CALGARY, Alberta, January 25, 2021 – Catapult Water Midstream (“Catapult” or the “Company”) is pleased to announce that is has entered a strategic alliance with Topaz Energy Corp. (“Topaz”). In addition, Catapult and Topaz have concluded definitive agreements whereby majority ownership of certain water infrastructure assets has been acquired from NuVista Energy Ltd. (“NuVista”) in return for cash payment to the producer. As part of the transaction, NuVista has entered into a long-term water services agreement and will continue to operate the assets.
The transaction will provide NuVista with immediate capital as well as long-term certainty regarding access to cost effective, environmentally responsible water sourcing, storage, and re-injection.
The ongoing operation of the water infrastructure assets demonstrate the commitment of all parties to enhanced environmental stewardship and sustainability by reducing:
- Truck traffic on local roads
- Potential incidence of environmental release
- Freshwater usage for completions activities
- Logistics costs
- Greenhouse gas emissions
In addition to the water services provided to NuVista under the agreements, all parties to the transaction intend to be able to provide environmentally sustainable water solutions to other parties in the Pipestone area of Alberta.
At Catapult, we have developed a compelling partnership model that is focused on fostering long-term integrated relationships and providing extraordinary client service that exceeds expectations.
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