SPM and Torxen Energy purchase the Palliser Block assets from Cenovus Energy Inc.

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 located in Alberta from Cenovus Energy Inc., an integrated Canadian oil company, for cash consideration of $1.3 billion. The deal closed on December 7, 2017. 

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

Schlumberger Ltd.’s in-house legal team was led by Jean-Francois Bauer, and included David Gooch and Maria Augusta Cueva Casanova. Bennett Jones LLP was external counsel to SPM, with a team led by Don Greenfield and that included 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. 

Torxen Energy was represented by a team led by Bradley McFadden and that included Jennifer Marshall (securities and corporate finance) and Brittney Tetz (banking) of Field Law; and by Paul Negenman and Randy Madsen of Lawson Lundell LLP (oil & gas). 

Cenovus Energy Inc.’s in-house legal team was led by Tamar Epstein and Geoff Paskuski. Blake, Cassels & Graydon LLP was external counsel to Cenovus Energy, with a team led by Ben Rogers and Chris Harris and that included Julie Soloway, Kate McNeece, Evan Herbert and Anna McKilligan.

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