(TSX: TWM)
CALGARY,
AB, July 3, 2025 /CNW/ - Tidewater
Midstream and Infrastructure Ltd. ("Tidewater" or the
"Corporation") (TSX: TWM) is pleased to announce that it has
entered into a definitive agreement with Parallax Energy Operating
Inc. ("Parallax") for the sale of its Sylvan Lake gas plant and associated gas
gathering infrastructure (collectively, the "Sylvan Lake Gas
Processing Facility") for total proceeds of approximately
$5.5 million, subject to customary
adjustments (the "Transaction"). The Sylvan Lake Gas Processing
Facility is a non-core asset of Tidewater located in central
Alberta. The Transaction is
expected to have an immaterial impact to Tidewater's 2025 operating
results, and the proceeds received therefrom are anticipated to be
used to repay amounts outstanding on the Corporation's senior
credit facility.
"The disposition of the Sylvan Lake Gas Processing Facility
represents yet another milestone for Tidewater as we look to
optimize our asset portfolio and improve financial flexibility. In
the first half of 2025, Tidewater announced cumulative non-core
asset sales of approximately $30
million, at what we believe to be very healthy and
attractive valuation ranges. We believe these sales highlight
the strength of Tidewater's asset base, and look forward to further
advancing the remainder of our non-core asset sales program.", said
Jeremy Baines, Chief Executive
Officer of Tidewater.
The Transaction is expected to close in the third quarter of
2025, subject to customary closing conditions and certain
regulatory approvals, including the receipt of approval from the
Alberta Energy Regulator.
ABOUT TIDEWATER MIDSTREAM AND INFRASTRUCTURE
LTD.
Tidewater is traded on the TSX under the symbol "TWM".
Tidewater's business objective is to profitably grow and create
shareholder value in the North American natural gas, natural gas
liquids, crude oil, refined product, and renewable energy value
chain. Its operations include downstream facilities, natural gas
processing facilities, natural gas liquids infrastructure,
pipelines, storage, and various renewable initiatives. To
complement its infrastructure asset base, the Corporation also
markets crude, refined product, natural gas, natural gas liquids
and renewable products and services to customers across
North America. Tidewater is a
majority shareholder of Tidewater Renewables. Additional
information relating to Tidewater is available on SEDAR+ at
www.sedarplus.ca and at
https://www.tidewatermidstream.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "intend", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
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. In particular, this news release contains
forward-looking statements regarding the receipt of proceeds from
the Transaction, the use of the proceeds from the Transaction, the
effect of the Transaction on the Corporation's 2025 operating
results, the strength of the valuation ranges for Tidewater's
non-core asset sales in the first half of 2025, the advancement of
Tidewater's non-core asset sales program, the expected timing of
closing of the Transaction, and the receipt of certain regulatory
approvals.
Although the forward-looking statements contained in this news
release are based upon assumptions which management of the
Corporation believes to be reasonable, the Corporation cannot
assure investors that actual results will be consistent with these
forward-looking statements. Any forward-looking statements
contained in this news release represent expectations as of the
date of this news release and are subject to change after such
date. However, the Corporation is under no obligation (and the
Corporation expressly disclaims any such obligation) to update or
alter any statements containing forward-looking information, the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by law.
With respect to the forward-looking statements contained in this
news release, the Corporation has made assumptions regarding the
effect of the Transaction on the Corporation's business and its
cash flow, as well as its ability to satisfy the required closing
conditions of the Transaction and receive the required regulatory
approvals.
Forward-looking statements are provided herein for the purpose
of giving information about the Transaction. Readers are cautioned
that such information may not be appropriate for other purposes. In
addition, the Corporation is subject to a number of risks and
uncertainties, many of which are beyond the Corporation's control.
Such risks and uncertainties include the factors discussed under
"Risk Factors" in the Corporation's annual information form for the
year ended December 31, 2024 and the
Corporation's most recent management's discussion and analysis.
All the forward-looking statements in this news release are
qualified by the cautionary statements herein. Further information
about factors affecting forward-looking statements and management's
assumptions and analysis thereof is available in filings made by
the Corporation with Canadian securities commissions available on
SEDAR+ at www.sedarplus.ca.
SOURCE Tidewater Midstream and Infrastructure Ltd.
