Dealmaking in oil patch: reset, repair and restructure

Frank Turner

Oct 2, 2014

Yadullah Hussain, Financial Post, National Post



Canada has seen a resurgence in oil and gas deals this year, after a very lacklustre 2013. Deals just over $32-billion have been announced or completed year-to-date, compared to around $13-billion in 2013 during the same period, FP Infomart data shows.

"Some companies are pursuing strategies where they focus on a single or a very small number of geographic areas," said Frank Turner, a Calgary-based lawyer at Osler, Hoskin & Harcourt LLP.

The small-is-profitable theme is playing out across Western Canada.


Osler's Mr. Turner says the arrival of PE giant Kohlberg Kravis Roberts LLP in Calgary and other big U.S. private equity and hedge funds has provided some comfort to capital-hungry small caps, especially in the absence of other investors.

"When capital markets weren't really very accepting of new issues by oil and gas issuers and international state-owned enterprises were unavailable, private equity turned out to be a very good option," Mr. Turner said.

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