On Oct. 6, 2020, Canadian Natural Resources Limited (CNRL) acquired Painted Pony Energy Ltd. (Painted Pony) for $461-million. The deal included Painted Pony’s assets of Blair, Daiber, Kobes and Townsend in northeast B.C., which together produce about 270-million cubic feet per day of natural gas and 4,600 barrels per day of natural gas liquids. The transaction was completed by way of a plan of arrangement under the Canada Business Corporations Act.
CNRL will also assume Painted Pony’s debt of $350-million. According to the terms, CNRL will acquire Painted Pony’s outstanding shares for 69 cents per share in cash. The transaction will allow CNRL to grow its position in the liquids-rich Montney natural gas region of northeastern B.C.
Canadian Natural is one of the largest natural gas producers in Canada.
Recent Articles
Blake, Cassels and Graydon LLP represented Painted Pony with a team led by
Scott Clarke (securities/M&A),
Christine Milliken (oil and gas),
and which included
Tim Andison,
Sean Cahill,
Kendall Grant,
Sarah Hammond,
Daniel McLeod (securities/M&A);
Sean Maxwell (pensions);
Carrie Aiken,
Bharbara Parken (tax);
Julie Soloway,
Corinne Xu (competition).
Bennett Jones LLP represented CNRL with a team including
Brent Kraus,
Pat Maguire,
Harinder Basra,
Eric Chernin (corporate);
Beth Riley (competition);
Karen Dawson (banking);
Michael Theroux (litigation);
Darcy Moch (tax).