TORONTO and CALGARY, Canada, January 18 /PRNewswire/ -- With oil prices reaching record highs, and gas prices remaining comparatively low, Canada's natural resources are grabbing the attention - and investment dollars - of the Gulf Cooperation Council (GCC) states (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman and Qatar). Two recent acquisitions by UAE's Abu Dhabi National Energy Company (known as "TAQA") in Alberta's oil and gas sector were among 2007's largest deals by GCC companies according to the Financial Times. In an article dated January 7, 2008, the FT noted that TAQA's $2.0 billion acquisition of Northrock Resources in May ranked eighth and its $4.6 billion acquisition of Calgary-based PrimeWest Energy Trust announced in September ranked fourth on the list of the top GCC deals worldwide in 2007. In addition to these transactions, TAQA also made a third acquisition of Pioneer Canada for $540 million in August 2007.

"These TAQA deals represent the introduction of a new source of capital into Alberta's oil and gas market," says Michael Black, a prominent energy sector lawyer and member of Heenan Blaikie's Executive Committee. The firm represented TAQA on all the deals, lending its energy and M&A expertise in brokering these large cross-border acquisitions. The TAQA deals were part of the record $83 billion invested worldwide by GCC entities in 2007. This doubled the GCC investments made in 2006.

"GCC investment is still a relatively small part of worldwide M&A transactions, but bold investments like the TAQA deals are proof that the GCC investors are becoming big players globally," says Subrata Bhattacharjee, Co-Chair of Heenan Blaikie's National Trade and Competition Group. "This is an exciting time. Our firm is working with a growing number of inbound foreign investors who see Canada as a prime investment opportunity."

Commenting on TAQA, TAQA Chief Executive Officer, Peter Barker-Homek, said:

"TAQA is a truly global company that prides itself on the diversity of its operations and workforce and being a meritocracy - women/men from all nationalities have the opportunity to reach their full potential. Today we have over 2,500 employees who come from 38 nations and are employed in nine countries. Our company values of transparency, accountability, health and safety standards and social responsibility are shared across the group and mean that we are rapidly earning a reputation as a best practice operator. The closing of these transactions are an important milestone in our company's history. TAQA is one of the first state-backed enterprises to become a top ten oil and gas company outside its country of origin, and TAQA aspires to be a standard bearer for how such enterprises conduct themselves in overseas markets. On behalf of all the employees of TAQA I would like to express our gratitude for the special trust and confidence the government authorities of Canada have placed in TAQA. Be assured, we won't let you down."

Heenan Blaikie is one of Canada's top national law firms. It delivers strategic legal advice and innovative business solutions under six broad sectors: business law, tax, labour and employment, litigation, intellectual property, and entertainment. Founded in 1973, the firm is now more than 425 lawyers strong and still growing. Heenan Blaikie has nine offices in Ontario, British Columbia, Alberta and Quebec.

For further information: Karyn McLean, Director, Marketing and Communications Heenan Blaikie, +1-416-643-6863, F: +1-416-360-8425, kmclean@heenan.ca