Page 10 - NorthAmOil Week 07 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Nation and Frog Lake Energy Resources consideration of 26.3mn common shares
Corp., West Lake is committed to an initial of Tamarack and $92mn in cash. Cash
West Lake Energy two well programme to be drilled in the consideration for the transaction was funded
through the recently completed offering of
summer of 2022. Consistent with previous
announces partnership with operations, West Lake will continue to utilise sustainability-linked notes.
over 30 First Nation service providers for this
Tamarack is now the largest operator in
Frog Lake First Nation and joint venture with the intention of further the Southern Clearwater as a result of the
expanding its community investment in the
acquisition. The acquired assets are forecasted
FLERC area. to produce ~4,500 boepd and deliver
~$130mn of operating field netback in 2022.
“This partnership represents an
West Lake Energy is pleased to announce opportunity for economic growth in our As part of the new asset development plan,
the signing of a partnership with the Frog community,” said Gregory Desjarlais, Tamarack allocated funds in the 2022 capital
Lake Energy Resources Corp. (FLERC) for FLFN’s Chief, “as well as the development of programme for the initiation of a Southern
asset development on the Frog Lake First sustainable economic sovereignty for future Clearwater gas conservation project to further
Nation (FLFN). This venture includes the generations. We believe this is the future the company’s ongoing commitment to
commitment of drilling wells on FLFN lands, of Canadian reserve development and are greenhouse gas management and emissions
advances in environmental and community thrilled to be partnering with a company intensity reductions.
stewardship, and continued investment in the that shares our values of environmental and TAMARACK VALLEY ENERGY, February 15, 2022
local community including the utilisation of community guardianship and protection.”
local First Nation services. WEST LAKE ENERGY, February 16, 2022
“We’re excited about the revitalising of our MIDSTREAM
long-term relationship with the FLFN through Tamarack Valley Energy
this partnership,” said West Lake CEO, Bruce Shell Midstream Partners
McDonald. “Partnerships of this nature, announces closing of
that respect and work with the community receives offer for remaining
who steward the land, along with new previously announced
sustainability initiatives being put into action units from Shell Pipeline
are steps that everyone should be taking in Crestwynd Exploration
the industry. We intend to put our money Company
where our mouth is for years to come. This acquisition
relationship represents a huge step forward Shell Midstream Partners announces that
for our vision of West Lake being a leader in Tamarack Valley Energy is pleased to it has received a non-binding, preliminary
environmental and community investment.” announce that it has successfully closed proposal letter from Shell Pipeline Co. (SPLC)
The 50:50 partnership is the start the previously announced acquisition of to acquire all of the Partnership’s issued and
of a multi-year, multi-well, multi-zone Crestwynd Exploration, a privately held outstanding common units not already owned
commitment to developing petroleum from pure play Clearwater oil producer. Tamarack by SPLC or its affiliates at a value of $12.89
the large resource in a sustainable manner. acquired all of the issued and outstanding per each issued and outstanding publicly
With engagement from the Frog Lake First common shares of Crestwynd for total net held common unit of the partnership. The
board of directors of our general partner
intends to appoint a conflicts committee to
review, evaluate and negotiate the proposal.
SHLX will provide further information as
appropriate.
The proposed transaction is subject to
a number of contingencies, including the
approval of the board of directors of our
general partner, the negotiation of a definitive
agreement concerning the transaction,
and the satisfaction of conditions to the
consummation of a transaction set forth in
any such definitive agreement. There can be
no assurance that such definitive agreement
will be executed or that any transaction will be
consummated on the terms described above
or at all.
This offer has no impact on the safe
and reliable operation of SHLX assets,
which would also continue if any buy-in is
completed.
SHELL MIDSTREAM PARTNERS, February 11,
2022

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