CPPIB-backed Wolf completes $1.4 bln buy into Access Pipeline

Calgary’s Wolf Midstream Inc has wrapped up its acquisition of a 50 percent ownership interest in Access Pipeline Inc, operator of a heavy oil transportation pipeline network servicing facilities in the northeastern region of Alberta. The deal, announced in July, saw Wolf pay Devon Energy Corp $1.4 billion for the stake. Canada Pension Plan Investment Board, which last year formed a partnership with Wolf to invest in midstream opportunities in Western Canada, committed $825 million to the acquisition.

PRESS RELEASE

Wolf Midstream Completes Acquisition of 50% Interest in Access Pipeline for $1.4 Billion

CALGARY, Oct. 6, 2016 /CNW/ – Wolf Midstream Inc. (Wolf) announced today that it has closed the acquisition of the previously announced agreement to acquire a 50% ownership interest in Access Pipeline (Access) from Devon Energy Corp. (Devon) for $1.4 billion. The Access Pipeline system includes pipelines that transport blended bitumen and diluent between the Christina Lake area of Northeastern Alberta and Edmonton. Under the terms of the transaction, Devon’s thermal-oil acreage is dedicated to Access for an initial term of 25 years.

“Access is an attractive foundational asset for Wolf that provides us with immediate scale as a midstream entity. This asset has significant expansion potential and is well positioned to interconnect with future midstream initiatives in the Fort Saskatchewan area. With CPPIB’s full ongoing support we intend to actively pursue Access expansions, new acquisitions, and greenfield projects that add value for our customers in the oil and gas industry” said Gord Salahor, Wolf’s Chief Executive Officer.

About Wolf Midstream
Wolf Midstream is a private company based in Calgary dedicated to building, owning, and operating energy infrastructure. Wolf management has a long track record of operating energy infrastructure assets in Western Canada and previously led Mistral Energy Inc. and Taylor NGL Limited Partnership (formerly TSX: TAY.UN).

For further information: David Kaiser, Kaiser Lachance Communications Inc., david.kaiser@kaiserlachance.com, (647) 390-8551‎

Photo courtesy of Access Pipeline