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Crescent Point closes sale of Saskatchewan gas infrastructure assets for C$500M

Crescent Point Energy Corp. closed its previously announced sale of gas infrastructure assets in Saskatchewan to Steel Reef Infrastructure Corp. for C$500 million, according to a Jan. 20 news release.

The assets included nine natural gas gathering and processing facilities, and two gas sales pipelines operating in Saskatchewan with a total throughput capacity of more than 90 MMcf/d.

The company previously said it expects net debt to decrease to about C$2.3 billion, from C$2.8 billion at the end of 2019, following the deal's closing. Crescent Point also said it plans to allocate about C$50 million of the sale proceeds for additional share repurchases.

Steel Reef is a Calgary, Alberta-based midstream company with other gas processing assets in Saskatchewan.