Viking Energy Royalty Trust Completes Merger with Calpine Natural Gas Trust

On February 1, 2005, Viking Energy Royalty Trust and Calpine Natural Gas Trust (CNGT) completed a merger of the two income trusts and continued as Viking Energy Royalty Trust. Under the terms of the merger, each CNGT unitholder received, on a tax-deferred rollover basis, two Viking units for each CNGT unit held. Following the merger, Viking had an enterprise value of approximately $1.3 billion.

Viking was represented by Robert Engbloom, Q.C., Scott Negraiff, Jamie Gagner and Tara Shaw (securities and trust matters), Orville Pyrcz, Q.C. (tax), John Carleton and Rujuta Patel (competition) and Richard Borden and Gary Rose (banking) of Macleod Dixon LLP.

CNGT was represented by Blake, Cassels & Graydon LLP in Calgary, with a team that consisted of Brock Gibson, Chad Schneider and Scott Cochlan (securities and trust matters), Ron Mar (tax) and Warren Nishimura and Louise Aurigemma (banking).

Edwin Maynard, Angus Tarpley and Aun Singapore (securities) and David Sicular and Nancy McGlamery (tax) of Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York provided US advice on the transaction.