Woodland Midstream II Acquires Fully Integrated Permian Basin Sour Gas Gathering & Processing System
HOUSTON, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Woodland Midstream II, LLC (“Woodland”) announced the acquisition of the James Lake System (“James Lake”) from a privately-owned seller for an undisclosed amount. James Lake represents a fully integrated sour gas gathering, treating and processing system with approximately 230 miles of pipeline, 110 MMcf/d of processing capacity and 35,000 HP of owned compression that serves producers in the Permian’s Central Basin Platform (Ector, Andrews and Winkler Counties, TX).
“James Lake has been a primary target of ours given its strategic location in the Permian Basin. This transaction represents Woodland’s first operating asset,” said Richard H. Wright, III, Chief Executive Officer. “We are thankful for the opportunity to work alongside our equity partners EIV Capital for a second time as we build a company focused around our customers, shareholders and employees.”
Woodland plans to invest additional capital into James Lake to accomplish multiple plant optimization and emissions reduction focused projects. Woodland also plans to enhance and expand James Lake’s condensate and liquids handling business.
“The acquisition of the James Lake System is an important step in realizing our vision to build a Permian-focused midstream company that brings customer service back to the focal point,” said Darin Aucoin, Chief Commercial Officer.
While James Lake represents this iteration of Woodland’s first operating asset, it is not the team’s first venture. Woodland’s executive team has over 75 years of energy experience, including the Permian.
“I look forward to working in the Permian where I began my career at a sour gas facility and developed long term relationships in the midstream business” said Doug Coleman, Chief Operating Officer.
About Woodland: Woodland Midstream is a growth oriented midstream company focused on acquiring, developing, operating and optimizing natural gas and natural gas liquids infrastructure throughout Texas and bordering states. Woodland Midstream is a portfolio company of EIV Capital. For more information, please visit www.woodlandmidstream.com.
About EIV Capital:
EIV Capital is a Houston-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on midstream and related service businesses with an emphasis on energy infrastructure and businesses involved in the processing, transportation, storage, or conversion of oil, natural gas and refined products. For more information, please visit www.eivcapital.com.
Source: GlobeNewswire
(October 8, 2019 - 9:00 AM EDT)
