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Brief -- EagleClaw Midstream

EagleClaw Midstream Ventures LLC agreed to acquire PennTex Permian LLC from PennTex Midstream Partners LLC. Primarily located in Reeves County, TX, PennTex Permian's assets include a cryogenic processing plant with 60 MMcf/d capacity, about 90 miles of gathering pipeline and about 35 miles of condensate pipeline. The assets are supported by long-term dedications of more than 75,000 acres. Closing is expected during the third quarter. EagleClaw plans to connect the PennTex system to its East Toyah System, bringing the company's processing capacity to 120 MMcf/d and gathering pipeline to more than 200 miles served by nine field compressor stations with a total of 20,000 hp of compression. The combined systems serve producers in the Permian's Delaware Basin targeting stacked pay zones including the Upper and Middle Wolfcamp, Bone Spring and the Avalon Shale formations. EagleClaw also has broken ground on an additional processing plant to serve the region. "Given the Delaware Basin's stacked pay potential, we believe Reeves County may contain the largest inventory of profitable wells in the U.S. We're seeing great production and drilling results paired with economics that make sense, even through the downturn," said EagleClaw CEO Bob Milam.

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