Tourmaline Oil Corp. completed the previously announced Peace River High sale to and joint venture with Canadian Non-Operated Resources I Ltd. (CNOR) for approximately $500 million. Tourmaline retains a 75 per cent interest and will continue to operate the joint venture assets.
Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. CNOR is a Calgary-based oil and gas company managed by Grafton Asset Management, a Calgary-based oil and gas investment management firm.
Tourmaline was represented by Burnet, Duckworth & Palmer LLP with a team that included Carolyn Wright, Alicia Quesnel and Ashley Weldon (energy and commercial) and John Wilmot and Nancy Smith (banking).
CNOR was represented on the joint venture agreement by Bennett Jones LLP with a team that included Don Greenfield (oil and gas team lead), Vivek Warrier, Kieran Ryan, Gavin Carscallen, Megan Bertram, Adam Scrivens, Helen Cox, Jennifer Asquin, Ravi Parhar and Dominic Puglia; and by Gowling Lafleur Henderson LLP on tax, financing and corporate matters with respect to the joint venture and the first lien and second lien financings obtained by CNOR in connection with the acquisition, with a team that included Greg Lindsey and Brian Kearl (tax), Elizabeth Burton (financing) and Alan James, Myron Dzulynsky and David Campbell (corporate).
Vinson & Elkins LLP represented one of CNOR’s primary investors in the transaction with a team that included David Cohen, James Fox, John Grand and Dan Komarek.
The Toronto-Dominion Bank led a syndicate of lenders in providing certain first lien credit facilities to CNOR to assist in the purchase. The syndicate was represented by Torys LLP with a team led by Kevin Fougere that included Lee Cassey and Tyrel Henderson.
Riverstone Capital Services LLCarranged a second lien term loan facility for CNOR to assist in the purchase and was represented by Simpson Thacher & Bartlett LLP with a team that included Robert Rabalais, Jason Hwang and Peter Raish.