Calgary advised Wolf Midstream on an acquisition of interests from MEG Energy

Our Calgary Office advised Wolf Midstream Inc. (Wolf Midstream) in connection with an agreement with MEG Energy Corp (MEG) to acquire MEG’s 50 percent ownership interest in Access Pipeline and a 100 percent ownership interest in the Stonefell Terminal for C$1.52 billion, including capital commitments of approximately C$90 million. 

Our Calgary Office also advised Wolf Midstream on the amendment and restatement of its senior secured credit facilities, which were upsized on the date of the acquisition to C$1.5 billion in order to provide debt financing for the acquisition.

Following this acquisition, Wolf Midstream will own 100 percent of Access Pipeline in addition to being its sole operator.  This agreement includes an initial 30 year commitment from MEG pertaining to transportation services on Access Pipeline and the use of Stonefell Terminal. The Access Pipeline system includes pipelines that transport blended bitumen and diluent between the Christina Lake area of Northeastern Alberta and Edmonton, while the Stonefell Terminal connects MEG’s production facilities through the Access Pipeline system to multiple markets.

The team included Rick Borden, KayLynn Litton, Ryan Keays, Rujuta Patel (competition), Lincoln Mitchell, Sean Wallace, and Matthew Longstaff.