Page 13 - NorthAmOil Week 04

NorthAmOil
NEWS IN BRIEF
NorthAmOil
to be an approximate CAD11mn increase to Adjusted EBITDA for both the three months and year ended December 31, 2019, with approximately CAD2mn related directly to the fourth quarter.
CALFRAC, January 27, 2020
Crestone Services Group acquires HDD Specialists and Underground Specialties
Crestone Services Group is pleased to announce the acquisitions of HDD Specialists and Underground Specialties. Crestone continues to make strategic acquisitions ahead of an investment cycle in 5G and utility infrastructure.
HDD Specialists (HDDS), is a leading horizontal directional drilling company specialising in the installation of underground pipelines for the natural gas and oil industry. “HDDS’s oil and gas transmission capabilities are a great compliment to our existing power and gas distribution business,” said Rick Barrett, Crestone Services Group CEO.
Darren Knight, President of HDDS, added, “We are excited to join Crestone and see this as an opportunity to continue our growth
by increasing investments in our people
and operations.” Mr. Knight will continue
to lead HDDS and become a member of Crestone’s leadership team. “Darren’s decades of experience will benefit us as we continue to serve our valued customers, acquire new businesses and execute our plan to become the leading utility services company in the West,” Barrett added.
Underground Specialties has been serving Colorado for nearly thirty years and is one of the area’s first to use trenchless technology to install underground utilities. Underground Specialties will be merged with Crestone’s DrillTech division, increasing the number of crews working on 5G projects. “I congratulate the Atkins family for building a successful business and wish them the very best as
they step away from the company,” said Leighton Cartwright, Operations Manager for DrillTech, adding that, “we will carry on the company’s legacy of safe and reliable service.” CRESTONE SERVICES GROUP, January 22, 2020
M O V E S
BCE-Mach III announces agreements to acquire
assets of Alta Mesa
Holdings and Kingfisher
Midstream
BCE-Mach III, the third partnership between Bayou City Energy Management (BCE) and Mach Resources, has executed Purchase and Sale Agreements to acquire substantially all of the upstream oil and gas assets of Alta Mesa Holdings and its subsidiaries (AMH), and the midstream assets of Kingfisher Midstream and its subsidiaries (KFM) as part of the sellers’ Chapter 11 bankruptcies and associated 363 sale processes.
The purchase agreements provide that BCE-Mach III will acquire approximately
30 Mboe/d of production (67% liquids), approximately 72 MMboe of proved reserves, more than 900 operated wells, and 130,000 net acres (90% HBP) from AMH as well as gas processing capacity of 350 MMcf per
day, 453 miles of gas gathering pipeline, 157 mbw/d produced water system capacity, 224 miles of water disposal pipeline, 108 miles of oil gathering pipeline and 50 Mbbl oil storage capacity from KFM for a combined purchase price of $320 million with a Jan. 1, 2020 effective date.
BCE-MACH III, January 28, 2020
Week 04 29•January•2020
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