Korea National Oil Completes $4.1B Acquisition of Harvest Energy Trust

On December 22, 2009, Korea National Oil Corporation completed its $4.1-billion (enterprise value) acquisition of Harvest Energy Trust by way of a plan of arrangement.

Concurrent with closing of the arrangement, Harvest Operations Corp. repaid approximately $600 million of existing bank indebtedness and entered into an amended $600-million credit facility with a syndicate of lenders.

Korea National Oil Corporation was represented by Bennett Jones LLP with a team led by Jean-Pierre Pham (oil and gas, M&A) and Donald Greenfield (Investment Canada, M&A), which included David Spencer and Colin Perry (securities, M&A); Alan Rautenberg (tax); John Batzel (employment); Denise Bright (banking); Bradley Gilmour (environmental) and Anthony Friend (litigation). Vinson & Elkins LLP was US counsel to Korea National Oil Corp. on US securities issues.

Harvest Energy Trust was represented by Burnet, Duckworth & Palmer LLP with a team that included Grant Zawalsky, Keith Greenfield and Edward Brown (securities, M&A); John Cuthbertson, Mark Houston and Alicia Quesnel (oil and gas); John Wilmot (banking); Jody Wivcharuk (Investment Canada); Daniel McDonald and Jeff Sharpe (litigation); Jeff Fortin and Kirk Lamb (tax) and Gina Ross (employment). Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to Harvest Energy Trust.