Northern Blizzard Resources Acquires Heavy Oil Properties from Nexen

On July 22, 2010, Nexen Inc., the Calgary-headquartered global energy company, completed the sale of its western Canadian heavy oil properties to Northern Blizzard Resources Inc., a private Calgary company backed by private equity firm Natural Gas Partners, for approximately $975 million (before closing adjustments and costs). The properties, stretch from Saskatchewan into Alberta and include 750 wells.

Northern Blizzard was represented by Osler, Hoskin & Harcourt LLP with a team including Robert Desbarats, QC, Janice Buckingham and Cheryl Kelly (energy); Noralee Bradley and Evan Low (corporate); Stan Ebel (tax); Peter Glossop (Competition Act and Investment Canada Act); Gordon Nettleton and Jessica Ng (National Energy Board Act) and Lorne Carson and Neil Herle (bank financing).

Nexen was represented by Jay Todesco, Senior Counsel and a team from Ogilvy Renault LLP including Miles Pittman, Ben Rogers, Chris Harris, Michael Bennett and Breanne Campbell (energy/M&A); Kevin Ackhurst (competition); Michael Horvat and Anne Gallop (employment) and Leanne Souquet (patents).