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

March 22, 2018 Client: Wolf Midstream Inc.

Our Calgary office advised Wolf Midstream Inc. (Wolf Midstream) on its successfully closed acquisition from MEG Energy Corp. (MEG) of MEG’s 50-per-cent ownership interest in Access Pipeline and a 100-per-cent ownership interest in the Stonefell Terminal for C$1.52bn, including capital commitments of approximately C$90m. Wolf Midstream also completed an amendment and restatement of its senior secured credit facilities, which were upsized on the date of the acquisition to C$1.52bn, in order to provide debt financing for the acquisition.

As a result of this acquisition, Wolf Midstream owns 100 per cent of Access Pipeline in addition to being its sole operator. This transaction 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.

Wolf Midstream is a Calgary-based energy infrastructure company led by a focused team of industry veterans. The Wolf Midstream team has a proven track record in the execution of creative midstream solutions that benefit their customers. Wolf Midstream invests in Western Canadian energy infrastructure.

Team members included, Rick Borden (banking), KayLynn Litton, Lincoln Mitchell and Ryan Keays (energy), Alan Harvie (regulatory and environmental), Rujuta Patel (competition), Matthew Longstaff (banking), Sean Wallace (energy).