CALGARY, Alberta, Sept. 06, 2017 (GLOBE NEWSWIRE) — Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Company”) (TSX VENTURE:TWM) is pleased to announce that in its ongoing effort to maximize utilization and secure long-term volumes it has extended the term of a take-or-pay processing agreement by an additional two years to December 2020 and increased the volume commitment by approximately 10 MMcf/d to 30 MMcf/d with provision to deliver volumes up to 45 MMcf/d throughout the term. The agreement is with a well-capitalized, intermediate-sized producer which will underpin the recently announced expansion of the Brazeau River Complex (“BRC”). Tidewater will continue to market the NGLs and provide egress options for the producer, which is aligned with the Company’s strategy to improve producer’s netbacks and provide egress solutions.
Tidewater is also pleased to announce it has successfully reactivated a proven natural gas storage reservoir at Brazeau and expects to commence injections in the next 60 days. The natural gas storage reservoir will offer producers egress optionality at BRC and Tidewater has received significant interest from multiple investment-grade counterparties to enter into long-term storage agreements.
Tidewater has engaged in discussions and received support from its credit facility syndicate to increase its current credit facility which is expected to take place prior to year-end. Tidewater plans to exit 2017 with an estimated annualized run rate of $80 million of Adjusted EBITDA and have a net debt position of approximately $120 million at year-end.
Tidewater is traded on the TSX Venture Exchange under the symbol “TWM.V”. 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.