International Petroleum Corp. completes the acquisition of BlackPearl Resources Inc.

On December 14, 2018, International Petroleum Corporation (IPC) completed its acquisition of BlackPearl Resources Inc. (BlackPearl) by way of a share exchange pursuant to a plan of arrangement under the Canada Business Corporations Act with a value of approximately C$675 million. The transaction combines IPC, an international oil and gas exploration and production company with a portfolio of assets located in Canada, Malaysia and Europe and BlackPearl, a Canadian-based heavy oil exploration and production company with production primarily from conventional, steam assisted gravity drainage and enhanced oil recovery heavy crude oil projects. 

Bennett Jones LLP represented BlackPearl Resources Inc. with a team that included Renee Ratke, Kahlan Mills, Eric Chernin and Jordan Primeau (M&A/Corporate), Darcy Moch and Anu Nijhawan (Tax), Denise Bright (Financial Services), Beth Riley (Competition), Justin Lambert (Litigation) and John Batzel (Employment). 

Blake, Cassels & Graydon LLP was legal counsel for the acquirer, International Petroleum Corporation – their team included Dan McLeod, Markus Viirland, Peter O'Callaghan, Kris Simard, Mike Proudfoot and Valerie Simion (M&A/Corporate), Nancy Diep and Monica Cheng (Tax), Julie Soloway and Fraser Malcolm (Competition), Vanessa Williams (Litigation) and Birch Miller and de Lobe Lederman (Employment).

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