05:00 PM EDT, 06/13/2024 (MT Newswires) -- Birchcliff Energy ( BIREF ) and AltaGas ( ATGFF ) on Thursday said they entered into a long-term contract operating agreement that will see Birchcliff take over operatorship of AltaGas' ( ATGFF ) Gordondale deep-cut gas processing facility.

Birchcliff said operating the facility will allow the Western Canada natural-gas producer to leverage synergies with its Pouce Coupe processing plant, located six miles from Gordondale and connected by pipeline.

AltaGas ( ATGFF ) will maintain ownership of Gordondale and will continue to operate under the existing long-term take-or-pay processing agreement between the two companies.

Birchcliff also agreed to a long-term contract to market natural-gas liquids through AltaGas' ( ATGFF ) Pacific export facility, receiving higher Asian prices.

Birchcliff shares closed down $0.15 to $6.18 on the Toronto Stock Exchange, while AltaGas ( ATGFF ) closed down $0.27 to $30.72.