On December 16, 2015, PrairieSky Royalty Ltd. (PrairieSky) completed the acquisition of royalty assets from Canadian Natural Resources Limited (Canadian Natural) for an aggregate purchase price of $1.8 billion. In conjunction with the transaction, PrairieSky entered into a non-brokered private placement of 27 million subscription receipts for aggregate gross proceeds of approximately $680 million.
Canadian Natural is one of the largest independent crude oil and natural gas producers in the world. PrairieSky Royalty is the largest fee simple mineral title land owner in western Canada, including approximately 5.5 million acres of fee simple mineral title lands with petroleum and/or natural gas rights.
Overseeing legal matters in-house for PrairieSky was Cameron Proctor, Chief Operating Officer. PrairieSky was represented by Burnet, Duckworth & Palmer LLP with a team that included John Cuthbertson, Sean Korney and Ashley Weldon (energy), Alyson Goldman and Bronwyn Inkster (securities) and Heather DiGregorio (tax).
Overseeing legal and tax matters in-house for Canadian Natural was Paul Mendes, Vice-President, Legal and General Counsel; Betty Yee, Vice President, Land; Katherine Linder, Manager A&D and Legal Counsel; John Mills, Legal Counsel and Ron Kim, Controller, Corporate Reporting and Tax. Canadian Natural was represented by Osler, Hoskin & Harcourt LLP with a team that included Robert Desbarats, Janice Buckingham and Kate Royer (energy), Edward Rowe and Ted Thiessen (tax) and Frank Turner and Kelsey Armstrong (securities)