AltaGas Services acquires natural gas assets from TransCanada

Jul 13, 2000 02:00 AM

AltaGas Services announced that it has acquired natural gas gathering and processing facilities assets from TransCanada for $ 14.6 mm.
The assets acquired include approximate working interests of 65 % in the Parkland gas plant, 70 % in the Mosquito Creek gas plant, and 5 % in the Vulcan gas plant. These facilities have current gross throughput of 27 mm cfpd, 32 mm cfpd and 43 mm cfpd respectively.
The Parkland and Mosquito Creek sweet gas plants are interconnected through some 70 km of gathering lines. Located near the town of Nanton in southern Alberta, this gathering and processing system represents a new operating area for AltaGas. The area has substantial upside potential from 12 underdeveloped townships surrounding the gathering system.

AltaGas has also acquired 33 km of pipeline located adjacent to AltaGas' Bonnie Glen operating area. The pipeline will be integrated with the three AltaGas natural gas plants in the area and provides capacity for future growth. The pipeline will havethe ability to deliver gas to the TransCanada Transmission and ATCO Pipelines systems.
David Cornhill, President and CEO of AltaGas, said: "The midstream industry continues to evolve. TransCanada's decision to divest its non-core operations has provided AltaGas with the opportunity to acquire these high quality midstream assets. This year to date we have acquired interests in six natural gas processing facilities and associated gathering systems and we have expanded existing gathering and processing assets for total investment of over $ 45 mm. The potential to continue to acquire and expand natural gas facilities remains high in Canada due to robust natural gas markets and industry restructuring. We expect to take further advantage of this opportunity to accelerate growth and add shareholder value."

AltaGas is Canada's leading independent midstream natural gas company focusing on those natural gas facilities and services necessary for the efficient movement of gas from the wellhead to the end-use customer. Established in 1994, the Company's assets include natural gas gathering and processing facilities in Alberta and Saskatchewan, interests in two Alberta ethane and natural gas liquids extraction plants, and ownership of AltaGas Utilities, a natural gas distribution company serving over 90 Alberta communities. AltaGas also has a 33 % interest in the Ikhil Gas Project, the first Canadian commercial natural gas development project north of the Arctic Circle.

Source: Altagas Services
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