Canadian oil and gas producer Pengrowth Energy announced Friday that it will acquire billion smaller rival NAL Energy in a $1.3 billion all-stock transaction, the latest in a string of big deals in which 350-lawyer, Calgary-based firm Bennett Jones has played a lead role.
The NAL Energy acquisition expands the porfolio of light oil properties in western Canada owned by Pengrowth, a company perhaps best known in the United States-at least to some sports fans-for once having the naming rights to the 20,000-seat arena where the National Hockey League’s Calgary Flames play their home games.
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