By OGJ editors
HOUSTON, Sept. 3 -- Talisman Energy Inc., Calgary, has acquired Vista Midstream Solutions Ltd., Calgary, for $130 million (can.), in a move that Talisman said enhances its ability to control its natural gas production, timing, and costs.
Vista's assets are in three areas: Cutbank, adjacent to Talisman's Deep basin play; Retlaw-Enchant-Turin in southeast Alberta; and Freefight in southwest Saskatchewan.
The Cutbank complex is Vista's major asset, representing two-thirds of its revenue and value. Talisman has entered into a firm agreement for the sale of the assets at Retlaw-Enchant-Turin for $30.5 million. The buyer's identity was withheld. Talisman also is negotiating the sale of the Freefight assets.
The Cutbank complex, 80 km south of Grand Prairie, has numerous long-term contracts for firm service. It will continue operating as an open access, midstream business.
The complex consists of the Cutbank gas plant, the Musreau gas plant, five major field compression stations, and an extensive gas gathering system. Total processing capacity is 165 MMcfd of sweet gas with 80% utilization. The anticipated 2003 throughput is 136 MMcfd.
