Page 17 - NorthAmOil Week 50 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

POLICY exposure is an area of continuing research. will acquire a newly created gross overriding
The study being conducted by the University royalty interest on predominantly crude oil
Government of Canada of Guelph will provide data to advance our production on developed and undeveloped
understanding of how salmon are affected
lands in the Clearwater area of Alberta. In
invests in research to by and recover from dilbit exposure. It will addition, Tamarack will provide a two year
also support spill response planning and
capital commitment of CAD80mn. Topaz will
understand the effects of preparedness activities. fund the royalty acquisition from its available
cash on hand.
Pacific salmon underpin the social,
oil on Pacific salmon cultural, and economic wellbeing of many acquisition lands is estimated at 2,000 boepd
Current production from the royalty
Canadians and Indigenous groups. The
The Government of Canada is committed to Government of Canada is committed to which Tamarack expects will increase to
protecting our aquatic ecosystems. We are protecting these iconic species for the benefit 10,000 boepd over the next three years in
developing new partnerships and investing of current and future generations. This conjunction with an expansion of its capital
in research that is improving our knowledge research will help us ensure that Canada can plan. The Royalty Acquisition is expected to
and generating new technologies to mitigate provide the best scientific advice and tools to close on or before February 28, 2021 unless
and prevent marine incidents, such as oil understand and mitigate risks and improve amended by mutual agreement of the parties,
spills. Specifically, we are investing in research conservation efforts. subject to entering into definitive agreements
to understand the threat of diluted bitumen FISHERIES AND OCEANS CANADA, December and satisfaction of customary closing
exposure to the health of salmon, which helps 15, 2020 conditions including Tamarack completing
us better prepare and protect our ecosystems the acquisitions it announced today.
on the West Coast. TOPAZ ENERGY, December 14, 2020
Today, the Honourable Bernadette UPSTREAM
Jordan, Minister of Fisheries, Oceans and Cenovus and Husky
the Canadian Coast Guard announced Topaz Energy announces
CAD349,948 in funding to the University shareholders approve
of Guelph for a two-year research project strategic royalty acquisition
to evaluate how Coho salmon, in the early proposed business
stages of life, are impacted when exposed to in the Clearwater Area of
diluted bitumen (dilbit) – a crude oil found in combination
natural oil sands deposits that is mixed with a Alberta
lighter diluent. This project builds on the key Cenovus Energy and Husky Energy are
findings of previously funded projects by the Topaz Energy is pleased to announce it has pleased to announce that securityholders from
University of Guelph to address knowledge entered into a non-binding letter of intent both companies have voted to support the
gaps in early life stages of salmon exposed with Tamarack Valley Energy for the purchase proposed transaction, announced October 25,
to dilbit and contributes to our broader of royalty interests which includes a minimum 2020, to combine the two companies into a
understanding of the impacts of contaminants capital development commitment. The resilient integrated energy leader.
on fish and fisheries in Canada. royalty acquisition provides free cash flow On December 15, 2020, Cenovus and
The research is funded under the Oceans growth and diversification for Topaz while Husky held separate special shareholder
Protection Plan – Fate, Behaviour, and Effects enabling Tamarack to advance its own growth; meetings via live webcast. Each company’s
Initiative, which aims to better understand demonstrating Topaz’s growth strategy of securityholders, respectively, voted on
oil spill behaviour and its biological effects. acquiring low-risk, stable and predictable resolutions in connection with the proposed
The extent to which aquatic species and revenue from high-quality strategic partners. business combination as described in the
ecosystems would be affected by a dilbit Pursuant to the royalty acquisition, Topaz joint management information circular dated
November 9, 2020.
At the Cenovus special meeting, the
resolution authorizing the issuance of
Cenovus common shares and warrants to
Husky common shareholders under the
plan of arrangement, as set out in the joint
management information circular, was
approved by 93.31% of the votes cast.
At the Husky special meeting, the
resolution approving the plan of arrangement
was approved by 99.94% of the votes cast by
Husky common shareholders and 99.92% of
the votes cast by Husky common shareholders
and optionholders, voting together as a single
class.
In addition, the resolution approving
the exchange of Husky preferred shares for
Cenovus preferred shares was approved by
97.85% of the votes cast by Husky preferred

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