Lawson Lundell LLP

2020 Canadian Public Energy M&A Review (FINAL)

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Lawson Lundell LLP 9 Canadian Energy Public M&A Transaction List Transactions completed between 2016 and 2019 Purchaser Target Equity Value Announced Features of Note Upstream Domestic Large and Mid Cap Suncor Canadian Oil Sands $4.2B October 5, 2015 Initiated by hostile bid Baytex Raging River $1.9B June 18, 2018 Both Purchaser and Target held meetings Vermilion Spartan $1.6B April 16, 2018 Purchaser paid in shares Paramount Trilogy $1.1B July 6, 2017 Purchaser was a control person of Target Tamarack Spur $624M November 2. 2016 Spin out of exploreco Cona Pengrowth $570M November 1, 2019 Shareholders received contingent consideration Surge Mount Bastion $382M September 5, 2018 Target obtained warrant and option cancellation agreements from holders Blackbird Pipestone $320M October 30, 2018 Reverse takeover of Purchaser Velvet Iron Bridge $454M September 10, 2018 Initiated by hostile bid Lone Pine Arsenal $112M June 24, 2016 Complex restructuring by Purchaser Domestic Small Cap Pieridae Ikkuma $94M August 24, 2018 Spin-out of exploreco Vermilion Not disclosed $91M January 15, 2018 Purchaser paid in shares Waterous Energy Fund Cona $84M March 7, 2018 Insider-led go-private Edge Natural Resources Canamax $77M January 18, 2016 Purchaser was a private equity fund. Gear Striker $58M June 8, 2016 Purchaser paid in shares Petrus PhosCan $51M February 2, 2016 Reverse take-over combined with spin-out of exploreco CNRL Laricina $47M July 26, 2018 Completed by take-over bid Steelhead Toro $42M December 13, 2016 Steelhead is an ARC Financial sponsored company

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