Schlumberger/Torxen Purchase Cenovus Assets

On October 18, 2017, Schlumberger Production Management (SPM), along with Torxen Energy, entered into a definitive agreement for the purchase of the Palliser Block assets in Alberta from Cenovus Energy Inc., an integrated Canadian oil company, for cash consideration of $1.3 billion.

Under the agreement, which is subject to customary closing conditions, SPM will be the majority non-operating owner, with the rights to exclusive service provision, and Torxen will be the operator.  The oil-focused development strategy includes a multiyear drilling program of more than 1,600 oil wells starting in 2018.

Bennett Jones LLP was counsel to SPM, with a team lead by Don Greenfield and including Susan Seller, Greg Johnson, Adam Kalbfleisch, Vivek Warrier, Jana Prete, Christine Plante, Jeremy Russell, Kyla Stott-Jess, Kevin Myson, Kyle Donnelly, Megan Bertram, Tim Myers and Dana Kiefer.