A private Calgary gas processing and transportation firm, Steel Reef Infrastructure Corp., has grown its natural gas network in Saskatchewan with a C$500 million ($375 million) purchase from Crescent Point Energy Corp., which includes assets with throughput capacity of more than 90 MMcf/d.

The transaction, set to be completed in early 2020, includes nine plants, field pipelines and two sales lines in Saskatchewan.

As part of the deal, Crescent Point agreed to long-term take-or-pay commitments of about C$47 million ($35.5 million) a year to use the facilities. Steel Reef committed to fund a 12 MMcf/d expansion of one of the gas plants that would cost an estimated C$30 million ($23 million), which would be in addition to the Crescent Point asset purchase.

“This attractive investment is in line with Steel Reef’s responsible growth model and secures long-term benefits for our valued shareholders and customers,” said Steel Reef CEO Scott Southward.

Steel Reef was formed in 2012, and its network last year built a U.S.-Canada pipeline border crossing into Saskatchewan through its purchase of Lignite, a processing and delivery package in North Dakota’s Burke County.

Steel Reef has also opened a Denver office to shop for more U.S. assets. Industry peers last summer had named company founder Lane McKay, a veteran private capital investment banker, as the Saskatchewan Oilman of the Year.

Crescent Point said the Saskatchewan transaction increases its asset sales to date this year to C$1.45 billion ($1 billion). The proceeds are to be used to repay debt and for share repurchases.