Ironwood Midstream Forms Ironwood Midstream II, Purchases Gathering Pipelines
Ironwood Midstream Energy Partners has announced the formation of Ironwood Midstream Energy Partners II, LLC (Ironwood II) and the purchase of gathering pipelines.
Ironwood II is an independent energy company focused on the development of midstream infrastructure for oil and gas producers working in shale plays across North America. Ironwood II is pursuing greenfield projects and acquisition opportunities, with a focus on opportunities in Texas.
Ironwood II also announced it has entered into a binding agreement to purchase midstream assets in South Texas currently owned and operated by Twin Eagle Gardendale Pipeline, a subsidiary of Twin Eagle Holdings N.A. (Twin Eagle). The transaction is expected to close in December 2019.
Ironwood II will acquire Twin Eagle’s Gardendale and Asherton gathering systems, which together currently include 137 miles of active crude oil gathering pipeline with connections to multiple long-haul pipelines, allowing access to the U.S. Gulf Coast, Three Rivers and Houston markets. Interconnects include Plains All American Pipeline, Harvest Pipeline Company, NuStar Logistics L.P. and the upcoming EPIC Crude Oil Pipeline.
The Gardendale and Asherton systems span Dimmit and La Salle counties and are supported by long-term dedications totaling more than 124,000 acres.
The Ironwood II leadership team will consist of:
- Chairman, President, Chief Executive Officer – Mike Williams
- Chief Financial Officer – Justin Johnson
- Chief Operating Officer – Josh Doramus
- Chief Commercial Officer – Danny Rea
The company is supported by an initial capital commitment of $400 million from EnCap Flatrock Midstream and management.
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