Page 10 - NorthAmOil Week 37 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

microturbine in the future when needed.
“The producer is committed to using
clean power at its wellsites,” said Sam
Henry, president of Horizon Power Systems.
“Capstone microturbines are much easier
and less costly than reciprocating engines to
maintain. The producer won’t spend money
on oil, diesel fuel, parts, and employee time
each month to maintain the engine. Instead,
the lower maintenance costs of microturbines
can increase the gas producer’s bottom line.”
“Overall, oil and natural gas prices remain
roadmap for future license rounds and Capstone Green Energy to elevated due to a relatively constructive
increased activity in the Gulf of Mexico. As demand picture, supply uncertainty and
a result, TGS feels this is an ideal time to provide five microturbines the geopolitical premium from Russia’s
continue investing in ultra-long offset node invasion of Ukraine,” said Darren Jamison,
data to support industry needs in this highly to Colorado natural gas chief executive officer of Capstone Green
prospective area.” Energy. “These elevated prices and pressure
The data acquisition will be conducted by producer as US energy to decarbonise the oil and gas industry
Magseis Fairfield as a contractor to TGS. are leading to more opportunities for our
This project is supported by industry market heats up innovative low emission products,” concluded
funding. Jamison.
TGS, September 12, 2022 Capstone Green Energy, a global leader in CAPSTONE GREEN ENERGY, September 12,
carbon reduction and on-site resilient green 2022
WhiteHawk Capital Partners energy solutions, announced that Horizon
Power Systems, the company’s exclusive
provides $55mn credit distributor for the Rocky Mountains in the MOVES
US and Western Canada, has secured an
facility to CherCo order for five Capstone C65 microturbines to Topaz announces strategic
be installed at a remote natural gas wellsite
WhiteHawk Capital Partners, a private credit in northwestern Colorado. The customer is acquisition of Clearwater
investment manager focused on asset-based a natural gas producer operating in one of
financing solutions, announced it has entered the largest natural gas basins in the US. The royalty assets and 7%
into an agreement with CherCo, to provide system is expected to be commissioned and
a $55mn asset-based credit facility. CherCo operational in late 2022. dividend increase
will use the proceeds of the financing for Fuelled by high-pressure natural gas
acquisitions of assets and service contracts, (HPNG) produced on-site, the system will Topaz Energy is pleased to announce that in
and to provide ongoing liquidity to execute on provide power to a saltwater disposal (SWD) continuing with its profitable and accretive
growth plans. facility at the wellsite. The microturbines will acquisition growth strategy, it has entered
CherCo is an energy infrastructure operate in dual mode, seamlessly transitioning into definitive agreements with Deltastream
company focused on contract compression from continuous power to standby when Energy, a privately held pure-play Clearwater
services serving midstream and upstream needed. Canadian oil producer, for the purchase of
operators in Texas, Oklahoma, Louisiana Rather than overhaul an old diesel-fuelled a newly created 5% gross overriding royalty
and New Mexico. The use of this facility reciprocating engine that emitted high levels on all current and future oil production
is intended to allow CherCo to expand its of greenhouse gases, the producer turned to from Deltastream’s entire Clearwater acreage
contract compression services in the regions Capstone’s microturbine technology. In this in Alberta, for total cash consideration of
it services. extremely remote and challenging high- CAD265.3mn.
“WhiteHawk has been a creative and altitude environment, the microturbines will The royalty lands represent one of the
value-add financing partner that enables the provide very high reliability, withstand harsh largest unencumbered asset bases in the
Company to seek to become a regional market weather conditions, and require minimal Clearwater. The strategic acquisition will be
leader for contract compression services from maintenance compared to traditional funded through Topaz’s existing credit facility
50 to 1775 horsepower,” said Chet Erwin, reciprocating engines. and is expected to close on September 29,
CEO of CherCo. Choosing Capstone met another key 2022, subject to satisfaction of customary
“We believe CherCo management is well customer requirement: low emissions. As closing conditions. In light of the strategic
positioned to execute in an attractive contract the first state in the US to require oil and acquisition, Topaz is pleased to announce
gas compression market with an excellent fleet gas producers to reduce methane emissions, a 7% increase to the company’s quarterly
of assets that are in high demand,” said Rob Colorado has implemented strict standards, dividend which represents the fifth dividend
Chimenti, WhiteHawk managing director. which the Capstone microturbines exceed. increase to date (50% on a cumulative basis)
WHITEHAWK CAPITAL PARTNERS, September For added flexibility, Horizon Power Systems and provides a current dividend yield of 6%.
14, 2022 is fabricating a skid that will make it easy to TOPAZ ENERGY, September 12, 2022
transport the system to other wellsites. The
skid will be able to accommodate another

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