PrintNews Release
November 27, 2007
Union Gas Announces Acquisition of Natural Gas Storage Reservoir in Southwestern Ontario
CHATHAM, Ontario – Union Gas Limited today announced it has acquired a 1 billion cubic feet (Bcf) natural gas storage pool, located near Sarnia, Ontario, from Midway Petroleum Company. Union Gas will develop the storage pool which is expected to be in service in 2009.
“This acquisition is part of our overall plan to expand our natural gas storage assets to respond to growing customer demands for natural gas storage and balancing services,” said Steve Baker, vice president, business development. “Our ability to support the additional investment in natural gas storage assets is a direct result of the storage forbearance decision issued by the Ontario Energy Board, last November.”
Last month, Union Gas also signed an agreement in principle regarding the acquisition of a 75 per cent interest in a 3 Bcf storage pool currently owned by Tribute Resources located in Huron County.
Union Gas currently owns and operates the largest underground natural gas storage facility in Canada, and one of the largest in North America.
About Union Gas
Union Gas is an integrated natural gas storage, transmission and distribution company serving approximately 1.3 million customers, and is a Spectra Energy company. Spectra Energy Corp (NYSE: SE) is one of North America’s premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage and distribution. For close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 17,500 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Visit www.spectraenergy.com for more information.
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