A local oil and gas company called Vesta Energy Ltd. will be repurposing three of the City of Lacombe’s lagoon cells into revenue-generating properties. The company will be using the site to store water for hydraulic fracturing throughout the region.

“Vesta strives to deliver economic benefits within the areas where we operate,” stated Ryan Crawford, Vesta’s President and CEO. “The agreement with the City assists Vesta by offering a reliable water storage system close to our operating area, and we believe the economic return to the City provides a strong example of Vesta’s commitment to the communities that we live and work in. Vesta appreciates the willingness of the City to explore new approaches to working with local businesses, and we look forward to working with the City on the implementation of the agreement.”

Vesta will contribute a minimum of $100,000 per year starting in 2023 for the use of the lagoon cells in addition paying the applicable property taxes on the land.

“This is a win-win for the City and Vesta Energy – a local business,” Mayor Grant Creasey said. “The repurposing of this underutilized property aligns perfectly with Council’s goal of increasing business tax revenue – easing the burden on residential taxpayers.

Additionally, a local business can expand operations in our region, creating local jobs in our community.”

Vesta will begin operations in the third quarter of 2022 once all regulatory approvals have been obtained.