White Owl Announces Agreements on Clairmont Terminal

CALGARY, Sept. 8, 2017 /PRNewswire/ - White Owl Energy Services Ltd. ("White Owl") is pleased to announce the acquisition of the Pembina Pipeline connected Clairmont Terminal at LSD 01-09-073-05W6 (the "Terminal") in the Grande Prairie area of Alberta. White Owl has concurrently entered into a long-term strategic agreement with Trafigura Canada General Partnership ("Trafigura") whereby Trafigura will provide crude oil marketing services for the terminal. White Owl remains the owner and licensed operator of the plant and together with Trafigura, the parties will assess expansion opportunities for the facility.

The first phase of the Terminal expansion includes certain piping modifications to allow more flexibility in transferring and treating fluids while at the same time White Owl will be making the capital improvements needed to increase Class 2 water disposal capacity.  Both parties are excited about the growth potential of the region and the opportunity to provide top tier service at competitive rates.

About White Owl:

White Owl operates a processing and disposal business in two shale basins; the Bakken in North Dakota and the Montney in Alberta, providing essential processing and disposal services to oil and gas producers in both regions. It is predominantly a fee-for-service based business and consists of disposal of produced water and frac flowback water, and the processing, terminalling and marketing of oil and condensate. White Owl strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely, and in an environmentally and financially responsible manner.

About Trafigura Canada General Partnership:

Trafigura Canada General Partnership, part of the Trafigura Group, aggregates, trades and markets crude oil and condensate across Western Canada and is based in Calgary, Canada. Trafigura is one of the world's leading independent commodity trading and logistics houses operating at the heart of the global economy. Trafigura invests worldwide in strategically located infrastructure to streamline commodity supply chains and make trading more efficient. Visit www.trafigura.com

Disclaimer

This news release contains forward-looking statements based on White Owl's current expectations and assumptions made by the management of White Owl relating to its business, the environment in which it operates, its future operations and the performance of its assets, including the proposed Terminal. As these forward-looking statements depend upon future events, actual outcomes may differ materially depending on factors such as: the accuracy of the construction schedule and cost estimates; producer interest in the services being offered; future operating results of the assets; the ability of White Owl to execute its strategic initiatives in connection with the Terminal; availability and cost of engineering resources, construction crews and materials; timely receipt of all necessary regulatory approvals or changes in requirements; changes in production decline rates; weather conditions; commodity supply/demand balances and prices; activities of producers, competitors, customers, business partners and others; overall economic conditions; access to capital and financing alternatives; operational risks associated with Terminal operation and oil and gas production; environmental liabilities; potential delays or changes in producer development plans in the area; the legislative, regulatory and tax environment; and other known or unknown factors. There can be no assurance that the results or developments anticipated by White Owl will be realized. 

SOURCE White Owl Energy Services Inc.