King Charles II of England grants 948 million acres of fee title land to the Hudson’s Bay Company. This land includes much of modern-day Alberta, Saskatchewan, and Manitoba.

The Hudson’s Bay Company transfers the deed of title to the Dominion of Canada in exchange for £300,000 Sterling (C$1,500,000). However, the Hudson’s Bay Company retains 5% of its most arable land.

The Dominion of Canada grants 25 million acres of fee title land to the Canadian Pacific Railway (“CPR”) in consideration for completing the section of the transcontinental railway from Manitoba to British Columbia.

CPR selects agricultural lands from the odd-numbered sections of townships in a broad belt straddling the railway’s right-of-way, creating a “checkerboard” pattern of land ownership.

CPR returns 7 million acres of fee title lands to the Dominion of Canada after completing the railway. CPR sells 5 million acres of fee title land to various land syndicates.

The Dominion of Canada begins to retain mine and mineral rights during land sales. The mineral rights retained by the Dominion of Canada are ultimately transferred to the individual provinces in Western Canada in the 1930s.

The Dominion of Canada grants large, contiguous blocks of fee title acres (including mines and mineral rights) to CPR in consideration for completing irrigation projects to improve the habitability of lands in Saskatchewan and Alberta. One of the land blocks granted is the 1.8mm acre Palliser Block in southeast Alberta.

CPR begins to reserve mines and mineral rights during land sales. CPR leases its mineral rights to companies interested in developing the minerals, and collects royalties on the subsequent production.

CPR creates the Canadian Pacific Oil and Gas Company (“CPOG”) to hold its fee title land.

CPOG merges with Central Del Rio Oils Limited to create PanCanadian Petroleum Limited (“PanCanadian”). PanCanadian becomes the largest independent producer of crude oil and natural gas in Canada.

PanCanadian merges with the Alberta Energy Company to create Encana Corporation (“Encana”). Encana holds 10.8 million acres of fee title land which can be traced to CPR grants, Hudson’s Bay Company grants, and smaller freehold grants.

Cenovus Energy Inc. (“Cenovus”) is spun out of Encana as an independent company. Encana splits its fee title land portfolio between Encana and Cenovus. Cenovus retains 4.8 million acres of fee title lands.

The Ontario Teachers’ Pension Plan Board (“OTPP”) acquires Cenovus’ fee title and GORR lands for C$3.3 billion, creating Heritage Royalty.

Heritage Royalty conveys its Manitoba assets to Heritage Manitoba Holdings Inc. (“Heritage Manitoba”). Heritage Manitoba is a separate entity managed by Heritage Royalty.

Heritage Royalty begins to manage Finch Energy One Corp., OTPP’s non-working interest in the Weyburn Unit.

Heritage Royalty expands into the United States through the creation of two new entities: HRG Royalty LLC (“HRG”) and HRG Royalty II LLC (“HRG II”). HRG acquires ~ 6,140 gross acres of mineral interest, royalty interest, non-participating royalty interest, and overriding royalty interest in Loving Country, Texas in the Delaware Basin. HRG II acquires ~340,000 acres of overriding royalty interest in Washington City, Allegheny City, Pennsylvania in the Marcellus Basin. Both HRG and HRG II are separate entities managed under Heritage Royalty.

Heritage Royalty divests over 1.9 million acres of royalty lands throughout Alberta, Saskatchewan and Manitoba to PrairieSky Royalty.