Devon Acquires 50% Interest in BP Canada's Pike Oilsands Properties

On June 29, 2010, BP Canada Energy Company and its affiliates and Devon NEC Corporation closed a transaction under which Devon, for consideration of US$650 million, acquired a 50 per cent interest in BP's Pike oilsands properties and Devon and BP entered into a joint venture agreement for the development of those properties. The joint venture will be operated by Devon.

BP Canada's legal team included Michael Drew, Legal Manager, Grant Warnsby of BP Mergers and Acquisitions and Krista Friesen, Senior Legal Counsel. Fraser Milner Casgrain LLP acted as counsel to BP Canada with a team that was led by Michael Hurst (energy) and included Anne Calverley, QC (tax); John Reynolds (commercial); George Antonopoulos and Jenelle Matsalla (energy) and Tom Sides (technology).

Devon's legal team included Murray Brown, Vice President and General Counsel, Morey Sair, Associate General Counsel and Chandra Mazuryk, Senior Counsel. Bennett Jones LLP acted as counsel to Devon with a team that was led by Patrick Maguire and Michael Callihoo (energy); Stephen Burns (technology) and Darcy Moch (tax).