Evolution Midstream Closes Acquisition of Rowdy Gas Gathering System
>> The Rowdy Gas Gathering System’s pipeline and compression assets are strategically located in the heart of Wyoming’s Powder River Basin.
>> Evolution will expand the system’s gas gathering footprint and expects to add treating and processing infrastructure.
>> The company also will explore development of a crude oil gathering system.
DENVER–July 10, 2017–(BUSINESS WIRE)–Evolution Midstream, LLC (“Evolution”) announced today that the company has closed on acquisition of the Rowdy Gas Gathering System (“Rowdy System”) (view system map). The Rowdy System is strategically located in the heart of Wyoming’s Powder River Basin and serves oil and gas producers in Campbell, Converse and Johnson counties.
“As a result of closing this transaction, Evolution now operates approximately 1,000 miles of gas gathering lines and 43,700 horsespower of compression,” Evolution CEO Raj Basi said. “We are excited to begin working with Rowdy’s customers and other producers in the Powder River Basin. Our goal is to leverage our experience to expand the system with infrastructure that meets producer needs and offers maximum optionality and the highest possible netbacks. Given our team’s deep midstream experience, capabilities in project management and track record of success, ownership of these high-quality assets is a significant milestone as we start developing our vision for a comprehensive gas gathering, treating and processing solution set in the area. We also will explore development of a crude oil gathering system.”
About Evolution Midstream, LLC
Based in Denver and founded in 2015, Evolution Midstream is an independent midstream company serving oil and gas producers operating in unconventional shale plays in the Rocky Mountain region. Evolution’s vision of success is built on fostering strong, long-term relationships with all constituents and finding creative ways to improve producer netbacks. Evolution cultivates these relationships based on trust, accountability and fairness to ensure that all stakeholders are heard, valued and served. Capabilities include in-field natural gas gathering, compression, treating and processing services; innovative NGL solutions; and crude oil gathering, transportation and storage. Evolution is backed by venture capital commitments from EnCap Flatrock Midstream.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors. EnCap Flatrock is based in San Antonio with offices in Oklahoma City and Houston. The firm manages investment commitments of nearly $6 billion from a broad group of institutional investors. EnCap Flatrock currently is making commitments to new management teams from EFM Fund III, a $3 billion fund.