NAL Oil & Gas Trust and Breaker Energy Complete Plan of Arrangement

On December 11, 2009, NAL Oil & Gas Trust and Breaker Energy Ltd. completed a plan of arrangement under the Business Corporations Act (Alberta) pursuant to which NAL indirectly acquired all of the issued and outstanding common shares of Breaker. The total consideration for the transaction was approximately $403 million, which was paid through the issuance of approximately 25 million NAL trust units and the assumption of an estimated $93 million in Breaker net debt.

NAL was represented by the Calgary office of Bennett Jones LLP with a team that included John Kousinioris, Jon Truswell, Bruce Hibbard, Matthew Olson, Sandra Malcolm and Andrew Broughton (securities); Curtis Stewart (tax); and Laurie Goldbach (litigation); and by the Calgary office of Felesky Flynn LLP with a team that included Joe Struck, Craig McDougall, Mike Hegedus and Andrew Bateman (tax).

Breaker was represented by the Calgary office of Heenan Blaikie LLP with a team that included James Pasieka, Thomas Cotter, Tim Sweeney and Nicole Bacsalmasi (securities); Brian Bidyk (energy); Mark Jadd and Kay Leung (tax); and Cynthia Amsterdam (litigation).