Date Closed

March 13, 2007

Lead Office

Calgary

Value

210.00 Million CAD

On February 19,  2007, Oilexco Incorporated of Calgary and its wholly owned subsidiary Oilexco North Sea Limited of Aberdeen, Scotland, entered into two transactions to access capital of approximately C$210 million.

On February 17, 2007, Oilexco North Sea Limited, a wholly owned subsidiary of Oilexco Incorporated closed a £40 million pre-development financing facility with The Royal Bank of Scotland plc on a fully underwritten basis to fund pre-development expenditures related to Oilexco’s 100% owned Shelley field and other assets located in the UK North Sea.  On March 13, 2007, Oilexco Incorporated completed an underwritten prospectus offering pursuant to which it raised US$100 million  (approximately £51,000,000) in Canada, the United Kingdom and the United States. 

Oilexco and Oilexco North Sea were represented by McCarthy Tétrault LLP by Mark Frewin (London, finance) and Reena Modha (London, business law, finance) and by Bill Smith, Q.C. (Calgary, business law, finance), Michael Bennett (Calgary, business law) and Dan Sears (Calgary, finance).