Crosstex Energy LP plans to build a natural gas processing complex and rich gas gathering system to serve the Permian Basin. The initial investment of $140 million would include treating, processing and gas takeaway solutions for regional producers. The Bearkat project is to be fully owned by the partnership and is supported by long-term, fee-based contracts, Crosstex said. The complex would be near the partnership’s existing Deadwood joint venture assets in Glasscock County, TX, with an initial capacity of 60 MMcf/d, increasing the partnership’s total operated processing capacity in the Permian to 115 MMcf/d. The partnership also is building a 30-mile high-pressure gathering system upstream of Bearkat to serve Glasscock and Reagan counties. The entire project is scheduled to be operational in summer 2014.
Denver-based Elk Meadows Resources LLC, flush with an undisclosed amount of private equity backing by TPH Partners, the private equity arm of Tudor, Pickering, Holt & Co., is making a run at acquiring and developing onshore oil and natural gas properties in the Permian Basin and Rocky Mountains. Elk Meadows is led by President and CEO Terry Dobkins, former operations chief of Petro Harvester Operating Co. LLC, CEO and president of Rimrock Energy Co. LLC and former Vice President of Production Antero Resources Corp. from August 2002 to July 2007. He served in the same capacity at Pennaco Energy Co. LLC from July 1998 to September 2001. Tony Martin was named CFO and Gary Alsobrook is to serve as vice president of Land and Business Development. Pat O’Brien, former CEO of American Oil & Gas LLC, is to serve as an adviser and a member of the board. TPH Partners Managing Partner George McCormick also is to serve as a member of the board.
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