AltaGas Ltd. Receives Final Approval to Construct Natural Gas Processing Facility in Montney Resource Area
CALGARY, ALBERTA--(Marketwire - June 22, 2011) - AltaGas Ltd. ("AltaGas") (TSX:ALA) today announced it has received the final regulatory approval required to begin construction on its 120 Mmcf/d Gordondale gas processing facility, located approximately 100 km northwest of Grande Prairie, Alberta. The plant will be equipped with liquids extraction facilities to capture the natural gas liquids value for AltaGas' customers.
"The Gordondale gas processing facility is an exceptional gas infrastructure project that showcases our ability to deliver on our growth objectives", said David Cornhill, Chairman and CEO of AltaGas Ltd. "This two phased project will allow for early production to our Pouce Coupe facility in the coming months prior to Gordondale coming online late next year. This project affirms our commitment to being a leading energy infrastructure company."
The Gordondale gas processing facility and gathering system will cost approximately $235 million. The gas processing facility is expected to be in service in late 2012. By using existing infrastructure in the area, AltaGas anticipates providing processing for early production by mid-2011. The project has now received all the necessary regulatory approvals.
The plant is located in the Montney resource area, one of the largest, low-cost, liquids rich resource plays in the Western Canadian Sedimentary Basin. This plant will allow AltaGas to provide a midstream solution to a number of producers in the area. The addition of deep cut facilities to the project allows producers to extract additional value for liquids from the gas they bring to the plant for processing. The natural gas liquids extraction facilities also allow AltaGas to expand its service offering to market liquids for customers and to purchase gas at the plant gate and extract the value of the liquids.
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on renewable energy sources. For more information visit: www.altagas.ca.
This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. 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. Such statements reflect AltaGas' current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in AltaGas' public disclosure documents. Many factors could cause AltaGas' actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.