Steel Reef Infrastructure

What Steel Reef Infrastructure does

Steel Reef Infrastructure Corp. is a privately held, vertically integrated midstream energy infrastructure company headquartered in Calgary, Alberta, with operations across Saskatchewan and North Dakota. Founded in Saskatchewan in 2014, the company pioneered an emissions-to-energy practice that captures associated natural gas that would otherwise be flared or vented at upstream oil and gas operations and converts it into marketable products. Its integrated platform spans over 2,700 kilometres of pipelines and 11 gathering, processing, transportation and storage facilities, processing approximately 140 million cubic feet of flare gas per day - an amount the company equates to displacing emissions from 1.4 million homes annually.

The company generates revenue through three streams: (i) sales of captured natural gas and natural gas liquids (propane, butane, condensate) into local and cross-border markets under long-term take-or-pay contracts with upstream oil and gas producers; (ii) midstream infrastructure services for gathering, processing, transportation and storage; and (iii) recurring electricity sales to provincial utilities via cogeneration-based gas-fired power generation. Approximately 100 megawatts of a planned 125MW capacity buildout across multiple Saskatchewan facilities is contracted to SaskPower under a power purchase agreement, with the remainder allocated to internal operations. Steel Reef has accumulated approximately $1.3 billion in invested infrastructure assets and committed roughly $265 million to electricity generation and transmission expansion.

Steel Reef employs approximately 200 people and is governed by a nine-member board chaired by Greg Pollard. The leadership team was upgraded in April 2026 with the appointments of Scott Megaffin as Chief Financial Officer and Scott Allen as Chief Commercial Officer, both internal promotions. The company is owned through a widely held private structure with InstarAGF as a known institutional investor from a 2016 $75 million equity investment, supplemented by a $90.5 million equity round in February 2019 and a transformational $500 million acquisition of natural gas infrastructure assets in the Williston Basin completed in January 2020. Recent years have shown consistent capital return through Substantial Issuer Bids of $25M, $50M and $75M in 2021, 2022 and 2023 respectively.

Name

Steel Reef Infrastructure

Legal name

Steel Reef Infrastructure Corp.

Website

https://steelreef.ca

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Steel Reef Infrastructure Corp. is a privately held, vertically integrated Canadian midstream energy company that captures associated flare gas from upstream oil and gas operations across Saskatchewan and North Dakota and is expanding into utility-scale power generation contracted to SaskPower.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Natural Gas Extraction (211130), Oil and Gas Extraction (2111), Natural Gas Extraction (21113), Fossil Fuel Electric Power Generation (221112), Natural Gas Distribution (221210)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmission (4922), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Natural Gas Gathering Systems (EUALACAA)

akta.pro secondary industries

Natural Gas Gathering Systems (EUAAACAA), Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC), Associated Gas Production (Oil-Linked) (EUAAAAAB)

Keywords

• Flare gas capture
• Midstream gas processing
• Natural gas gathering
• Emissions-to-energy
• Gas-fired power generation

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Natural Gas and NGL Sales: Captured associated natural gas, propane, butane and condensate from flare gas operations sold into local and cross-border markets
2. Electricity Generation and Sales: Power generation from captured flare gas - approximately 100MW expected to supply SaskPower's grid under utility agreements
3. Midstream Infrastructure Services: Gathering, processing, transportation and storage services for oil and gas producers under long-term take-or-pay commitments

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Steel Reef owns and operates integrated gathering, processing, transportation and storage infrastructure that captures associated natural gas (flare gas) from upstream oil and gas operations in Saskatchewan and North Dakota, reducing flaring and venting. The captured gas is processed into natural gas, propane, butane and condensate sold into local and cross-border markets, with a growing cogeneration-based power generation business supplying electricity to the SaskPower grid.

