On 16 September 2011, Établissements Maurel & Prom ("M&P") (MAU: EN Paris) announced that it completed its sale of all of the issued and outstanding shares of Caroil SAS ("Caroil"), a drilling and work-over subsidiary of M&P, to Tuscany International Drilling Inc. ("Tuscany") (TSX:TID). Tuscany acquired Caroil in exchange for US$120 million in cash and the issuance of 81,500,000 common shares of Tuscany and 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany.
Fasken Martineau acted as Canadian counsel for M&P with a team including Jean-Claude Petilon (Paris), Mark Camilleri, Jodi Katz and Anne Cobbett (London) and Chelsea Bushfield (Calgary).