|Date Announced:||March 17, 2016|
|Date Closed:||April 20, 2016|
|Client Name:||Paramount Resources Ltd.|
On April 20, 2016, Paramount Resources (Paramount) completed the sale of sour gas processing assets in north western Alberta to Pembina Gas Services Limited Partnership, an indirect wholly owned subsidiary of Pembina Pipeline Corporation (Pembina) for cash and other considerations.
As part of the transaction, Paramount and Pembina have entered into a twenty year midstream services agreement that secures Paramount's priority access to sold capacity at the Musreau Facility. Under the terms of the transaction, Pembina has acquired Paramount's preliminary engineering studies, licenses and surface rights with respect to a proposed sour gas processing facility and additional sour gas processing assets, and has agreed, at Paramount’s election, to provide additional capacity on agreed terms.
Paramount was represented in-house by Mitchell Shier (General Counsel & Corporate Secretary Manager, Land), Bernie Lee, Paul Kinvig, Anne Love and Reid Yester and Bennett Jones LLP by a team led by Pat Maguire and including Donald Greenfield, Tom McInerney, Jana Prete and Megan Bertram (Corporate/oil & gas) and Beth Riley (Competition).