Rex Energy Corp. and Stonehenge Energy Resources LP have formed a midstream joint venture (JV), Keystone Midstream Services LLC, that will initially invest up to $25 million to build a high-pressure gathering system and cryogenic gas processing plant in Butler County, PA. State College, PA-based Rex Energy owns 40% of Keystone Midstream and has contributed to its existing gathering system in Butler County. Stonehenge owns 60% of the JV and has contributed its 40 MMcf/d Sarsen cryogenic gas plant. In conjunction with the formation of the JV, Rex Energy has entered into a gathering and processing agreement in which it has reserved 20 MMcf/d of the Sarsen plant’s capacity in 2010 and 40 MMcf/d thereafter. Westminster, CO-based Stonehenge, a portfolio company of private equity firm Energy Spectrum Capital, will manage the operations of Keystone Midstream. Rex Energy is an independent oil and gas company operating in the Illinois and Appalachian basins.
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Marcellus Shale Producer Coalition Readies for New Challenges
The Marcellus Shale Coalition (MSC), formed by natural gas producers to advance energy development in Pennsylvania, last week launched plans to become an independent nonprofit.
Marcellus Shale Coalition Readies for New Challenges
The Marcellus Shale Coalition (MSC), formed by natural gas producers to advance energy development in Pennsylvania, this week launched plans to become an independent nonprofit.
Midstream Investor, Carrizo Strike Barnett, Marcellus Deals
Delphi Midstream Partners LLC (DMP), an energy investment firm formed less than two months ago, on Monday struck a deal to buy one of Carrizo Oil & Gas Inc.’s Barnett Shale natural gas gathering systems and to invest in the producer’s Marcellus Shale infrastructure.
Chesapeake Midstream Spin-Off to Hold Barnett Shale, Other Assets
Chesapeake Energy Corp. is spinning off a portion of its midstream assets to a joint venture it has formed with a private equity partner, the company said late Thursday. Such a deal has been in the works for a while. It continues Chesapeake’s asset monetization program and creates an entity that CEO Aubrey K. McClendon said could one day be among the country’s largest public midstream companies.
Chesapeake Spins Off Barnett, Other Midstream Assets
Chesapeake Energy Corp. continued monetizing assets last week, announcing the spin-off of some of its midstream holdings to a joint venture it formed with a private equity partner. Such a deal has been in the works for a while and creates an entity that CEO Aubrey K. McClendon said could one day rank among the country’s largest public midstream companies.
New Midstream Player Targeting Shale Plays
Energy Capital Partners (ECP) has formed Summit Midstream Partners LLC to acquire and develop midstream assets in traditional and emerging North American production basins and import centers with an initial focus on the Barnett Shale.
New Midstream Player Targeting Barnett Shale, Other Plays
Energy Capital Partners (ECP) has formed Summit Midstream Partners LLC to acquire and develop midstream assets in traditional and emerging North American production basins and import centers with an initial focus on the Barnett Shale.
Western Gas Partners to Buy Anadarko’s Uinta Basin Assets
Western Gas Partners LP, which was formed by Anadarko Petroleum Corp. to operate and develop midstream assets, plans to pay its founder $107 million to acquire some midstream properties in Anadarko’s prized Greater Natural Buttes Field in the Uinta Basin of northeastern Utah.
Senate Western Caucus to Push Domestic Energy
Eleven Republicans from western and rural states have formed the Senate Western Caucus (SWC) to promote exploration and production of more domestic energy, including onshore and offshore oil and natural gas. “America deserves an all-of-the-above energy strategy,” said Sen. John Barrasso (R-WY), caucus chairman who, along with several other Republicans, introduced comprehensive energy legislation that supports the development of domestic resources, such as wind, solar, nuclear, clean coal and oil and natural gas.