Product overview

Steel Reef Infrastructure operates as an integrated midstream energy infrastructure company rather than a software product company. The company's core offering is its flare gas capture, gathering, processing, and transportation infrastructure, which converts potentially wasted associated natural gas into valuable energy products. The infrastructure platform includes over 2,700 kilometres of pipelines in Saskatchewan and North Dakota, 11 facilities, and more than 200 employees. The company is expanding into power generation through an emissions-to-energy practice, adding 125 megawatts of generation capacity across multiple Saskatchewan facilities (Coleville, North Portal, Saskatchewan Ethane Extraction Plant, Steelman, and Viewfield) by late 2027, with approximately 100 megawatts destined for SaskPower's grid and 25 megawatts for internal operations. Products include natural gas, propane, butane, and condensate sold into local and cross-border markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Flare Gas Capture Infrastructure Integrated gathering and processing infrastructure that captures potentially wasted flare gas from oil and gas operations and converts it into natural gas, propane, butane and condensate for sale into local and cross-border markets.
• Natural Gas Gathering and Processing Collection and processing of associated natural gas through a network of compression facilities and processing plants to reduce flaring and venting to atmosphere for upstream oil and gas producers.
• Natural Gas Transportation and Storage Pipeline transportation and storage services for processed natural gas and natural gas liquids, enabling delivery to local and cross-border markets under long-term take-or-pay commitments.
• Emissions-to-Energy Power Generation Cogeneration-based gas-fired power generation using recovered flare gas, with 125 MW of new capacity being added across Saskatchewan facilities (Coleville, North Portal, SEEP, Steelman, Viewfield) and an offtake agreement to supply approximately 100 MW to the SaskPower grid.

Quantifiable outcome

• 140 million cubic feet per day of flare gas captured - equivalent to displacing emissions from ~1.4 million homes per year
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• SaskPowercoreOthers · 4 September 2025SaskPower is the primary electricity offtake customer receiving approximately 100MW of power from Steel Reef's gas-fired generation facilities on their grid

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Pembina Pipeline Corporation: Canadian midstream company operating integrated natural gas gathering, processing, NGL extraction and transportation infrastructure across Western Canada. Most directly comparable to Steel Reef by geography, asset mix, and integrated midstream business model serving Saskatchewan and Alberta producers.
• Targa Resources Corp. Large US midstream operator focused on natural gas gathering, processing, and NGL transportation, with major positions in the Permian Basin. Highly comparable to Steel Reef's integrated gathering-to-processing-to-NGL model, although at significantly larger scale and US-focused geography.
• EnLink Midstream: US-focused midstream company providing natural gas gathering, processing, and transportation services to producers in multiple basins. Comparable to Steel Reef in core gathering and processing activity, contract structure, and upstream-producer customer base.
• DCP Midstream: One of the largest US natural gas gatherers and processors, with operations across major shale plays. Closely comparable to Steel Reef's integrated gathering, processing and NGL value chain serving oil and gas producers under long-term contracts.
• ONEOK Inc. Major midstream operator with leading positions in natural gas gathering/processing and NGL transportation in the Williston, Powder River and Permian basins. Directly comparable to Steel Reef on gathering/processing activity and Williston Basin footprint.
• Crestwood Equity Partners: US midstream partnership focused on natural gas and NGL gathering, processing and transportation, with a meaningful Williston Basin presence. Comparable to Steel Reef by basin overlap, asset mix, and producer-tied take-or-pay contract structure.

Broad incumbents

• Williams Companies: Large diversified natural gas infrastructure operator with major US pipeline, gathering, processing and storage assets. Overlaps with Steel Reef's midstream gathering and processing activity but operates at vastly larger scale and serves multiple end markets beyond upstream producers.

Regional players

• Northland Power: Canadian power developer with generation assets including natural gas facilities. Relevant comparability to Steel Reef's emerging gas-fired power generation business line, particularly the SaskPower offtake structure, although Northland's portfolio is broader and renewables-weighted.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/steel-reef-infrastructure-corp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Steel Reef Infrastructure