September 05, 2023
Weil is advising Rangeland Midstream Canada Ltd. (Rangeland Canada), a subsidiary of Rangeland Energy, in its sale to Kingston Midstream Alberta Limited (Kingston) in an all-cash transaction. The transaction is expected to close by the end of the third quarter of 2023.
Rangeland Canada’s field employees and Athabasca office will remain with the business and become part of Kingston, an established pipeline operator with a proven track record of safe and reliable operations. Midstream assets included in the transaction consist of the Marten Hills Pipeline System, comprising crude oil and condensate pipelines, both 82 kilometers (51 miles) in length, and related assets serving the core of the Marten Hills region of north central Alberta in the prolific Clearwater play.
“From the outset, our goal was to demonstrate to the producer community that the midstream model in Canada can be done differently,” said Rangeland Canada President Briton Speer. “We brought our pipeline into service during the most extraordinarily uncertain oil price environment the market had ever experienced, and our team worked closely with our customers through that challenging period. We would like to thank our field team in Athabasca who have operated these assets with the utmost professionalism and have a flawless safety record to show for it.”
Headquartered in Sugar Land, Texas, Rangeland Energy was formed in 2009 to focus on developing, acquiring, owning and operating midstream infrastructure for crude oil, natural gas, natural gas liquids and other petroleum products. Rangeland Midstream Canada, headquartered in Calgary, was formed in 2016 to serve oil and gas producers in western Canada with a full suite of midstream services including oil and gas gathering, processing, terminaling and transportation.