|Date Announced:||April 10, 2017|
|Date Closed:||May 11, 2017|
On May 11, 2017, investment funds controlled by Waterous Energy Fund acquired approximately 67% of the issued and outstanding common shares of Northern Blizzard Resources Inc. from affiliates of Riverstone Holdings, LLC, and NGP Energy Capital Management, LLC for cash consideration of approximately C$244 million.
Northern Blizzard is a Canadian crude oil production and development company headquartered in Calgary and focused on maximizing oil recovery from its large-scale, world-class low viscosity heavy oil resource base. Northern Blizzard's operations, infrastructure and concentrated land positions are focused in southwest Saskatchewan. Northern Blizzard's common shares are listed for trading on the Toronto Stock Exchange under the symbol "NBZ".
WEF is a Calgary headquartered oil and gas private equity firm founded by Adam Waterous targeting a focused portfolio of owned and controlled investment opportunities between C$100 and C$400 million across North America.
Bennett Jones LLP acted as Canadian legal counsel to Riverstone and NGP with a team that included John Mercury, Kahlan Mills, James McClary, John Lawless and Kismat Nijjar (Capital Markets and M&A) and Beth Riley (Competition).