Wayfinder Closes Financing, Secures Land for World-class Resin-coated Proppant Plant and Transloading Facility
June 07, 2016 13:06 ET
Wayfinder Closes Financing, Secures Land for World-Class Resin-Coated Proppant Plant and Transloading Facility
Prime Location to Host the "One Stop Prop Shop" Facility
CALGARY, ALBERTA--(Marketwired - June 7, 2016) - Wayfinder Corp. ("Wayfinder") today announced the signing of a definitive agreement to acquire the rights, titles and interests in land bordering the Obed Transloading Facility from Athabasca Minerals Inc. The Obed Facility, owned by Westmoreland Coal, has also been acquired by Wayfinder in a separate agreement. In aggregate, land of approximately 225 acres has been secured and is located approximately 10 kilometres east of Hinton, Alberta. The land features approximately 8 kilometers of rail track directly on the CN main line and adjacent to the Yellowhead Highway. The property also includes exclusive access to a bridge-crossing over the Athabasca River, which provides a significant shortcut to many northern wellhead locations.
Wayfinder plans to develop the land by constructing, operating and maintaining a best-in-class resin-coated proppant manufacturing plant and transloading facility. The full-service, large-storage format, fast-loading transload facility will be capable of moving up to 1,000,000 MT annually, with silo storage capacity of 26,000 MT. Wayfinder's "One Stop Prop Shop" is expected to be operational towards the end of 2017. Proppants produced at the facility will be tailored to improve hydrocarbon production in the basin and distributed through the onsite transload facility. Upon completion, the facility will be the second in Western Canada with the ability to launch or land unit train traffic for frac sand.
Wayfinder has also recently closed an equity financing commitment from ARC Financial with funding provided by ARC Energy Fund 8. The capital raised is expected to be sufficient to complete the construction and commissioning of the resin-coating plant and transload facility.
"Closing the financing and securing the land is the first step toward our mission of building a world-class proppant manufacturing and transloading facility," said Michael Burnyeat, CFO of Wayfinder. "Wayfinder is focused on improving the economics and productivity of oil and gas wells in the Western Canadian Sedimentary Basin and this facility is the catalyst for making that goal a reality."
For more information, please visit www.wayfindercorp.com.
Wayfinder Corp. is a privately owned, Western Canadian focused, upstream oil & gas solutions company. The company's focus is on providing products and services that enhance oil & gas completions and create value for our customers. Our team is made up of experienced industry professionals who have spent their careers in upstream services here in Western Canada. Wayfinder Corp is proud to be an ARC Financial Portfolio Company and is looking forward to servicing the Western Canadian Oil and Gas Sector with solutions that improve productivity and reduce the cost of Hydraulic Fracturing treatments in a safe and environmentally friendly manner.
ABOUT ARC FINANCIAL
ARC is an energy-focused private equity firm founded in 1989. With $5.3 billion of capital across eight funds, ARC invests in the Canadian energy business in growth strategies to explore, acquire and develop crude oil and natural gas reserves and production and in companies that provide supporting services and equipment. ARC has invested in more than 180 companies since its inception. ARC's capital comes from some of the most respected institutional investors in private equity, including an experienced and committed group of endowments, pension funds and private foundations primarily from Canada and the United States.