ATCO Energy Solutions Sells Watelet Assets to Direct Energy
CALGARY, ALBERTA -- (Marketwire) -- 01/07/13 -- ATCO Energy Solutions
announced today the sale of its Watelet Gas Plant, located southwest
of Leduc, to Direct Energy Services, effective December 1, 2012.
The Watelet Gas Plant, located in central Alberta, and the associated
gathering system, has been operated by ATCO Energy Solutions since
acquiring it in 1998 with Direct Energy production flowing through
the plant since 2009.
"The decision to sell the Watelet Gas Plant will allow ATCO Energy
Solutions to focus on better serving Western Canada's energy sector
by optimizing the utilization at our existing facilities," said
Managing Director & President, Arnold MacBurnie. "It also allows us
to concentrate our efforts on growth opportunities in the
Direct Energy has an active oil exploration and production program in
the vicinity, so the Watelet facility is ideally situated to support
their initiatives in addition to providing custom processing services
to other producers in the Watelet, Thorsby, Leduc-Woodbend and Wizard
Lake fields of central Alberta.
ATCO Energy Solutions builds, owns and operates non-regulated energy
and water-related infrastructure. The company focuses on offering
natural gas gathering, processing and storage; natural gas liquids
extraction, transportation and services; electric transmission and
substations; and industrial water infrastructure solutions to the
energy industry. The company owns or has interests in seven natural
gas gathering and processing facilities and four natural gas
extraction facilities, which combined, have a total processing
capacity of more than 1.8 billion cubic feet per day.
ATCO Ltd., with more than 8,800 employees and assets of approximately
$14 billion, delivers service excellence and innovative business
solutions worldwide with leading companies engaged in structures &
logistics (manufacturing, logistics and noise abatement), utilities
(pipelines, natural gas and electricity transmission and
distribution), energy (power generation, natural gas gathering,
processing, storage and liquids extraction) and technologies
(business systems solutions). More information can be found at
Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate",
"plan", "expect", "may", "will", "intend", "should", and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. The Corporation believes that the
expectations reflected in the forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
The Corporation's actual results could differ materially from those
anticipated in these forward-looking statements as a result of
regulatory decisions, competitive factors in the industries in which
the Corporation operates, prevailing economic conditions, and other
factors, many of which are beyond the control of the Corporation.
The forward-looking statements contained in this news release
represent the Corporation's expectations as of the date hereof, and
are subject to change after such date. The Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
ATCO Energy Solutions Ltd.
Senior Manager, Business Development
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