On June 26, 2007, the Canadian natural gas and oil exploration and production business of Dominion Resources, Inc was sold to Paramount Energy Trust and Baytex Energy Trust, both of Calgary, Canada, for approximately US $624 million (based on currency exchange rates as of the close of business on June 25, 2007). Dominion's Canadian business included approximately 267 billion cubic feet equivalent (Bcfe) of proved natural gas and oil reserves in western Canada as of Dec. 31, 2006, with 2006 average daily production of approximately 60 million cubic feet equivalent (MMcfe).
Scotia Waterous and Juniper Advisory LP were Dominion's financial advisers. Dominion's sale was led by Mark Webb, deputy general counsel. Stikeman Elliott LLP represented Dominion as outside legal advisors with a team led by Glenn Cameron and including, Brad Grant, Leland Corbett, Keith Chatwin, Mike Styczen, David Taniguchi, Kathryn Blair, Lisa Grams, David Weekes, Kevin Kelly (tax), Barbara Johnston (employment) and Susan Hutton (competition).
Heenan Blaikie LLP represented Paramount with a team that included Mitch Shier, Brian Bidyk, Tim Sweeney and Felicia Bortolussi. Don Biberborf and Mike Hegedus of Felesky Flynn provided tax advice on the transaction to Paramount.
Burnet, Duckworth & Palmer LLP represented Baytex with a team that included John Cuthbertson, Alicia Quesnel, Stuart Money, Morella De Castro, Carolyn Wright and Candice Jones (oil & gas) and David Ross and Mike Flatters (tax).