Harvest enters into joint venture arrangements with KERR Canada to develop properties in the Deep Basin area

May 14, 2014

Torys represented Harvest with a team that included Derek Flaman, David Cuschieri and Amy Maginley (projects), Kevin Fougere (financing) and Craig Maurice (tax).

On May 14, 2014, as part of its first quarter 2014 financial and operating results, Harvest Operations Corp. (Harvest) announced that subsequent to March 31, 2014, it closed two joint ventures with KERR Canada Co. Ltd. (KERR). Under the joint ventures arrangements, Harvest contributed certain oil and gas properties in the Deep Basin area in northwest Alberta, and KERR contributed approximately C$123 million of cash to partially fund the exploration, development and production of the contributed assets and the construction of a gas processing facility.

Harvest, a wholly-owned, subsidiary of KNOC, is a significant operator in Canada's energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas (Upstream), an oil sands project under construction and development in northern Alberta (BlackGold) and refining and marketing of distillate, gasoline and fuel oil (Downstream) segments.

KERR is the Canadian subsidiary of a Korean registered investment fund managed by Hanwha Asset Management Co. Ltd.

Further information can be found on Harvest’s website.


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