Steel Reef just bought American gas infrastructure south of North Portal. They operate a pipeline that connects their American assets to this, the North Portal gas plant. Photo by Brian Zinchuk

 

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.

 

  • 0029 Latus Viro updated Latus phone
  • 0031 Lloydminster_Heavy_Oil_Show_2022
    0031 Lloydminster_Heavy_Oil_Show_2022
  • 0027 TED_NA Helium 2021_30
  • 0028 SIMSA_Energy_Forum_2022
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0015 Latus Viro PO Ad 01
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002
  • 0001

 

Estevan mayor on coal: “The closer we get without any good answers by 2030, the harder it is for everyone in our community. We deserve some answers”

Further carbon capture on coal “not an option,” according to CIC Minister Don Morgan