Barrick Gold Corporation Divests Barrick Energy Inc. for $455M

Barrick Gold Corporation divested Barrick Energy Inc. as part of a portfolio optimization strategy. Barrick received total consideration of approximately $455 million. The transactions consisted of: (i) the sale of certain assets to Venturion Oil Limited for consideration of approximately $59 million; (ii) the sale of certain assets to Whitecap Resources Inc. for consideration of approximately $174 million; and (iii) after giving effect to the asset sale transactions, the sale of the shares of Barrick Energy and its assets to Canadian Natural Resources Limited (CNRL) for consideration of approximately $173 million and a gross overriding royalty on certain lands, with an estimated value of approximately $50 million.

Barrick's legal team was led by David Simpson, vice president and senior counsel, and Dana Stringer, corporate counsel. Barrick was represented by Norton Rose Fulbright Canada LLP, which was led by Justin Ferrara and Robert Engbloom, and included: Wayne Fedun, Darren Hueppelsheuser, Rashi Sengar, Peter Allegretto, James O'Sullivan and Colleen Stevenson.

CNRL's legal team was led by Paul Mendes, vice president, legal and general counsel, and Linda Garvey, legal counsel, acquisitions and divestments. CNRL was represented by Burnet, Duckworth & Palmer LLP with a team that included John Cuthbertson, John Brussa, Shannon Gangl, Jody Wivcharuk, Heather DiGregorio, Ashley Weldon, Brittney LaBranche and Matt Grant.


John A. Brussa Jody L. Wivcharuk Linda Garvey Shannon M. Gangl Paul M. Mendes James O'Sullivan Rashi Sengar Darren D. Hueppelsheuser Heather DiGregorio Justin E. Ferrara Wayne W. Fedun David W. Simpson Peter J. Allegretto John H. Cuthbertson


Norton Rose Fulbright Canada LLP Burnet, Duckworth & Palmer LLP