CALGARY, ALBERTA--(Marketwire - Jan. 7, 2013) - 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 marketplace."
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 www.atco.com.
Forward-Looking Information:
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 regulations.
ATCO Energy Solutions Ltd.Al ChorneySenior Manager, Business Development(403) 513-3700www.atco.com
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