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Kingston Midstream Secures Deal to Acquire Clearwater Assets from Rangeland Midstream Canada
09/28/2023
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments.
Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
Assets Included in the Transaction
- Marten Hills Pipeline System: Features 82-km (51-mile) crude oil and condensate pipelines, along with associated assets.
- Location: Situated in north central Alberta's Marten Hills, targeting the abundant Clearwater formation.
- Construction & Operation: Built by Rangeland Canada starting in October 2019 and became operational in July 2020.
- Connectivity: The system links with a third-party pipeline, eventually reaching the Edmonton, Alberta refining and distribution hub.
After the deal concludes, anticipated by Q3's end, Rangeland's field staff and Athabasca office will be assimilated into Kingston.
Last year, Rangeland IV launched with a $300 million equity backing from EnCap Flatrock Midstream. The new entity is not only targeting conventional and unconventional opportunities in both the U.S. and Canada but is also actively seeking midstream acquisitions.
Comment from Rangeland Midstream Canada President, Briton Speer
“We brought our pipeline into service during the most extraordinarily uncertain oil price environment the market had ever experienced, and our team worked closely with our customers through that challenging period. We would like to thank our field team in Athabasca who have operated these assets with the utmost professionalism and have a flawless safety record to show for it.”
About Rangeland Energy and Rangeland Midstream Canada
Based in Sugar Land, Texas, Rangeland Energy was established in 2009 with the aim of creating, purchasing, and managing midstream assets for various petroleum products, including crude oil, natural gas, and natural gas liquids. Its Canadian arm, Rangeland Midstream Canada, set up in 2016 in Calgary, offers a comprehensive range of midstream services to western Canadian oil and gas producers, covering gathering, processing, terminaling, and transport. The Rangeland team collectively has over 250 years of midstream expertise and is financially supported by EnCap Flatrock Midstream.
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