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Paramount Resources closes C$470M sale of Canadian natural gas facility

Paramount Resources Ltd. completed the divestment of its Karr 6-18 natural gas facility and related midstream assets in Canada to CSV Midstream Solutions Corp. for about C$470 million.

The deal amount consists of about C$330 million in cash and a C$140 million capital commitment that will be allotted for expanding the Karr 6-18 facility, according to an Aug. 1 news release. The expansion, once completed in the second half of 2020, will increase the facility's total raw gas handling capacity to 150 MMcf/d.

Paramount said it will use the cash proceeds from the sale to cut the amounts drawn on its C$1.5 billion bank credit facility, which amounted to C$827.3 million as of March 31.

In late June, Paramount agreed to sell the assets, which comprise 100 MMcf/d of sour raw natural gas compression and dehydration capacity and 15,000 barrels per day of raw hydrocarbon liquids handling capacity.

Paramount explores for and develops petroleum and natural gas resources in Alberta and British Columbia. CSV Midstream, a midstream natural gas and liquids infrastructure company, is being acquired by private equity firm Northleaf Capital Partners under a strategic investment partnership.