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.
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