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Steel Reef expands gas recovery offerings in Canadian business journal North Dakota

CALGARY, Alberta, September 19, 2022 (GLOBE NEWSWIRE) — Steel Reef Infrastructure Corp. (“Steel Reef” or the “Company”), through its wholly-owned subsidiary Steel Reef US Corp., today announced its closure. We will announce that Transaction from Summit Midstream Holdings, LLC to purchase certain related gas collection assets in Burke and Mountrail counties, North Dakota for an aggregate cash consideration of US$40 million.

Scott Southward, President and CEO, said: “As a leader in associated gas recovery, we bring our emissions reduction expertise to the space, enabling our customers to optimize netbacks by converting associated gas into valuable end products and reducing emissions for each barrel produced. We are pleased to be able to reduce

Steel Reef currently operates 400 miles of collection lines and six additional compressor stations adjacent to its current infrastructure. The purchase price will be paid out of cash on hand and the Company’s existing senior collateralized credit facility, subject to customary transaction adjustments.

“This significant acquisition further expands our asset base and supports Steel Leaf’s commitment to delivering long-term value to shareholders through incremental growth,” said Southward.

About Steel Leaf

As a leader in associated gas recovery in Saskatchewan, our organization strengthens the energy community by converting associated gas into a usable energy source while reducing the carbon intensity of each barrel produced. Founded in 2012, Steel Reef safely operates critical infrastructure for the capture, processing and transportation of associated natural gas in the Western Canadian Sedimentary Basin and Bakken Resource Play. Our integrated asset base enables access to the premium product market. Privately held since inception, the company has invested approximately $1 billion in a cohesive portfolio of infrastructure assets with the goal of maximizing long-term shareholder value.

contact address

Helen Forello
manager, corporate finance
(403) 263-8333

www.steelreef.ca

Forward-Looking Information

Certain statements contained in this release, including the appointment of directors and appointments of management, and expectations regarding the Company’s ability to leverage potential investments and increase investor value, include the anticipated benefits to the Company. It is forward-looking in nature. Statements that express or involve predictions, expectations, beliefs, plans, projections, objectives, assumptions, or discussions of future events, or statements that are not statements of historical fact, should be considered “forward-looking statements.” . Such forward-looking statements involve known and unknown risks, uncertainties and the actual results, performance or achievements of Steel Reef in the future, whether expressed or implied by such forward-looking statements. and other factors that could cause the results, performance or achievements of the Company to differ materially. .

There can be no assurance that such forward-looking statements will prove to be accurate, as actual results or future events may differ materially from or differ from those projected by such statements. . Accordingly, readers should not place undue reliance on the forward-looking statements contained in this release. Any forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are based on management’s beliefs, estimates and opinions as of the date the statements are made, and Steel Reef does not expressly express these beliefs, estimates, opinions or We undertake no obligation to update any forward-looking statements if other circumstances change. Subject to applicable law.


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Steel Reef expands gas recovery offerings in Canadian business journal North Dakota

Source link Steel Reef expands gas recovery offerings in Canadian business journal North Dakota

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