Calgary-based law firm drives Canada’s biggest upstream oil and gas deals

CALGARY — Burnet, Duckworth & Palmer LLP (BD&P) cemented its position as one of Canada’s leading energy law firms in 2025, advising on eight of the country’s ten largest upstream oil and gas transactions during that period.The milestone underscores the Calgary-based firm's dominant role in Canada’s most complex and high-value energy mergers and acquisitions, particularly as consolidation reshaped the upstream sector.“Advising on some of the country’s largest upstream deals reflects the trust our clients place in our team and our understanding of how the energy sector is evolving,” said Grant Zawalsky, senior partner and vice chair at BD&P.“These transactions aren’t just large in scale — they’re defining the next chapter of Canadian energy.”.The firm has become a go-to legal advisor for energy companies in Alberta and across Canada, navigating transformative deals amid regulatory and market uncertainty.Among the firm’s most notable mandates in 2025, BD&P acted as legal advisor to Whitecap Resources Inc. on its $15-billion all-share acquisition of Veren Energy Inc., a deal that significantly expanded Whitecap’s asset base and highlighted the ongoing consolidation of high-quality upstream assets.The firm also advised MEG Energy Corp. as it navigated Strathcona Resources’ $7.2-billion unsolicited takeover bid and the subsequent $8.6-billion cash-and-share acquisition of MEG by Cenovus Energy Inc.The transaction marked a major consolidation in the oil sands sector and a significant shift in Canada’s upstream landscape.Zawalsky told the Western Standard that “deal certainty and regulatory approvals” have emerged as the “two biggest concerns” beyond standard risk mitigation in transactions of this scale over the past year.He also noted regulatory uncertainty at both the federal and provincial levels — particularly around environmental policy and pipeline access — continues to weigh heavily on dealmaking.While those uncertainties don’t always dictate deal structure, they do occasionally complicate timelines and approvals, especially for cross-border transactions requiring Investment Canada approval or deals involving midstream and pipeline assets that raise competition issues..WATCH: Calgary lawyer discusses employment law and human rights with regard to vax mandates.“We try to mitigate by having a proactive approach with the regulators and getting information to them as soon as possible in transactions in order that they don’t drag out,” Zawalsky said.“Delay is always the enemy of completing transactions.”He added that the firm’s business-oriented approach and long-standing client relationships help explain why BD&P continues to be selected for many of the country’s largest deals.“We have a reputation for being entrepreneurial, and we’ve had a model where we start out with clients that are relatively small and startups, and grow with them,” Zawalsky said.“The more of these deals you do, the more confidence clients have in your ability to execute.”At the same time, Zawalsky said the window for due diligence and risk mitigation has narrowed significantly compared with a decade ago, adding complexity to already high-stakes transactions.“As the market moves faster, the amount of time and access to information you have has become much more compressed,” he stated.

Calgary-based law firm drives Canada’s biggest upstream oil and gas deals

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