Aqua Terra Water Management Enters Canadian Bakken With Acquisition
Purchased saltwater disposal assets in the Canadian Bakken and heavy oil corridor around Lloydminster, Saskatchewan.
Aqua Terra Water Management LP entered the Canadian Bakken and heavy oil corridor in Canada through the acquisition of saltwater disposal assets made by its subsidiary.
Four Winds Energy Services Ltd., of Grand Prairie, Alberta, acquired the assets around Lloydminster, Saskatchewan, from Ceiba Energy Services Inc. and Phyllis Disposal Ltd. for an undisclosed amount, the company announced Jan. 24.
The private investment firm Bregal Partners, of New York, formed Aqua Terra to serve as an acquisition and organic growth platform providing water anagement and disposal services to onshore oilfield customers in North America. Aqua Terra's first investment was the acquisition of Four Winds in November 2013.
Four winds expects to dedicate additional resources in the coming months to enhance its market presence in the Canadian Bakken and the heavy oil corridor, said Tom Johnston, Four Winds president, in the release.
"Our partnership with Bregal Partners and Aqua Terra has allowed Four Winds to greatly accelerate its rate of growth and to broaden its geographic network to better serve customers,” Johnston said.
Canaccord Genuity was financial advisor to Aqua Terra. Stikeman Elliott LLP was legal advisor.