With ongoing industry consolidation and the return to core businesses, we provide a wide range of clients with advice on oil and gas asset and corporate acquisition opportunities in most major oil and gas provinces throughout the world. We have developed capabilities to evaluate properties taking into account the fiscal and legislation environment, U.S. and international tax consequences, as well as the fundamental evaluation of reserves. We have assisted clients by performing detailed due diligence studies as part of the acquisition closing process.

We have developed and support a mergers and acquisitions database marketed by the Group and a major oil and gas publisher. This added perspective to our services allows us to offer advice that goes far beyond merely "barrel counting."

Scotia's clients are normally on the buyer side of the transaction, where the accuracy and integrity of the estimate are of prime importance. Our reserve reports are routinely used in support of financing activities and are accepted by major lending institutes.

As a basis for additional financing and equity acquisition, we completed an evaluation for a major insurance institution of the corporate assets of a major income fund, including numerous limited partnerships.

We assisted a large U.S. independent in the interpretation and assessment of a $1B plus acquisition of properties in Europe, South America, Middle East, and Indonesia. We have provided ongoing assistance to this company in their evaluation of a large number of international asset acquisition opportunities.

We provided advice to a major Norwegian oil company on the value of the North American assets of a publicly traded Canadian oil company based only on public domain data. Advice included breakup value, ongoing business value and potential variance analysis.

As part of a due diligence review, Scotia identified faulty interpretations that resulted in renegotiation of the purchase price saving the client $11 million.

Scotia was selected by the U.S. Department of Energy as one of the independent assessors for Naval Petroleum Reserve No. 1 (Elk Hills) in support of the U.S. government's mandate to sell their interests in this major asset.