• IPO offering of 3,000,000 shares at $1.00/share.

• Appoints Joel A. MacLeod as President and CEO of the corporation.

• Enters agreement with private Vendors to acquire 63% of the Brazeau River Complex (“BRC”) for $180 MM.

• Acquired 80% WI in 7.1 km pipeline in connected to the TWM BRC for $8.4MM and an extension of the producers take-or-pay contract at BRC with 50 MMcf/d obligation.

Entered an agreement to acquire a variety of processing interests (operated & non-op) in the Northwest Alberta Area

Entered an agreement with a Vendor and acquired 100% WI in 3 deep cut gas processing/NGL extraction facilities with total capacity of 142 Mmcf/d of processing/NGL extraction capability, plus a 100% WI in approx. 250 of related pipeline networks and infrastructure including land and rail access at Fort Saskatchewan for cash consideration

Entered agreement with AltaGas Ltd. to acquire 100% WI in select deep basin and central Alberta gas processing facilities and related infrastructure. Majority is in TWM’s back yard (west Pembina region) for issuance of 43.7 MM Tidewater common shares and $30 MM cash.

Agreement to acquire 100% WI in the Acheson deep cut gas processing plant with capacity of 33 MMcf/d, 250 KM of related pipeline networks and 600 acres of heavy industrial land in Edmonton for total consideration of $11 MM. Land was appraised at $50 MM in 2008, with land adjacent to CN Rail and Trans Mountain Pipeline right of way residing on the land

Entered agreement with a Vendor to acquire an approx. 50% WI in 150 KM of gas gathering pipelines which are directly connected to TWMs BRC and 3 proven natural gas storage reservoirs that are also connected to the BRC.

Acquired the remaining WI in BRC and the remaining WI in 105 KM of gas gathering pipelines connected to the BRC for $30MM cash.

• 120 car rail loading facility in heavy industrial TWM land west of Edmonton.
• CN Mainline Connected
• On adjacent land to TWM’s Deep Cut Acheson Gas Plant

• Commissioned its 10,000 bbl/s C2+ frac facility at the BRC and began producing HD2 spec propane, approx. 45 days ahead of schedule (finished in less than 7 months) and on budget.

1. Deep Basin and Montney Acquisition

2. Wapiti Pipeline Acquisition

• 50% operated WI in 200 KM of 12-inch pipeline for $20 MM cash consideration.

• A previous entity’s sale that restricted certain Tidewater executives from marketing crude oil was lifted.
• Tidewater begins to market crude oil products via existing rail infrastructure and a variety of 3rd party pipelines.

• TWM receives regulatory approval for Pipestone Gas Plant.
• 100 MMcf/d sour, deep-cut Montney gas plant with acid gas injection and 20,00 bbls/d of NGL processing capability, as well as an extensive gathering pipeline network in the Pipestone area near Grand Prairie, AB.
• The Project is supported by agreements with 2 anchor tenant customers and addtional committed volumes.

• Tidewater receives regulatory approval to construct and operate a sales gas pipeline from the BRC to TransAlta’s Sundance and Keephills generating stations known as the “Pioneer Pipeline”
  • Capacity of 130 MMcf/d by 2020
  • Future expansion potential of 340 MMcf/d
  • 15-year TOP

Tidewater is pleased to announce that the Tidewater operated Pioneer Pipeline, connecting Tidewater’s Brazeau River Complex (“BRC”) gas plant to TransAlta’s generating units at Keephills and Sundance, transported first gas in late May 2019, approximately four months ahead of schedule.

The Pipestone Gas Plant began processing sour gas on September 15, 2019 and is currently processing approximately 30 MMcf/day of sour gas during this start-up phase. Tidewater expects processing to ramp up to at or near full capacity of 100MMcf/day by the end of the year.

The Acquisition is expected to close in the fourth quarter of 2019 and is effective upon closing.