08:09 AM EDT, 07/03/2025 (MT Newswires) -- Tidewater Midstream and Infrastructure ( TWMIF ) on Thursday said it agreed to sell its Sylvan Lake gas plant and associated gas gathering infrastructure for about $5.5 million to Parallax Energy Operating.

The company said that the deal is expected to have an immaterial impact to its 2025 operating results, and that proceeds received from the sale are expected to be used to repay amounts outstanding on its senior credit facility. The deal is expected to close in the third quarter.

"In the first half of 2025, Tidewater announced cumulative non-core asset sales of approximately $30 million, at what we believe to be very healthy and attractive valuation ranges," said Tidewater Chief Executive Jeremy Baines. "We believe these sales highlight the strength of Tidewater's asset base, and look forward to further advancing the remainder of our non-core asset sales program."

Shares of the company closed up 2.4% to $0.215 on Wednesday on the Toronto Stock Exchange.