Bridger Logistics Announces Long-Term Rail Contract with Eddystone Rail Company Supplying Crude Oil to Eastern Markets on the Delaware River
Contract Enhances Bridger's Market Options for Berthold Rail Export Capacity
DALLAS, TEXAS -- (Marketwire) -- 02/14/13 -- Bridger Logistics, LLC, through its subsidiary Bridger Transfer Services, LLC ("Bridger"), today announced that it has executed a long-term agreement with Eddystone Rail Company, LLC ("Eddystone Rail") to through-put seven unit trains per week - or approximately 80,000 barrels per day (bpd) of crude oil - into barges for delivery to East Coast refineries. Bridger will bring crude oil to the Philadelphia area from unit trains that will primarily originate out of the Enbridge Rail (North Dakota) L.P. unit train loading facility in Berthold, North Dakota. Eddystone Rail is a joint venture company owned 75 percent by Enbridge Rail (Philadelphia) L.L.C., a subsidiary of Enbridge Inc., and 25 percent by Canopy Prospecting, Inc.
Through this agreement, Bridger will expand its market footprint in the East Coast with a new crude oil called "Philly Light".
"We will be serving as Eddystone Rail Company's exclusive Phase I customer," said James Ballengee, Bridger Chairman and CEO. "Access to premium Brent-based markets in Philadelphia offers our customers an enhanced portfolio of market options. Our commitment supports the Eddystone rail project, and it is the perfect complement to our long-term rail commitment at Enbridge's Berthold, North Dakota rail loading facility."
"By moving barrels through the North Dakota System, to our Berthold rail loading facility and on to our joint venture Eddystone rail terminal on the Delaware River, Enbridge is offering shippers near-term market optionality for Bakken light oil," said Stephen J. Wuori, President, Liquids Pipelines, Enbridge Inc. "This rail solution complements our $6.2 billion Light Oil Market Access program, which will enhance pipeline access to high-value markets for increasing light oil production in the Bakken region."
"Bridger's lead in committing resources to the East Coast market through Eddystone is an important event for the future supply of cost-effective domestic crude oil to East Coast refiners," said Jack Galloway, President of Canopy Prospecting Inc.
About Bridger Logistics, LLC
Headquartered in Dallas, Texas, Bridger Logistics, LLC is a national provider of logistics services to the crude oil industry engaged in the transportation, storage, and terminalling of crude oil through its own pipeline injection stations, pipelines, rail loading and unloading terminals, railcars, and tank trucks. The company currently provides flow assurance to its customers for over 120,000 barrels of crude oil per day through its logistics assets. These services are provided through its subsidiaries, Bridger Transfer Services, LLC, Bridger Lake, LLC, Bridger Midstream, LLC, Bridger Storage, LLC, Bridger Rail Shipping, LLC, and its affiliate Southern Energy Transportation, Inc.
About Enbridge Inc.
Enbridge Inc. 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 increasing involvement in power transmission. 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. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTSE4Good Index Series. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
About Canopy Prospecting, Inc.
Canopy Prospecting, Inc. is a privately held Edgemont, Pennsylvania energy company focused on developing and operating niche petroleum midstream and process opportunities in the United States and the Caribbean.
Bridger Logistics, LLC
Julio E. Rios, II
President and Chief Operating Officer
(403) 508-6563 or Toll Free: (888) 992-0997
Canopy Prospecting, Inc.
Vice President & General Manager