Paramount Resources acquires Apache Canada for $460M

On August 16, 2017, Paramount Resources Ltd. acquired all of the shares of Apache Canada Ltd., a wholly owned subsidiary of US public company Apache Corp., for approximately $460 million. The acquisition added significant reserves, production and landholdings within Alberta and British Columbia to Paramount’s portfolio. The transaction was complex due to the dispositions by Apache Canada of other assets not being acquired as part of the acquisition of Apache Canada by Paramount. 

Paramount Resources Ltd. is an independent, intermediate Canadian energy company. The company explores for, develops, produces, and markets natural gas, crude oil, and natural gas liquids in Alberta, British Columbia, Saskatchewan and the Northwest Territories. 

Norton Rose Fulbright Canada LLP’s Calgary office advised Paramount Resources with a team comprising Marcus Archer, Wayne Fedun, Darren Hueppelsheuser, Ryan Keays, Bernette Ho, Alan Harvie, Rajuta Patel, Kate Stevens, Colleen Abel, Sean Wallace, Matt Zedde, Tina Sun, Christine Dowling, Erick Malysa, and Andrew Lim. Diligence support was provided by Norton Rose Fulbright US LLP out of Houston with a team comprising John Mauel, Sakka Kotaki, Rishika Sengupta, Darice Angel, Maria Beltram, and John Kurtz. 

Apache was represented by P. Anthony Lannie, Executive Vice-President and General Counsel, Patrick Whitman, Assistant General Counsel, and Michael Myers, Senior Counsel and Assistant Corporate Secretary, by Alan Rafte of Bracewell LLP in Houston, and by Janice Buckingham, Peter Glossop, Damian Rigolo, Ted Thiessen, and Sander Duncanson of Osler, Hoskin & Harcourt LLP in Calgary.