Tamarack Valley Energy Ltd. formed a partnership with 12 First Nation and Métis communities pursuant to which Tamarack transferred $172M of midstream assets to the partnership for cash consideration and a 15 percent operated working interest, and the Indigenous communities, collectively through a newly formed entity called Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN), acquired an 85 percent non-operated working interest. Through this partnership, the communities will be able to realize the benefits of the revenues brought in by the infrastructure, providing long-term and stable financial resource streams for the participating communities. The transaction closed on December 15, 2023.
Stikeman Elliott LLP acted as legal counsel to Tamarack for the transaction. RBC Capital Markets acted as the exclusive financial advisor to Tamarack while CIBC Capital Markets and National Bank Financial acted as strategic advisors.
Stikeman Elliott’s legal team include Sony Gill, Patrick McNally, Ben Layton, Aya Taher, Diana Werner (Corporate); Chrysten Perry, Chelsea Daku (Energy); Julie D’Avignon, Gordon Masson, Barrett Schultz (Tax); Michael Dyck, Andrew Foster (Banking & Finance); Cheryl Rea (Employment); Drew Lambert (Articling Student).
Âsokan Generational Developments acted as lead negotiator and assisted in structuring while ATB Financial acted as financial advisor, MNP as tax advisor, and MLT Aikins LLP acted as legal counsel to WWN concerning the Transaction.