Federated Co-operatives Limited (FCL) has closed a $72-million deal to sell various upstream oil and gas assets in Saskatchewan and Alberta to ROK Resources Inc. (ROK).
In a March 7 release, ROK confirmed it had closed the previously announced transaction with FCL and its wholly owned subsidiary 2214896 Alberta Ltd. to acquire oil and gas assets generating approximately 2,962 barrels of oil equivalent per day in Saskatchewan and Alberta.
As part of the transaction, ROK will acquire a working interest in the Weyburn-Midale Enhanced Oil Recovery Project, one of the largest carbon capture, utilization and storage projects in the world.
Also included in the deal is a land position of 1,380,556 gross acres in four core areas of Saskatchewan and Alberta with more than 100 gross drilling locations.
MLT Aikins was pleased to act as counsel to FCL on this transaction. Founded in 1944, FCL is owned by more than 160 independent local co-operative associations across Western Canada and, like MLT Aikins, has a deep commitment to the region.
“Our relationship with FCL has grown over the years, and we were pleased to advise them on another significant Western-Canadian based transaction,” said Chris Hahn, who along with Jonathan Troyer, acted as lead transaction counsel. “As Western Canada’s Law Firm, we have a deep understanding of the regions FCL serves.”
In addition to Chris and Jonathan, the lawyers who worked on this transaction included John Brigidear (securities), Brady Chapman (lead commercial associate) and Ashton Butler (employment).
Last year, MLT Aikins was counsel to FCL in a landmark deal to acquire 181 Husky retail fuel sites from Cenovus Energy Inc. for $264 million.
MLT Aikins has an active mergers and acquisitions practice with extensive experience working on medium to large-scale transactions across Western Canada, including a number of deals for FCL and other preeminent names throughout the region. Learn more about our M&A team.