AltaGas Services bought three Canadian processing facilities andassociated gathering lines worth $17.4 million on Friday,continuing the Calgary-based midstream company’s trek toward the$200 million growth-spending goal set at the beginning of 1999.With this purchase, AltaGas has spent and committed a total of $115million in its acquisitions and expansion program so far this year.

The northwestern and central Alberta facilities were purchasedfrom two Canadian producers who wished to remain anonymous. Theplants have a total processing capacity of 50 MMcf/d. Theiraddition increases AltaGas’ overall processing capacity by 10%.They currently process 28 MMcf/d of sweet gas and 600 b/d ofnatural gas liquids.

On the financial side of the company’s growth strategy, AltaGasrecently gained conditional listing approval from the Alberta StockExchange. Trading is expected to commence on the exchange prior toJuly 31. AltaGas will also seek a listing from a senior exchange inthe near term.

“A stock exchange listing is the next logical stage in AltaGas’development. AltaGas is based in Calgary so we consider The AlbertaStock Exchange to be a natural initial trading forum for our commonshares,” said David Cornhill, CEO of AltaGas. “We have targeted tospend $200 million for the expansion and acquisition of midstreamassets during 1999 and expect capital investment to continue to besignificant in future years as we grow the business. Access topublic markets will broaden our investor base and expand ourfinancing sources. It also satisfies an objective to provideliquidity to our existing shareholders.”

Established in April 1994, AltaGas has acquired or constructedover $370 million in natural gas assets. These assets include 57processing facilities capable of processing over 585 MMcf/d ofnatural gas, approximately 2,500 miles of gathering lines inAlberta and Saskatchewan, 199 MMcf/d of ethane and natural gasliquids extraction plant processing capacity and ownership ofAltaGas Utilities Inc.

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