Page 10 - NorthAmOil Week 40 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

NOG announces core agreement are subject to the satisfaction or
UPSTREAM transactions contemplated by the purchase
Topaz Energy closes Northern Delaware Basin waiver of customary closing conditions.
NORTHERN OIL AND GAS, September 30, 2022
previously announced bolt-on acquisition
Clearwater royalty NOG has entered into a definitive agreement DOWNSTREAM
to acquire certain non-operated interests
acquisition and publishes in the Delaware Basin from Alpha Energy Sky Quarry announces
Partners for an initial purchase price of
annual sustainability report $157.5mn in cash, subject to typical closing acquisition of Foreland
adjustments. NOG expects to fund the
Topaz Energy is pleased to announce it acquisition with cash on hand, operating Refining Corporation
has completed the acquisition of a newly free cash flow and borrowings under NOG’s
created 5% gross overriding royalty interest revolving credit facility. Sky Quarry is pleased to announce that it has
on Deltastream Energy’s entire Clearwater NOG may deliver the seller additional acquired Foreland Refining Corporation.
acreage in Alberta, for total cash consideration cash consideration depending on average Foreland’s key asset is the Eagle Springs
of CAD265.3mn, before customary closing front month NYMEX WTI pricing during refinery, located outside of Ely, Nevada which
adjustments. the first six months of 2023. The amount will has historical production capability of 495,000
Topaz has published its 2021 Sustainability be determined on a sliding scale from zero barrels of oil per year.
Report which outlines the company’s additional consideration if such pricing is The acquisition represents a key step in
sustainable investment strategy that is focused below $75.00 per barrel, up to $22.5 million accelerating Sky Quarry’s growth strategy.
on developing partnerships with responsible of additional consideration if such pricing Sky Quarry believes that the acquisition
operators and leveraging technical expertise to is at least $87.85 per barrel. The additional will create a vertically integrated business
invest in top quartile, long-life, prolific plays consideration, if any, would be paid in the division to produce sustainable diesel and
supported by inflation-protected, commodity- third quarter of 2023. other petroleum products from Sky Quarry’s
resilient revenue streams. The report provides The acquired assets are located in Lea oil recovered from waste asphalt shingles and
Topaz’s comprehensive performance metrics, and Eddy counties, NM and Loving County, other heavy oil feedstock sources. Sky Quarry
including zero Scope 1 and 2 emissions, TX, and include approximately 2,800 acres, understands that taking over the operations
that were developed in alignment with 9.6 net producing wells, 2.8 net AFEs and of the Eagle Springs refinery provides a
the GHG Protocol, the Global Reporting wells-in-process and approximately 21.2 net unique opportunity to further integrate Sky
Initiative (GRI), the Sustainability Accounting undeveloped locations. The primary operator Quarry’s green energy production capabilities
Standards Board (SASB), and the World of the assets is Mewbourne Oil, one of the by producing sustainable diesel from waste
Economic Forum (WEF). Furthermore, most cost efficient and active operators in the asphalt shingles.
Topaz’s ESG reporting was enhanced through Northern Delaware Basin. Other operators The acquisition of Foreland allows Sky
the adoption of the recommended disclosures include Conoco and EOG. Quarry the opportunity to efficiently utilise
of the Task Force on Climate-Related The effective date for the transaction is its capital and solidify its ability to capture
Financial Disclosures (TCFD) and third party September 1, 2022, and NOG expects to margin through the entire value chain. Sky
verification of certain performance data. close the transaction in December 2022. The Quarry expects that the acquisition will be
TOPAZ ENERGY, October 03, 2022 obligations of the parties to complete the immediately accretive to Sky Quarry’s free
cash flow and EBITDA.
Sky Quarry recognises that Foreland has
provided economic opportunities and critical
energy products to east-central Nevada, Utah
and surrounding areas, and Sky Quarry looks
forward to continuing to be a leader and
economic driver in these areas.
SKY QUARRY, October 03, 2022

SERVICES

Gravity adds new gathering
and disposal agreement in

the Midland Basin

Gravity, a growth-oriented water and power
infrastructure company backed by affiliates
of Clearlake Capital Group, today announced
its water midstream segment executed a new

P10 www. NEWSBASE .com Week 40 06•October•2022