|Date Closed:||June 24, 2016|
|Deal Value:||$975 million|
|Client Name:||Penn West Petroleum Ltd.|
The acquisition includes a core position within the Saskatchewan Viking light oil play, as well as low decline conventional Bakken heavy oil properties currently under water flood, which will result in additional 16,300 BOE/day of production to Teine and 410,000 net acres of undeveloped land. Teine is now the largest landholder and producer within the Saskatchewan Viking fairway, controlling over 1,000 net sections (640,000 acres) of undeveloped land containing over 5,000 risked Viking horizontal locations. The acquisition was funded by the Canada Pension Plan Investment Board and Teine’s existing credit facilities.
Teine was represented by Stikeman Elliott LLP with a team that included Chrysten Perry, Brad Ashkin and Cheryl Rea (M&A), Marc Barbeau and Guy Martel (banking), Susan Hutton and Megan MacDonald (competition), and Gary Clarke, Chip Johnston and Kenton Rein (employment).
Penn West was represented by Bennett Jones LLP with a team that included Renee Ratke, Scott Bower, Kieran Ryan and Katie Miller (M&A), and Beth Riley (competition).