On 13 October, Canbriam Energy Inc. (Canbriam) announced that it has purchased the British Columbia assets of Northpoint Resources Ltd. (Northpoint). The purchase occurred 11 October through the court appointed receiver for cash consideration of CAN$7.5 million.
Canbriam’s bid to purchase all of Northpoint Resources Ltd’s BC assets and properties entered receivership in May 2016. The purchase include non-Montney natural gas production, reserves and related infrastructure upon or adjacent to Canbriam's existing land base.
Canbriam intends to utilise the existing pipeline infrastructure that is obtained through the acquisition to support its liquids takeaway strategy.
As part of the acquisition, Canbriam will produce approximately 5 million ft3/d of sweet natural gas from five gross wells, which are currently producing from the Gething formation. Production is expected to be processed through existing Canbriam facilities and the company also plans to immediately suspend all production from sour gas zones with no plans to further delineate any non-Montney zones.
"This acquisition supports our plan to eliminate trucking of natural gas liquids in 2017," said Paul Myers, Canbriam’s President and CEO. "Utilising existing pipeline will eliminate the need to build a liquids pipeline across the Halfway River."
Read the article online at: https://www.worldpipelines.com/business-news/14102016/canbriam-energy-acquires-northpoint-resources-assets/