Lucid Energy Group LLChas finalized a $200 million revolving credit facility that will support growth in the Permian Basin. Together with private equity commitments from EnCap Flatrock Midstream and management, the credit facility provides Lucid with $425 million in available financing. Lucid increased its capital sources to support expansion of its pipeline gathering system and natural gas processing facilities in West Texas, which serve production from the Midland Basin's Wolfcamp and Cline shales. Lucid's system includes more than 300 miles of high- and low-pressure pipeline delivering liquids-rich natural gas to two separate cryogenic processing complexes in Sterling and Irion counties. The company has commissioned a third cryogenic processing plant and a nitrogen rejection plant in Sterling County. The new plant will bring Lucid's processing capacity to 120 MMcf/d. Acreage dedications to Lucid exceed 800,000 acres across an eight-county area of the Midland Basin and include Wolfcamp Shale production centered in Irion, Reagan and Crockett counties and Cline Shale production centered in Sterling County.
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