TUSK Energy Merges with Zenas Energy

On November 12, 2006 TUSK Energy Corporation and Zenas Energy Corp. entered into an arrangement agreement that provided for the business combination of Zenas with TUSK by way of plan of arrangement under the Alberta Business Corporations Act. As a result of the transaction, TUSK acquired all the issued and outstanding shares of Zenas in consideration of 1.033 TUSK shares for each Zenas share held. The value of the transaction was approximately $250 million. The transaction closed December 21, 2006, with an effective date of December 31, 2006.

TUSK was represented by Gowling Lafleur Henderson LLP, led by Brian Mainwaring and assisted by Jeffrey Dyck, Bennett Wong (M&A) and Alan Rautenberg (tax).

Zenas was represented by Osler, Hoskin & Harcourt LLP, led by Noralee Bradley and assisted by Tonya Fleming, Rummy Basra, Heidi Wong and Tommy Gelbman (corporate), Nancy Diep (tax) and Tristram Mallett (litigation).