Page 13 - NorthAmOil Week 10 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

Enerplus closes acquisition of the Double E pipeline project, in which
UPSTREAM which will be used to finance the development
Tamarack Valley Energy of Bruin it owns a 70% interest. SMLP expects to
fund all of its estimated $150mn Double E
announces update on Enerplus today announced that it has closed investment in 2021 with the credit facilities,
its previously announced acquisition of Bruin
which include a delayed draw feature. SMLP
strategic acquisition E&P HoldCo, a pure play Williston Basin continues to expect that Double E will be
private company, for a total cash purchase
completed at or below the current $425mn
Tamarack Valley Energy is pleased to price of $465mn, subject to normal purchase capital budget, of which, approximately
announce the execution of a definitive price adjustments. The purchase price was $35mn remains in unidentified project
agreement with Woodcote Petroleum funded by Enerplus fully drawing its new contingency. In conjunction with closing
pursuant to which the company will acquire three-year $400mn term facility, along with of the Credit Facilities, SMLP also posted a
all of the issued and outstanding shares of a portion of the proceeds from Enerplus’ $16mn letter of credit under its corporate
Woodcote, a private company with a 100% CAD132mn equity offering completed on revolving credit facility to support back-
operated working interest in Greater Nipisi February 3, 2021. The Company remains end equity contributions, which may not be
for aggregate consideration of $43.0 million, undrawn on its $600mn bank credit facility. needed if unidentified project contingency
comprised of $32.0 million in cash, subject to ENERPLUS, March 10, 2021 is not fully utilised. To the extent additional
adjustment, and 4,888,889 common shares of equity funding is needed, it is not expected to
Tamarack. fund until 2022, following the in-service date
Concurrent with the execution of the MIDSTREAM of Double E in the fourth quarter of 2021.
definitive agreement, the shareholders of SUMMIT MIDSTREAM PARTNERS, March 08,
Woodcote executed letters of transmittal Summit Midstream Partners 2021
irrevocably accepting Tamarack’s offer and
tendering their shares in connection with announces closing of
the Acquisition. The definitive agreement SERVICES
provides for, among other things, a non- financing for the Double E
solicitation covenant on the part of Woodcote. Willow Lake Métis Group
The acquisition is expected to close on pipeline project
or about March 25, 2021, subject to certain and Apex Well Servicing
regulatory and other approvals, including the Summit Midstream Partners announced
approval of the Toronto Stock Exchange, and today that its wholly-owned, indirect form strategic partnership
the satisfaction or waiver of customary closing subsidiary, Summit Permian Transmission,
conditions. has closed on its previously announced Willow Lake Métis Group (WLMG) and Apex
TAMARACK VALLEY ENERGY, March 08, 2021 $175mn of senior secured credit facilities Well Servicing Inc., announced today they
will enter into a newly formed partnership
agreement, increasing their presence in the
Wood Buffalo Region. The partnership will
provide increased capacity to the WLMG
for project turnarounds, rig servicing, and
heat and pressure applications, in northern
Alberta.
The WLMG was created to support and
contribute to the local economy and the
future sustainability of the WLMN. This
latest partnership, is part of a larger effort to
establish strong relationships with industry
partners, allowing WLMG to become the
strategic Indigenous industry partner of
choice. WLMG is working to provide industry
with a different indigenous community-based
business model in providing full-service
expertise for large scale projects, including
maintenance, turnaround, and facility
services.
“Apex Well Servicing will be an invaluable
partner for the WLMG as we continue to
expand our operations, taking on larger
projects across the industry. Over the last
18 months WLMG have worked to identify
suitable strategic partnerships for both our
business and our nation. Apex Well Servicing
has proven to be that candidate,” said Willow

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