Veresen Acquires Jordan Cove Project

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Information about Veresen Acquires Jordan Cove Project
Finance

Published on March 4, 2014

Author: BrentWalker2

Source: slideshare.net

Description

EFG, an affiliate of MPA, advised on the Jordan Cove transaction and has an economic interest in the project

FOR IMMEDIATE RELEASE FORT CHICAGO ANNOUNCES Investment in Infrastructure Development Firms Trading Symbol: FCE.UN Exchange: TSX Calgary, Alberta – July 28, 2005 Fort Chicago Energy Partners L.P. (“Fort Chicago”) is pleased to announce that it has taken ownership positions in two energy infrastructure development firms that are expected to broaden Fort Chicago’s investment opportunities and further diversify its asset base. Effective immediately, Fort Chicago has acquired a 20% interest in Pristine Power Inc. (“Pristine”), an independent power development company, for an approximate cost of $2 million. In addition to its base ownership position, this transaction will provide Fort Chicago with preferential equity investment rights to obtain additional interests in any power development activities undertaken by Pristine. Also immediately, Fort Chicago announces that it has taken a controlling, preferential ownership position in Jordan Cove Energy Project L.P. (“Jordan Cove”), which plans to develop an LNG import terminal and storage facility in Coos County, Oregon. The facility, called Jordan Cove Energy Project, is ideally located to offer a long-term, secure source of gas supply to the U.S. Pacific Northwest and California. Energy Projects Development, LLC, which initiated the Jordan Cove Energy Project, will be a minority partner in the venture and will continue to be responsible for the successful development of the proposed LNG facility. Fort Chicago’s planned expenditure for the Jordan Cove project during the remainder of 2005 is approximately US$3 million. Energy Fundamentals Group Inc., of Toronto, Ontario, acted as an advisor to Fort Chicago in this transaction and holds a deferred right to become an equity participant in the project. More detailed project information about Jordan Cove can be found at www.jordancoveenergy.com. “The current low interest rate environment is making the energy infrastructure acquisition market very competitive. These new investment opportunities will allow Fort Chicago to diversify and expand its investment base at a measured pace outside the direct acquisition market” said Stephen White, President and CEO of Fort Chicago. “We are very pleased with the quality and proven capability of the respective development teams associated with Pristine Power and Jordan Cove. The long-term, contractual nature of the projects being undertaken by Pristine and Jordan Cove, and the stable cash flow that they will be designed to provide, make them attractive investments for an income fund structure” added Mr. White. About Pristine Power Inc. Pristine Power Inc., of Calgary, Alberta, develops, builds and operates conventional and alternative power generation projects that offer minimal technical and financial risk, high levels of reliability, and environmental advantages over other generation technologies. Additional information can be found at www.pristinepower.ca. About Energy Projects Development, LLC Colorado based Energy Projects Development, L.L.C., is a team of energy industry professionals with substantial experience in the development of energy projects, including management oversight of a proposed LNG export facility and the provision of expert consultation to LNG import projects. Fort Chicago is a limited partnership which, together with its affiliates, presently owns a 50.0% interest in the Alliance Pipeline, an approximate 42.7% interest in Aux Sable and Alliance Canada Marketing and a 100% interest in the Alberta Ethane Gathering System (“AEGS”). The Alliance Pipeline is a 3,000 kilometre mainline natural gas pipeline, which extends from northeastern British Columbia to delivery points near Chicago, Illinois. Aux Sable operates natural gas liquids

-2extraction, fractionation and delivery facilities near Chicago. AEGS is a 1,324 kilometre ethane pipeline system, which delivers ethane feedstock to Alberta’s petro-chemical industry. Class A Unit Ownership Restrictions Fort Chicago is organized in accordance with the terms and conditions of a limited partnership agreement which provides that no Class A Units may be transferred to, among other things, a person who is a "non-resident" of Canada, a person in which an interest would be a "tax shelter investment" or a partnership which is not a "Canadian partnership" for purposes of the Income Tax Act (Canada). This news release contains forward-looking information relating to, but not limited to, Fort Chicago and its Pipeline and NGL businesses. When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forwardlooking information. By its nature, forward-looking information involves numerous assumptions and is subject to risks and uncertainties, which could cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information. Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of Fort Chicago to successfully implement its strategic initiatives and achieve expected benefits; the status, credit risk and continued existence of customers having contracts with Alliance, Aux Sable or AEGS; the availability and price of energy commodities; fluctuations in foreign exchange and interest rates; the regulatory environment; competitive factors in the pipeline transportation and NGL extraction industries; the prevailing economic conditions in North America; and such other risks and uncertainties described from time to time in the reports and filings with Canadian securities regulators. You are cautioned that the foregoing list is not exhaustive. For additional information concerning these and other factors, or the meaning of defined terms used herein, see the Annual Information Form and the annual and quarterly Management Discussion and Analysis filed by Fort Chicago with Canadian securities regulators. Fort Chicago disclaims any intention or obligation to update or revise any forward-looking statements, publicly or otherwise, whether as a result of new information, future events or otherwise. Certain financial information contained in this news release may not be standard measures under Generally Accepted Accounting Principles ("GAAP") in Canada and may not be comparable to similar measures presented by other entities. These measures are considered to be important measures used by the investment community and should be used to supplement other performance measures prepared in accordance with GAAP in Canada. For further information on non-GAAP financial measures used by Fort Chicago see the annual and quarterly Management Discussion and Analysis and the notes to the annual and quarterly financial statements filed by Fort Chicago with Canadian securities regulators. - 30 For further information, please contact: Stephen H. White President and C.E.O. Hume D. Kyle Vice President, Finance and C.F.O. Fort Chicago Energy Partners L.P. Stock Exchange Tower, 2150, 300 Fifth Avenue S.W. Calgary, AB T2P 3C4 Phone: (403) 296-0140; Fax: (403) 213-3648 www.fortchicago.com NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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