Wolf Midstream acquires 50% interest in Access Pipeline in Alberta

On October 6, 2016, Wolf Midstream Inc. (Wolf) , a portfolio company of Canada Pension Plan Investment Board (CPPIB), announced that it closed the acquisition of its previously announced agreement to acquire a 50% ownership interest in Access Peipeline (Access) from Devon Energy Corp. (Devon) for C$1.4 billion (US$1.1 billion). Under the terms of the transaction, Devon's thermal-oil acreage is dedicated to Access for an initial term of 25 years.

The transaction was funded at closing by Wolf through an investment by CPPIB of approximately C$825 million and third-party debt financing.

The Access Pipeline system includes pipelines that transport blended bitumen and diluent between the Christina Lake area of Northeastern Alberta and Edmonton. Under the terms of the transaction, Devon's thermal-oil acreage is dedicated to Access for an initial term of 25 years.

Wolf is a private company based in Calgary dedicated to building, owning, and operating energy infrastructure.

Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries. At June 30, 2016, the CPP Fund totalled C$287.3 billion.

Devon is a leading independent energy company engaged in finding and producing oil and natural gas.

Further information can be found on Canada Newswire's website.