EAGLECLAW MIDSTREAM ANNOUNCES ACQUISITION OF CAPROCK MIDSTREAM
EagleClaw Midstream (“EagleClaw”), a portfolio company of Blackstone Energy Partners, announced today that it has entered into binding agreements to acquire Caprock Midstream Holdings (“Caprock”) from Energy Spectrum Capital and Caprock Midstream Management for $950 million plus pre-closing adjustments. The all-cash transaction is expected to close in 2018 and will be funded with equity and committed debt financing from Barclays Plc. EagleClaw’s current executive leadership team will lead the combined business, which shall operate under the EagleClaw name, following the closing of the transaction.
An unexpected job offer coming out of college nudged Mike Forbau from a presumed career in banking into the midstream energy sector. It was a case of being in the right place at the right time. His streak continued in management positions with some of the sector’s biggest players before he moved to a private equity-backed startup. The gathering and processing operator he now heads has continued that success—starting up in the Delaware Basin.
AB PRIVATE CREDIT INVESTORS ANNOUNCES $120MM CREDIT FACILITY
Caprock Midstream LLC ("Caprock"), a private gathering and processing infrastructure company has entered into a $120 million senior secured term loan facility with AB Private Credit Investors LLC ("AB-PCI") as Administrative Agent / Co-Lead Arranger and Goldman Sachs Specialty Lending Group ("GSSLG") as Co-Lead Arranger, to fund the continued growth of Caprock's Delaware Basin gathering and processing assets.
RESOLUTE SWITCHES TO BUY MODE WITH DELAWARE BASIN DEAL
Resolute Energy Corp. (NYSE: REN) switched into growth mode with a $135 million acquisition that will boost its net acreage position in the Delaware Basin by 25%, the company said Oct. 4. The Denver-based company entered a definitive agreement with Firewheel Energy LLC, a portfolio company of EnCap Investments, to acquire certain properties consisting of 3,293 net acres in Reeves County in West Texas.
RESOLUTE ENERGY CORPORATION ANNOUNCES $135 MILLION DELAWARE BASIN ACQUISITION
Resolute Energy Corporation ("Resolute" or the "Company") (NYSE: REN) today reported that it has entered into a definitive agreement (the "Acquisition Agreement") with Firewheel Energy, LLC ("Firewheel"), a portfolio company of EnCap Investments, to acquire certain oil and gas properties located in Reeves County, Texas, for a purchase price of $135 million (the "Firewheel Properties").