From the Wires
Costar Midstream, L.L.C. Acquires East Texas Gathering System
By: PR Newswire
Dec. 17, 2012 03:29 PM
DALLAS, Dec. 17, 2012 /PRNewswire/ -- Costar Midstream, L.L.C. ("Costar") announced today that it acquired over 80 miles of natural gas gathering pipelines, associated compression and treating assets located in Gregg County, Texas. Effective date of the transaction is December 1, 2012.
The acquisition adds significant gathering resources and natural gas supply to the company's existing East Texas facilities. Costar, through its Gas Solutions subsidiary company operates 75,000 Mcfd of gas processing capacity, 8,000 bpd of NGL fractionation capacity, 20,000 horsepower of compression, and 30,000 Mcfd of gas treating capacity in this area.
Rod Donovan, Vice President of Business Development for Costar reports that "the addition of this system strategically supports our existing assets and extends our ability to attract incremental supply and provide midstream services to producers in this area."
As a result of this acquisition, Costar will construct 10 miles of 12" pipeline to connect the NGL rich gas supply to Costar's existing processing plant and 600 miles of gathering pipelines.
Costar is a portfolio company of Energy Spectrum Capital and was formed in April 2011 to acquire and develop midstream energy structure infrastructure. Energy Spectrum Capital (www.energyspectrumcapital.com) is an industry leader in midstream energy private equity with over $2.3 billion of capital under direct management.
SOURCE Costar Midstream, L.L.C.
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