Rangeland Energy and its financial sponsor EnCap Flatrock Midstream have entered into a definitive agreement to sell Rangeland Midstream Canada to Kingston Midstream Alberta Limited in an all-cash transaction.
An overall transaction value has not been released.
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. Rangeland Canada initiated construction in October 2019, and the system was placed into service in July 2020. The Marten Hills Pipeline System terminates at an interconnect with a third-party pipeline that ultimately serves the Edmonton, Alberta, hub and refining market.