National Energy Company PJSC (“TAQA”), and was formerly named Northrock Resources Ltd., which was acquired by TAQA in August of this year from Pogo Producing Company. TAQA's entry into the Canadian upstream energy sector continues its diversification through the acquisition of international energy assets.

TAQA and TAQA North were represented respectively by TAQA's general counsel, François Duquette and TAQA North's general counsel, Éamon Hurley, and a team from Heenan Blaikie LLP, which included Michael Black (energy), Lloyd Symons (corporate), Brian Bidyk and Marvin Koochin (energy), Brenda Rawcliffe, Cherry Jiang and Nicole Bacsalmasi (corporate), Jillian Frank (employment), Mitchell Shier (environmental), Mark Jadd and Jennifer Hanna (tax) and Subrata Bhattacharjee and Adam Goodman (competition/regulatory). TAQA and TAQA North were represented internationally by Latham & Watkins LLP in New York, San Diego and London. Latham's corporate team was led by New York partners Ted Sonnenschein and Eric Schwartzman along with corporate associates Constantine Skarvelis and Thomas Malone. Advice was also provided by New York tax partner David Raab and associates Patrick Wheeler and Jocelyn Noll; San Diego environment, land & resources partner Joel Mack; New York benefits and compensation partners Jed Brickner and John Shyer; and finance partners Bill Voge and Joseph Blum in New York and London, respectively.

Pioneer Canada and Pioneer International Resources Company were represented by in-house counsel for their parent: General Counsel Mark Berg; Deputy General Counsel, Business Development Craig Sturtevant; and Vice President and Corporate Secretary Mark Kleinman; and a team from Osler, Hoskin & Harcourt LLP led by Robert Desbarats (M&A and energy) and including Robert Ashcroft (energy), Pierre Magnan and Brent Robinson (corporate), Don Watkins and Nancy Diep (tax), and Peter Glossop and Geoff Macdonald (competition). TD Securities Inc. acted as financial advisers to Pioneer.