Deal Spotlight: Burnet, Duckworth & Palmer LLP – C$15 Billion Whitecap Resources–Veren Acquisition
08 October 2026
Burnet, Duckworth & Palmer LLP (BD&P), Alliott Global Alliance’s law firm representative in Alberta, Canada, acted as legal counsel to Whitecap Resources Inc. on its C$15 billion all-share acquisition of Veren Inc.
The C$15 billion transaction was the largest oil and gas M&A deal completed in Canada in 2025, creating one of the country’s largest oil and natural gas producers and marking a transformative milestone for the Canadian upstream energy sector. The deal was also named a finalist for a 2026 Canadian Law Award recognising the country’s leading M&A transactions.
The transaction required sophisticated legal and financial execution, including the treatment of more than C$1 billion in notes, C$2.4 billion in existing credit facilities, C$3 billion in new financing, incentive securities, workforce integration matters, and extensive regulatory approvals. The deal also involved coordinated Canadian and U.S. legal, tax, securities, and regulatory advice due to Veren's dual TSX and NYSE listings.
Why it matters for Canada:
This transaction reflects a broader trend of consolidation across Canada's energy sector, where producers are seeking greater scale, stronger balance sheets, and improved operational efficiencies in an increasingly competitive global market. The combination of Whitecap and Veren created a stronger Canadian producer with a diversified portfolio of conventional and unconventional assets, enhancing Canada's ability to attract investment and compete for capital internationally. As the largest Canadian oil and gas transaction of the year, it also signalled renewed confidence in the long-term outlook for Canadian energy production and demonstrated the continued importance of the sector to the national economy.
The transaction was executed by a large, integrated BD&P team, led by Grant A.Zawalsky.
For BD&P, the mandate highlights the firm's ability to lead highly complex, cross-border energy transactions and reinforces its position as a trusted advisor on many of Canada's most consequential M&A deals.
Canada's energy sector is one of the most active M&A markets in the world, attracting investors, producers and lenders from across North America and beyond. BD&P regularly advises on the transactions shaping this market, helping clients navigate the legal, regulatory and commercial issues unique to doing business in Canada.
As AGA’s legal member firm for Alberta province, BD&P combines deep knowledge of Canada’s energy sector with extensive transactional experience and a collaborative approach to supporting clients investing, acquiring, financing or operating in the market, including on matters involving multiple jurisdictions.
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About Deal Spotlight:
Deal Spotlight is an Alliott Global Alliance (AGA) series showcasing significant transactions and matters handled by AGA representative firms worldwide, demonstrating their expertise across different markets and sectors. Visit our news page for more from the series.
About Burnet, Duckworth & Palmer LLP:
Burnet, Duckworth & Palmer LLP (BD&P) is Alliott Global Alliance’s representative law firm for the Canadian province of Alberta. Founded in 1905 and headquartered in Calgary, BD&P is one of Western Canada's leading independent business law firms.
With more than a century of experience, the firm advises entrepreneurial businesses, private companies and multinational organisations, combining legal excellence with commercial insight to help clients navigate complex legal and business challenges. Recognised for its collaborative, client-first approach, BD&P has built a strong reputation for delivering practical, strategic advice across a broad range of industries. Read more.