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Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) announces today that it received approval from the Alberta Energy Regulator to construct and operate the previously announced Pipestone Montney, Sour Deep-Cut Gas Processing Complex (the “Pipestone Plant”). The Pipestone Plant will be situated in the Pipestone area near Grande Prairie, Alberta and is designed to process approximately 100 MMcf/d of natural gas.
“Tidewater is pleased to receive regulatory approval for this plant which will benefit producers in the prolific Montney play,” said Toby McKenna, Vice President, Business Development and Commercial of Tidewater. “We are well positioned to construct the Pipestone Plant in order to meet an in-service date of mid-2019.”
The Corporation's Business
Tidewater is traded on the TSX under the symbol “TWM”. Tidewater’s business objective is to build a diversified midstream and infrastructure company in the North American natural gas and natural gas liquids (“NGL”) space. Its strategy is to profitably grow and create shareholder value through the acquisition and development of oil and gas infrastructure. Tidewater plans to achieve its business objective by providing customers with a full service, vertically integrated value chain through the acquisition and development of oil and gas infrastructure including: gas plants, pipelines, railcars, trucks, export terminals and storage facilities.
Advisory Regarding Forward-Looking Statements
In the interest of providing Tidewater's shareholders and potential investors with information regarding Tidewater, including management's assessment of Tidewater's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward- looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this news release contains forward-looking statements relating to but not limited to: planned construction of the Pipestone Plant and projected in-service date of the Pipestone Plant
Such forward-looking statements of information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this document, assumptions have been made regarding, among other things: general economic and industry trends; the Corporation’s ability to execute on its business plan; and anticipated timelines and budgets being met in respect of the Corporation’s projects and operations.
Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors including but not limited to: general economic, political, market and business conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; a failure to conclude definitive agreements with counterparties that contain terms and conditions consistent with executed letters of intent and term sheets; activities of producers and customers; changes to the regulatory environment and decisions and First Nations and landowner consultation requirements; actions by governmental authorities, including changes in government regulation including environmental, tariffs and taxation; security threats; reliance on technology and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations including natural events such as severe weather, droughts, fires, floods and earthquakes; risks and liabilities arising from derailments; changes in operating and capital costs, including fluctuations in input costs; competition for, among other things, business, capital, acquisition opportunities, requests for proposals, materials, equipment, labour and skilled personnel; construction and engineering variables associated with capital projects, including the availability of contractors, engineering and construction services, accuracy of estimates and schedules, and the performance of contractors; and, the availability of capital on acceptable terms; and, reliance on key personnel.
The foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Corporation’s operations or financial results are included in the Corporation’s most recent Annual Information Form and in other documents on file with the Canadian Securities regulatory authorities.
The above summary of assumptions and risks related to forward-looking statements in this news release is intended to provide shareholders and potential investors with a more complete perspective on Tidewater's current and future operations and such information may not be appropriate for other purposes. There is no representation by Tidewater that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Tidewater does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Tidewater Midstream & Infrastructure Ltd.
Chairman, President and CEO 587.475.0210