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.


Colin R. Perry Jeff Fortin Alicia K. Quesnel Jean-Pierre Pham Anthony L. Friend Jody L. Wivcharuk Mark T. Houston David A. Spencer Donald E. Greenfield Bradley S. Gilmour L. Alan Rautenberg John A. Wilmot Denise D. Bright Daniel J. McDonald John C. Batzel John H. Cuthbertson Gina A. Ross Jeffrey E. Sharpe Grant A. Zawalsky Keith A. Greenfield Kirk Lamb Edward (Ted) Brown


Bennett Jones LLP Vinson & Elkins LLP Burnet, Duckworth & Palmer LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP