NEP Canada Awarded $185 Million Judgement in Post-Acquisition Dispute

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The assets which are the subject of this dispute involve a number of oil fields in Alberta. Those assets included wells, pipelines and facilities in the Pembina field, the Leduc-Woodbend field and others.

NEP acquired the equity (associated with the assets) for $175 million through a Share Purchase Agreement with MEC dated August 18, 2011, which closed on September 30, 2011.1 Shortly after closing, NEP discovered that among other things, the assets were plagued by numerous longstanding regulatory non-compliances.

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