Tidewater selling Sylvan Lake gas processing facility to Parallax for $5.5M

CALGARY - Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Sylvan Lake gas processing facility to Parallax Energy Operating Inc. for $5.5 million. The company says the facility is a non-core asset located in central Alberta. Proceeds from the sale are expected to be used to repay debt. Tidewater chief executive Jeremy Baines says the sale represents another milestone for the company as it looks to optimize its asset portfolio and improve financial flexibility. The sale is expected to have an immaterial impact on Tidewater's 2025 operating results. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. This report by The Canadian Press was first published July 3, 2025. Companies in this story: (TSX:TWM)