Wolf Midstream Inc. (Wolf) has recently announced that it has closed the acquisition of an agreement to acquire a 50% ownership interest in Access Pipeline (Access) from Devon Energy Corp. (Devon).
The Access pipeline system consists of pipelines that transport blended bitumen and diluent between the Christina Lake area of Northeastern Alberta and Edmonton.
The acquisition, which had been previously announced, cost Wolf approximately US$1.4 billion. Under the terms of the transaction, Devon's thermal-oil acreage is dedicated to Access for an initial term of 25 years.
"Access is an attractive foundational asset that provides Wolf with immediate scale as a midstream entity. This asset has significant expansion potential and is well positioned to interconnect with future midstream initiatives in the Fort Saskatchewan area, " said Gord Salahor, Wolf's Chief Executive Officer.
Read the article online at: https://www.worldpipelines.com/business-news/07102016/wolf-midstream-acquires-access-pipeline-interest/