Kingston Midstream to Acquire Rangeland Midstream’s Marten Hills Pipeline System
(P&GJ) — Rangeland Energy has announced that the company and its financial sponsor EnCap Flatrock Midstream have entered into a definitive agreement to sell Rangeland Midstream Canada Ltd. to Kingston Midstream Alberta Ltd. in an all-cash transaction. The overall transaction value has not been released.
Midstream assets included in the transaction consist of the Marten Hills Pipeline System, comprised of crude oil and condensate pipelines, both 82 kilometers (51 miles) in length, and related assets serving the core of the Marten Hills region of north central Alberta in the prolific Clearwater play.
Rangeland Canada initiated construction in October 2019 and the system was placed into service in July 2020. The Marten Hills Pipeline System terminates at an interconnect with a third-party pipeline which ultimately serves the Edmonton, Alberta hub and refining market.
The transaction is expected to close by the end of the third quarter of 2023, subject to customary regulatory approvals. Rangeland Canada’s field employees and Athabasca office will remain with the business and become part of Kingston, an established pipeline operator with a proven track record of safe and reliable operations.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments