Brian Zinchuk is editor and owner of Pipeline Online
CALGARY – On Sept. 19 Steel Reef Infrastructure Corp., through its wholly owned subsidiary Steel Reef US Corp., announced today it has closed a transaction to purchase certain associated gas gathering assets in the Burke and Mountrail Counties of North Dakota from Summit Midstream Holdings, LLC for a total cash consideration of US$40 million.
Steel Reef now owns and operates most of the gas processing infrastructure within Saskatchewan, and has expanded into North Dakota, as well. Indeed, the company was successful in getting approval for, and building, an international pipeline across the 49th parallel at North Portal, at a time when the Keystone XL project was having great difficulty.
“Expanding our presence in North Dakota allows Steel Reef to offer a depth of service to customers and enhance the energy community for our stakeholders,” said Scott Southward, president and CEO. “As associated gas capture leaders, we are excited to bring our expertise in emission reduction to the area, allowing our customers to optimize their netbacks by converting their associated gas into valuable endproducts while reducing the emissions of each barrel produced.”
Steel Reef will now operate 400 miles of gathering lines and six additional compressor stations adjacent to its current infrastructure. That infrastructure is south of North Portal, Saskatchewan.
The purchase price will be paid with cash on hand and by the company’s existing senior secured credit facility and is subject to the customary transaction adjustments. “This important acquisition further expands our asset base and supports Steel Reef’s focus on delivering long-term value for our shareholders through accretive growth,” said Southward.
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