Peridae to buy Shell properties in Alberta

Pieridae Energy has signed an agreement to buy Shell Canada Energy’s midstream and upstream assets in the southern Alberta Foothills for $190 million (Can.), including $175 million in cash and the rest in company shares.

Jun 27th, 2019

Pieridae Energy Ltd., Calgary, has signed an agreement to buy Shell Canada Energy’s midstream and upstream assets in the southern Alberta Foothills for $190 million (Can.), including $175 million in cash and the rest in company shares.

The deal covers production of 118.9 MMcfd of natural gas, 5,646 b/d of NGL, and 3,161 b/d of condensate and light oil.

It also covers the Jumping Pound, Caroline, and Waterton deep-cut, sour-gas processing plants with combined capacity of 750 MMcfd, a 14% working interest in the Shantz sulfur forming plant, and 1,700 km of pipelines.

The gas processing plants have about 420 MMcfd of spare capacity.

Pieridae said the acquisition advances its plans to build a 10 million-tonne/year gas liquefaction plant at Goldboro, NS (OGJ Online, Aug. 27, 2018).

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