Waterous Energy Fund acquires 67% ownership of Northern Blizzard Resources Inc.

On May 11, 2017, companies controlled by Waterous Energy Fund (“WEF”) acquired approximately 67 per cent of the issued and outstanding common shares of Northern Blizzard Resources Inc. (“Northern Blizzard”) from affiliates of Riverstone Holdings, LLC (“Riverstone”), and NGP Energy Capital Management, LLC (“NGP”) in a transaction valued at approximately $244 million.

Northern Blizzard is a Canadian crude oil production and development company headquartered in Calgary and focused on maximizing oil recovery from its large-scale oil resource base. The corporation's operations, infrastructure and concentrated land positions are focused in southwest Saskatchewan. Northern Blizzard's common shares are listed for trading on the Toronto Stock Exchange under the symbol “NBZ.”

WEF is a Calgary-headquartered oil and gas private equity firm founded by Adam Waterous. The firm targets a focused portfolio of owned and controlled investment opportunities between $100 and $400 million across North America.

McMillan LLP
acted as counsel to WEF with a team composed of Desmond Balakrishnan, Cory Kent, Michael Thackray, Will Van Horne and Ravipal Bains (capital markets and M&A), François Tougas (competition), Peter Botz (tax) and Herbert Ono (US securities).

Bennett Jones LLP
acted as Canadian legal counsel to Riverstone and NGP with a team that included John Mercury, Kahlan Mills, James McClary, John Lawless and Kismat Nijjar (capital markets and M&A) and Beth Riley (competition).

Latham & Watkins LLP
acted as US counsel to Riverstone with a team composed of Nick Luongo and Victoria VanStekelenburg (corporate).

Northern Blizzard was represented by Osler, Hoskin & Harcourt LLP with a team that included Noralee Bradley, Justin Sherman and Kelsey Armstrong (corporate) and Peter Glossop (competition).