Financing Provided by JP Morgan

Recent acquisitions in the Canadian oil and gas industry have resulted in a significant amount of financing work. During the last quarter of 2001, JP Morgan led two separate banking syndicates in connection with senior credit facilities to finance the acquisition of Canadian oil and gas companies. The first transaction was a US$300 million credit facility to assist in Anadarko Petroleum Corporation’s purchase of Gulfstream Resources Canada Limited. The second transaction was a $150 million credit facility to assist in Murphy Oil Company’s purchase of Beau Canada Exploration Ltd.

Blake, Cassels & Graydon LLP served as Canadian counsel to the lenders in both transactions, with a team led by Mike Harquail, with tax support from Leslie Morgan in Toronto and Wally Shaw in Calgary. Anadarko was represented by Rick Borden of McLeod Dixon. Murphy Oil was represented by Cal Johnson, Ian Bock and Arlene Strom of Burnet, Duckworth & Palmer LLP.

Each of these transactions also included a U.S. financing component. Ken Anderson, Ozzie Bayazitoglu and Matt Cook (Murphy oil financing) and Craig Murray (Anadarko financing) of the Houston office of Vinson & Elkins represented the U.S. lenders in the Anadarko and Murphy transactions.