Copano Energy, a midstream natural gas company, has acquired Cantera Natural Gas for $612.6 million in cash and 3.24 million Copano class D units issued to the seller in a private placement.
Cantera’s assets consist primarily of a 51% managing member interest in Bighorn Gas Gathering and a 37.04% managing member interest in Fort Union Gas Gathering, which operate natural gas pipeline systems in Wyoming’s Powder River basin.
The Bighorn system includes approximately 238 miles of natural gas gathering pipelines, which deliver natural gas into the Fort Union system. The Fort Union system consists of an approximately 105 mile, 24 inch pipeline with a 62 mile loop.
John Eckel, chairman and CEO of Copano Energy, said: We look forward to working with our new team in Denver to serve producers in the Powder River basin as we continue to build Copano on a combined basis.