Page 16 - NorthAmOil Week 38

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM social and governance (ESG) priorities. This connection between the Harvest Ingleside
proposed transaction is the first step in that Pipeline and Moda Midstream’s Taft Terminal
Torchlight and Metamaterial effort, providing our shareholders with access located in Taft, Texas. The bi-directional
capability allows Moda’s Taft Terminal
to the multi-billion-dollar target market and
announce planned business new applications that are being revolutionized to receive crude volumes from Harvest’s
Ingleside Pipeline and also deliver volumes to
with sustainable technologies, while allowing
combination them to participate in the future upside from Harvest’s Ingleside Pipeline.
our oil and gas asset divestitures.”
“Just a few months after the announcement
Torchlight Energy Resources, an oil and gas “META’s management, led by George of the Ingleside Pipeline’s completion, it is a
exploration company, and Metamaterial Palikaras has built an extraordinary huge win for Harvest and our customers to
(META), a developer of high-performance award-winning cleantech company whose have these new connections in place. As we
functional materials and nanocomposite proprietary advanced technologies address continue to build capabilities to provide our
products, announced today the execution of multiple markets and improve their customer’s customers growth potential, we look forward
a non-binding letter of intent (LoI, signed on capabilities,” said Greg McCabe, Torchlight’s to being able to announce new successes
September 15, 2020), for Torchlight to acquire chairman. “I am excited to work with them in the region,” said Jason Rebrook, CEO of
100% of META and to divest within the first and equally excited about the outcome for our Harvest Midstream Company.
half of 2021 Torchlight’s oil and gas assets for faithful Torchlight shareholders. Not only will On June 23, 2020, Harvest announced
the benefit of Torchlight’s legacy shareholders. their loyalty be rewarded with ownership in the completion of the Ingleside Pipeline, a
Upon completion of the proposed transaction, Metamaterials, they will also retain full value 24-mile, 24-inch oil pipeline. The capacity of
shareholders of META are expected to hold a in our oil and gas assets through the special the line is 600,000 barrels per day (bpd) with
75% interest in the combined entity. dividend.” up to 380,000 bpd supplied by the existing
The proposed transaction represents a TORCHLIGHT ENERGY RESOURCES AND Harvest Eagle Ford pipeline systems.
strategic shift for Torchlight. It is intended METAMATERIAL, September 21, 2020 “Harvest is and always will be building our
to reposition Torchlight into the multi- capabilities to provide world class services to
billion-dollar Advanced Materials market1 our customers,” said Sean Kolassa, President
as a global cleantech and technology leader. MIDSTREAM of Harvest Midstream Company. “We are
META has an extensive intellectual property extremely proud to continue to expand service
portfolio, a global presence and multiple R&D Harvest Midstream offerings on our system for the benefit of our
and product development agreements with customers and for the region.”
government agencies and private enterprises. Company announces The Harvest Ingleside Pipeline originates at
The combined entity will continue to service the Harvest Midway Terminal and can receive
a clientele of world-class OEM customers Ingleside Pipeline now up to 380,000 bpd from the existing Harvest
for a range of applications in the automotive, Eagle Ford pipeline system. The Harvest
aerospace and defence, energy, consumer shipping to the Moda Midway Terminal will start full operations
electronics and medical markets. October 1.
“During the past six months the oil and Ingleside Energy Center HARVEST MIDSTREAM, September 23, 2020
gas market has softened due to the economic
slowdown resulting from the pandemic,” Today, Harvest Midstream announced the
stated John Brda, Torchlight’s CEO. “In order successful commissioning of two connections
to unlock value potential from our national between Harvest’s Ingleside Pipeline and
listing and access to the capital markets, we Moda Midstream. The first connection Texas Energy company
shifted some attention from the divestiture of provides shippers access from the Harvest
our oil and gas assets to an acquisition strategy Ingleside Pipeline to Moda Midstream’s announces new pipeline to
targeting proven disruptive technology Ingleside Energy Center located in Ingleside,
companies with strong environmental, Texas. The second connection is a bi-direction the Texas Gulf Coast and
partnership with Calhoun

Port Authority

Texas-based energy company Max Midstream
announced the acquisition of the Seahawk
pipeline and terminal from Oaktree Capital at
the Port of Calhoun with plans for a historic
pipeline that will connect the Port directly
to both Eagle Ford and Permian Basins to
transport up to 20mn barrels a month to a
revitalised terminal at the port. Exports will
begin with completion of the first phase in late
2020, and the second phase project is expected
to be completed by 2023.
“This is a great day not only for the Texas

P16 www. NEWSBASE .com Week 38 24•September•2020