AER Refuses Commercial Allocation Of Regulatory Liability For Statutory Non-Conformance

Pieridae's acquisition of the Foothills Assets

On October 17, 2019, Pieridae Energy Limited (Pieridae) announced that it had acquired all of Shell Canada Energy's (Shell) midstream and upstream properties and assets in the southern Alberta Foothills for $190 million (the Foothills Assets). As part of the deal, Pieridae also acquired three deep cut, sour gas processing plants--Jumping Pound, Caroline, and Waterton--with a combined capacity of approximately 750 MMcf per day, a 14% working interest in the Shantz sulfur forming plant, and approximately 1,700 kilometres of pipelines.

Within the first six months of 2019, the Foothills Assets had produced approximately 28,634 barrels of oil equivalent per day, consisting of approximately 119 MMcf per day of natural gas, 5,656 barrels per day of natural gas liquids, and 3,163 barrels per day of condensate and light oil. Based on these production levels, Pieridae's acquisition of the Foothills Assets from Shell secured