Canyon Midstream Partners Announces New Gas Gathering and Processing Agreement
Houston, TX – June 17, 2014 – Canyon Midstream Partners, LLC (“Canyon”) today announced it has entered into a gathering and processing agreement with one of the Permian Basin’s largest producers for midstream services on Canyon’s James Lake System.
“Canyon is pleased to add another world-class producer to our James Lake system,” said Michael Walsh, President and CEO of Canyon. “Our customers have made significant acreage commitments to our project, and Canyon is responding by increasing our processing capacity and gathering footprint to ensure that our assets are in place to accommodate their production growth. This approach is consistent with Canyon’s vision to create a distributed and integrated midstream system in the Permian Basin.”
Phase I of Canyon’s James Lake System is currently under construction and will begin interim service in June 2014. When completed in Q4 2014, Phase I will consist of a 105 MMcf/d cryogenic gas processing plant in Ector County, Texas; 60 miles of 12” trunkline; and six field compressor stations providing low pressure gathering services in Ector, Andrews, Winkler, Martin, Dawson and Gaines counties, Texas. Canyon has commenced development of Phase II of the James Lake System, which will add a second 100 MMcf/d cryogenic gas processing plant in Martin County and approximately 60 miles of 12” trunkline, expanding the system’s service territory into Howard and Borden counties, Texas. Canyon expects Phase II to begin operations in the first half of 2015.
Canyon was formed by former senior management of Delphi Midstream Partners, LLC and Laser Northeast Gathering Company, LLC. The Canyon team is led by Michael Walsh; Mark Fuqua, SVP Business Development; and Dale Harper, SVP Engineering & Operations. Inquiries regarding the James Lake System or Canyon’s midstream services should be directed to info@canyonmidstream.com.
About Canyon Midstream Partners, LLC
Canyon is a Houston-based company formed to acquire, develop and operate midstream energy companies and assets. Canyon is backed by $300 million in equity commitments from Kayne Anderson Energy Funds, Canyon management and certain institutional investors. Canyon seeks opportunities to create long-term value for its customers, investors and employees through operational improvements, organic and strategic growth and efficient capital investment. Canyon currently operates gathering and processing assets in the Permian Basin, East Texas and the Tuscaloosa Marine Shale. For more information, visit www.canyonmidstream.com or contact Canyon at info@canyonmidstream.com.
About Kayne Anderson Energy Funds
Established in 1998, Kayne Anderson Energy Funds, with offices in Houston and Los Angeles, provides private equity financing primarily for high-growth oil and gas companies across North America. The firm has raised six dedicated energy private equity funds totaling over $4.3 billion in committed capital and invested in more than 80 portfolio companies. Kayne Anderson Energy Funds is a part of Kayne Anderson Capital Advisors, L.P., a leading independent alternative investment management firm founded in 1984 with over $25 billion in assets for institutional investors, family offices, and high net worth and retail clients in eight offices across the United States. Kayne Anderson Capital Advisors focuses on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit, growth private equity and distressed municipal opportunities. For more information, please visit www.kaynecapital.com.