Freehold Royalty Trust Acquires Petrovera Resources

On May 10, 2005, Freehold Royalty Trust completed the $354 million acquisition of Petrovera Resources from Canadian Natural Resources Ltd. In connection with the acquisition, Freehold Royalty Trust raised approximately $210 million by way of a bought deal short form prospectus offering of subscription receipts, approximately $60 million by way of a private placement of trust units, and arranged a $165 million credit facility with CIBC as agent and CIBC and RBC as lenders.

Freehold Royalty Trust was represented on the acquisition by Burnet, Duckworth & Palmer LLP (BD&P) with a team that included Harry Campbell, Q.C., John Cuthbertson and Alicia Quesnel (commercial), David Ross (tax), Stuart Money, Carolyn Wright, Amanda Harris, Danielle Parrotta and Jason Bilinsky (due diligence), and Jody Wivcharuk (competition).

Canadian Natural Resources was represented on the acquisition by Bennett Jones LLP with a team that included Robert Desbarats and Janice Buckingham (commercial), Chip Johnston (securities) and Jo’Anne Strekaf (competition), and by John Brussa (tax) of BD&P.

In connection with the equity offering, Freehold Royalty Trust was represented by BD&P with a team that included Grant Zawalsky, Brent Herman and Grant MacKenzie. Underwriters for the subscription receipt offering included CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc. and TD Securities Inc. The underwriters were represented by Macleod Dixon LLP with a team that included Kevin Johnson, Kirk Litvenenko and Mark Gerlitz.

In connection with the credit facility, Freehold Royalty Trust was represented by Margot Langdon of BD&P. CIBC was represented by Kevin Fougere of Blake, Cassels & Graydon LLP.