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Cenovus Energy Closes Cdn$1.5 Billion Public Offering

Paul, Weiss client Cenovus Energy Inc., an integrated oil company headquartered in Calgary, Alberta, completed a public offering in Canada and the United States of 67.5 million common shares at Cdn$22.25 per common share, with gross proceeds of approximately Cdn$1.5 billion. The joint bookrunning managers were RBC Capital Markets and TD Securities Inc. The net proceeds of the offering will be used to partially fund the company's previously announced capital expenditure program for 2015, to repay commercial paper outstanding as it matures and for general corporate purposes.

The Paul, Weiss team, which served as U.S. counsel to Cenovus, included corporate partner Andrew Foley, counsel Stephen Centa; tax partner David Sicular; and environmental counsel William O'Brien.

March 3, 2015

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