International Petroleum Corp. acquires assets from Cenovus Energy Inc.

On January 5, 2018, International Petroleum Corporation (IPC) closed the previously announced acquisition of oil & natural gas assets in the Suffield and Alderson areas of southern Alberta from Cenovus Energy Inc. (Cenovus), an integrated Canadian oil company, for $512 million plus additional deferred contingent amounts of up to $36 million. IPC is a publicly traded (TSX and Nasdaq First North) international oil and gas exploration and production company with a portfolio of assets located in Europe and South East Asia. The Lundin family is IPC’s major shareholder. This is IPC’s first acquisition in Canada. 

IPC was represented in-house by its General Counsel Jeffrey Fountain and externally by Burnet, Duckworth & Palmer LLP with a team led by Sean Korney and Jody Wivcharuk, and that included Jon Ozirny and Randon Slaney (energy), Nancy Smith and Nicole Chorley (banking), Jeff Oke and Bill Maslechko (securities), Heather DiGregorio and Brandon Holden (tax), and Gina Ross and Richard Smith (employment). 

Cenovus was represented by its in-house legal team that included Geoffrey Paskuski and Suzanne Smith, and externally by Blake, Cassels & Graydon LLP with a team led by Ben Rogers and Chris Harris, and that included Evan Herbert (energy), Michael Howcroft (employment), Anna McKilligan (energy), Julie Soloway (regulatory) and others.