Direct Energy is the latest buyer to acquire natural gas assets from Suncor in a deal worth $375 million. Direct acquired property which is adjacent to their own producting wells, and undeveloped land in the Wildcat Hills northwest of Calgary. The deal will reportedly double the Company’s natural gas production.
According to Badar Khan, president of Direct Energy Upstream and Trading:
“Ultimately, if we’re able to become a more stable business, it should allow for more stability in pricing, longer term, but I don’t think one should expect to see an immediate drop in our pricing. When you own an upstream business and couple it with a downstream business, you ultimately can provide more innovative, more flexible pricing programs for your customers.”
Calgary Herald: Direct Energy raises stage in natural gas deal with $375 M Suncor deal
