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TOPAZ ANNOUNCES STRATEGIC INFRASTRUCTURE ACQUISITION IN THE ALBERTA MONTNEY AND INCREASES 2024 GUIDANCE
TOPAZ ANNOUNCES STRATEGIC INFRASTRUCTURE ACQUISITION IN THE ALBERTA MONTNEY AND INCREASES 2024 GU...
About this update from Topaz Energy Corp
[{"type":"text","content":"\n \n \n \n TOPAZ ANNOUNCES STRATEGIC INFRASTRUCTURE ACQUISITION IN THE ALBERTA MONTNEY AND INCREASES 2024 GUIDANCE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 2, 2024\n \n \n /CNW/ - Topaz Energy Corp. (TSX: TPZ) (\"Topaz\" or the \"Company\") is pleased to announce the completion of the acquisition of a 50% non-operated working interest in Whitecap Resources Inc.'s (\"Whitecap\") newly commissioned natural gas and condensate facility, located in the Musreau area of the Alberta Montney (the \"Facility\"), for total cash consideration of\n \n $100\n \n .0 million (the \"Facility Acquisition\").\n \n \n \n \n \n \n \n \n \n \n Infrastructure Acquisition\n \n \n \n The Facility Acquisition is supported by contractual commitments that provide Topaz with fixed, take-or-pay revenue for a ten year term and preferential capacity dedication for a subsequent seven year term, during which Topaz will not be responsible for operating or maintenance costs.  The Facility Acquisition is expected to provide\n \n $13.0\n \n to\n \n $14\n \n .0 million of annualized 2024 (100% operating margin\n \n (6)\n \n ) processing revenue to Topaz and was funded through Topaz's credit facility.\n \n \n Whitecap is an existing strategic partner of Topaz, who will retain 50% ownership and continue to operate the Facility, which was recently built to enable further development and production growth in the prolific Alberta Montney resource area.  The Facility Acquisition demonstrates Topaz's strategy to invest in new infrastructure assets that are situated in resource areas that attract commodity price-resilient capital development.\n \n \n \n 2024 Processing Revenue and Other Income Guidance In...