Steel Reef acquires gas assets from Crescent Point Energy
November 15, 2019
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Crescent Point Energy Corp. has announced that it has entered into a definitive agreement to sell certain associated gas infrastructure assets in Saskatchewan to Steel Reef Infrastructure Corp. for $500 million.
“Through the sale of these gas infrastructure assets, we will unlock value for our shareholders and further strengthen our financial position. We have now entered into agreements to sell, or have sold, in aggregate approximately $1.45 billion of assets in 2019,” said Craig Bryksa, president and CEO of Crescent Point. “This sale is also aligned with our strategy, as it allows us to further focus on our core competencies to strengthen our corporate returns.”
Through the sale, Crescent Point will monetize nine natural gas gathering and processing facilities and two gas sales pipelines currently in operation within Saskatchewan.
These gas processing facilities and associated sales gas lines have a total throughput capacity of more than 90 MMcf/d.
The assets do not include any oil-related infrastructure.