CALGARY, ALBERTA--(Marketwire -11/02/11)- Enbridge Inc. (TSX: ENB.TO - News) (NYSE: ENB.TO - News) announced today that it has reached agreement to acquire an additional 13.3% interest in the Cabin Gas Plant Development. Combined with Enbridge's previously announced acquisition of a 57.7% majority interest, Enbridge will hold a 71.0% ownership interest in the development.
"We are pleased to have entered into this arrangement and to increase our overall investment in the Cabin Gas Plant Development. We look forward to working with producers in this region as they develop the potential of the Horn River basin and other shale gas opportunities" said Al Monaco, President, Gas Pipelines, Green Energy & International, Enbridge Inc.
The transaction announced today is on the same terms as the previously announced transaction with Encana Corporation. Upon completion of Phases 1 and 2, Enbridge's total investment is now expected to be approximately $1.1 billion. Closing of the transaction is subject to normal closing conditions.
The Cabin Gas Plant development is located 60 kilometers northeast of Fort Nelson, British Columbia in the Horn River Basin. Phase 1 will have 400 Mmcf/d of natural gas processing capacity. The plant is currently under construction and is expected to be in-service in late 2012. Phase 2 will add an additional 400 Mmcf/d of capacity and has been sanctioned by producers and received regulatory approval. The Phase 2 plant is expected to be ready for service in the third quarter 2014.
About Enbridge Inc.
Enbridge Inc., a Canadian company, is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an emerging focus on power transmission and carbon dioxide transportation and sequestration. As a generator of energy, Enbridge has interests in close to 860 megawatts of renewable and green energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs approximately 6,400 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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