City Finalizes Sale of Glauc C Oilfield
Medicine Hat – The City of Medicine Hat has successfully closed on the sale of the non-operated working interest in the Glauc C oilfield.
Cache Island Corp. is a private energy transition company with conventional oil and gas assets paired with renewable energy projects. They focus on high quality, long life, and long-term emission reduction in western Canada. The company took ownership of the Glauc C on Monday, Feb. 1, 2021.
“Cache Island is excited to continue working with Enerplus, the operator and further the development of the Glauc C east oilfield. The cashflow from this asset is expected to help fund its current renewable projects,” said Scott Saxberg, President and CEO of Cache Island Corp.
The Glauc C oilfield is situated on the eastern boundary of Medicine Hat. Increased activity on the oilfield has potential for positive economic spinoffs for the city.
“The City of Medicine Hat welcomes Cache Island to our local business community,” says Brad Maynes, Managing Director of the Energy and Infrastructure Division. “The transition team worked diligently and effectively on this complicated asset transfer to meet the agreed timeline and I thank them for that effort.”
In late December 2020, Council approved the sale of the non-operated working interest of the Glauc C, which accounts for approximately 27% of the oilfield.
“With this sale, the City of Medicine Hat continues to execute on evolving our historic commodity businesses to reflect a new energy landscape,” adds Maynes.
For further information, please contact:
media@medicinehat.ca
Scott Saxberg, President & CEO
Cache Island Corp.
ssaxberg@cacheisland.com
403.690.2735
Cache Island Corp. is a private energy transition company with conventional oil and gas assets paired with renewable energy projects. They focus on high quality, long life, and long-term emission reduction in western Canada. The company took ownership of the Glauc C on Monday, Feb. 1, 2021.
“Cache Island is excited to continue working with Enerplus, the operator and further the development of the Glauc C east oilfield. The cashflow from this asset is expected to help fund its current renewable projects,” said Scott Saxberg, President and CEO of Cache Island Corp.
The Glauc C oilfield is situated on the eastern boundary of Medicine Hat. Increased activity on the oilfield has potential for positive economic spinoffs for the city.
“The City of Medicine Hat welcomes Cache Island to our local business community,” says Brad Maynes, Managing Director of the Energy and Infrastructure Division. “The transition team worked diligently and effectively on this complicated asset transfer to meet the agreed timeline and I thank them for that effort.”
In late December 2020, Council approved the sale of the non-operated working interest of the Glauc C, which accounts for approximately 27% of the oilfield.
“With this sale, the City of Medicine Hat continues to execute on evolving our historic commodity businesses to reflect a new energy landscape,” adds Maynes.
For further information, please contact:
media@medicinehat.ca
Scott Saxberg, President & CEO
Cache Island Corp.
ssaxberg@cacheisland.com
403.690.2735
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