Calpine Corporation Acquires Encal Energy

Calpine Corporation acquired Encal Energy Ltd., a Calgary oil and gas exploration and production company, on April 19, 2001. The acquisition was effected by way of a plan of arrangement and the shareholders of Encal received a fixed value of $12 per share, payable in the form of exchangeable shares of a Canadian subsidiary of Calpine. The aggregate value of the transaction was $1.8 billion. Based in San Jose, California, Calpine is a leading independent power company engaged in the development, acquisition, ownership and operation of power generation facilities and the sale of electricity predominantly in the United States.

Acting for Calpine were Andy Love, Craig Hoskins, Marcus Archer (corporate), Tom Hirst, Q.C., (oil and gas), Jim McKee and Craig Maurice (tax) of Macleod Dixon LLP’s Calgary office, and Bill Collins, Bruce Bennett and Lal Mack of Covington & Burling in New York. Representing Encal were Perry Spitznagel, John MacNeil, Brad Markel, Took Whiteley (corporate), Alan Ross, Darcy Moch (tax), Jim D’Andrea (employment) and Tony Friend, Q.C., (litigation), all of Bennett Jones LLP in Calgary, and Ted Maynard and Jeff Hellman of Paul, Weiss, Rifkind, Wharton & Garrison in New York.