Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 November 20, 2015 - 9:43 AM EST
Print Email Article Font Down Font Up
Ares EIF Group Completes Acquisition of Van Hook Gathering System

Ares Management, L.P. (NYSE:ARES) announced today that a fund managed by its Ares EIF Group has completed its acquisition of the Van Hook Gathering System in North Dakota from WPX Energy (NYSE: WPX) in a transaction valued at $185 million. The transaction was originally announced on August 31, 2015.

The acquisition consists of pipeline systems that currently gather approximately 11,000 barrels of oil, 6,500 million cubic feet of natural gas, and 5,000 barrels of water per day from WPX Energy’s Bakken shale oil assets. WPX Energy will continue to operate the Van Hook Gathering System, and MCP Operating, LLC, a subsidiary of MCP Asset Development Group, will provide asset management services for the investment.

“With long-term contracts and excellent partners in WPX Energy and MCP Operating, the Van Hook Gathering System is the type of midstream investment Ares EIF targets,” said Jose Torres-Monllor, Partner of the Ares EIF Group. “We are excited to add this project to our portfolio of high-quality energy infrastructure assets.”

About Ares

Ares is a publicly traded, leading global alternative asset manager with approximately $92 billion of assets under management as of September 30, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, please visit www.aresmgmt.com.

The Ares EIF Group, formerly known as Energy Investors Funds (EIF), was acquired by Ares in January 2015. Founded in 1987, Ares EIF has a 28-year track record and is one of the first managers focused on the independent power and electric utility industry. Ares EIF’s investment strategy is to create geographically and technologically diversified portfolios of energy infrastructure investments via acquisitions as well as development and construction across the power generation, transmission and midstream sectors.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ares Management, L.P. undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares or an investment fund managed by Ares or its affiliates.

Investor Relations:
Ares Management, L.P.
Carl Drake, 1-888-818-5298
cdrake@aresmgmt.com
or
Media Relations:
Mendel Communications
Bill Mendel, 1-212-397-1030
bill@mendelcommunications.com


Source: Business Wire (November 20, 2015 - 9:43 AM EST)

News by QuoteMedia
www.quotemedia.com