Midcoast Completes Purchase of Manyberries Pipeline System.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 6, 2000 Midcoast Energy Resources Inc. (AMEX AMEX See: American Stock Exchange :MRS MRS - Modifiable Representation System. An integration of logic programming into Lisp. ["A Modifiable Representation System", M. Genesereth et al, HPP 80-22, CS Dept Stanford U 1980]. ) today announced that its subsidiary, Midcoast Canada Operating Corporation, has completed its previously announced purchase of the Manyberries Pipeline System ("MBPL MBPL Modular Base Petroleum Laboratory ") from Triumph Energy Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TPH TPH Transplacental hemorrhage ). Total consideration was $8.4 million (Canadian), or approximately $5.7 million (U.S.), plus certain future contingent payments based on the actual throughput volumes. MBPL consists of 80 miles of 6" and 10 miles of 4" crude oil pipeline that originates at the Manyberries Oil Field and terminates at an interconnection with the Milk River Pipeline system in southeast Alberta, Canada. Truck terminals, including the Legend terminal, and a significant amount of crude oil storage also contribute to the operations. The system has a design capacity of approximately 21,000 BBLs/day and transports light sour crude oil Sour crude oil contains the impurities hydrogen sulfide (H2S) and carbon dioxide, or mercaptans. All crude oil contains some impurities. When the total sulfide level in the oil is > 1 % the oil is called "sour". from the Manyberries oil field, as well as additional crude oil volumes from the Legend truck terminal. The pipeline system is the only light gravity system in southern Alberta and current volumes are approximately 6,500 BBLs/day. Jim Wright, president of Midcoast Canada, stated, "The purchase of MBPL, along with our acquisition of the Provost natural gas plant and gathering system from TransCanada, which we announced last month, increases our presence in Canada to include nearly 200 miles of pipeline and two processing/treating facilities with a combined capacity of 45 Mmcf/day. We plan to continue to aggressively seek further expansion opportunities in Canada which complement our existing operations here." Midcoast is a Houston-based pipeline company with regional offices in Texas, Alabama, Kansas, Louisiana, Mississippi, and Calgary, Alberta. The Company transports, gathers, processes and markets natural gas and other petroleum products through over 80 company owned pipelines covering approximately 4,000 miles in ten states, the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and Canada. |
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