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PrairieSky Royalty Completes IPO

Paul, Weiss client PrairieSky Royalty Ltd. closed its Canadian initial public offering of 59,800,000 common shares (including the full exercise of the overallotment option on May 3) at Cdn$28.00 per common share. The shares were sold by Encana Corporation, the selling shareholder, for aggregate gross proceeds to Encana of approximately Cdn$1.67 billion. The offering consisted of an initial public offering in Canada and private placement in the United States pursuant to Rule 144A. The syndicate of underwriters was led by TD Securities Inc. and CIBC World Markets Inc.

PrairieSky, a wholly owned subsidiary of Encana, is focused on generating royalty revenues as petroleum and natural gas are produced from its diverse portfolio of properties that have a long history of generating stable free cash flow. The properties represent one of the largest and most concentrated independently owned fee simple mineral title positions in Canada.

The Paul, Weiss team included corporate partner Andrew Foley, counsel Philip Heimowitz; tax partner David Sicular; and environmental counsel William O'Brien.

May 29, 2014

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