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Schlumberger/Torxen Purchase Cenovus Assets

October 18, 2017

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.

Key Contacts

  • Susan G. Seller Susan G. Seller, Partner
  • Greg M. Johnson Greg M. Johnson, Partner
  • Adam  Kalbfleisch Adam Kalbfleisch, Partner
  • Jeremy A.J. Russell Jeremy A.J. Russell, Partner
  • Kevin  Myson Kevin Myson, Partner
  • Tim  Myers Tim Myers, Partner

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