The parties engaged in a long-running dispute over two oil field joint ventures in Egypt.
Following multiple prior court decisions across Canada, a reference was held to conduct an accounting and valuation of the applicants' interest in the joint venture.
Relying on a joint neutral expert, the court determined the financial calculations.
The court also held that a 500% penalty clause for failing to make a cash call, drafted by the applicant, was an enforceable genuine pre-estimate of damages rather than an unenforceable penalty.
Ultimately, the applicants were ordered to pay the respondents $331,087.33.
