Clearwater is a partnership between WWN LP and Tamarack Valley Energy Ltd. (Tamarack), a publicly traded, Canadian oil and gas exploration and production company and owns an interest in certain strategic midstream assets – oil batteries, gas processing facilities and key in-field pipelines located in Alberta.
Economic reconciliation milestone achieved
“We are proud to partner with WWN LP and AIOC on this transaction. It aligns with our vision of creating long-term value for our shareholders and stakeholders, while supporting Indigenous participation in the energy industry.”
– Brian Schmidt, President and CEO of Tamarack
At a glance
- Alberta Indigenous Opportunities Corporation (AIOC) provided a loan guarantee of $150 million to facilitate WWN LP’s investment in Clearwater
- First time that an AIOC loan guarantee was issued with a transaction involving an exploration and production company and the acquisition of a majority interest in infrastructure assets
- Transaction provides WWN LP with stable revenue from Tamarack’s take or pay commitment for use of the midstream assets over a 16-year period
- Deal marks the first time that a majority interest in infrastructure assets is owned by First Nations and Métis Settlements
Legal advisers for WWN LP
Partners: Billie Fortier, Chris Nyberg
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