DENVER, Dec. 18, 2018 (GLOBE NEWSWIRE) -- 3 Bear Energy, LLC (“3Bear”) announced today expansion plans for its crude, gas and water gathering systems in the Northern Delaware Basin Gathering System.
Growth Plans:
With recent additions to 3Bear’s growing base of producers, 3Bear has committed to construct a 100,000 barrel crude tank and lay approximately 90 additional miles of pipeline dedicated for crude oil service in Lea County. The 150-mile system will connect approximately 90,000 dedicated acres to the Hat Mesa System and provide throughput capacity of 150,000 barrels per day.
In addition to the crude system expansion, 3Bear is expanding its water gathering and redistribution system by more than 30 miles to connect producers to 3Bear’s water recycling and disposal system. 3Bear expects to spud its third and fourth SWDs in the first quarter of 2019, bringing total disposal capacity to nearly 100,000 barrels of water per day along with over one million barrels of recycling and redistribution infrastructure.
Oryx Trans Permian Pipeline System:
3Bear executed an agreement with Oryx Midstream to construct an interconnect in the Lynch area of Lea County allowing producers the opportunity to access Oryx’s Trans Permian Pipeline to Midland and Crane, Texas in addition to 3Bear’s existing interconnect with Plains Pipeline, L.P. at Lynch Station. This strategic interconnect allows shippers on the 3Bear Hat Mesa System the ability to access multiple markets out of the Northern Delaware Basin.
Natural Gas Pipeline Company of America:
3Bear is also constructing an additional residue gas interconnect in order to provide market optionality at the 3Bear Libby Gas Plant. 3Bear has an existing residue gas connection with Transwestern Pipeline Company, LLC and executed an additional interconnect agreement with Kinder Morgan’s Natural Gas Pipeline Company of America (“NGPL”) to deliver residue gas to NGPL’s Permian gas system as well.
3Bear anticipates both interconnects will be operational in early 2019.
Bob Clark, CEO, said, “3Bear continues to focus on providing flow assurance and optionality to our growing producer base. As many pipelines out of the basin are near capacity, we believe that having multiple outlets and capacity available to our producers is a vital part of the 3Bear offering. The addition of the Oryx and NGPL interconnects to our crude and gas systems highlight our commitment to executing on this philosophy. We continue to appreciate the local landowners and communities in Lea and Eddy County. We’ve developed strong relationships and we look forward to continuing to work together to provide responsible and safe operations in the region.”
About 3 Bear Energy, LLC
3Bear Energy is a Denver based, private, full service midstream energy company specializing in greenfield project development with more than 200 years of collective experience and a proven track record of innovative, cost-effective solutions for oil, water and natural gas production. With backing from long term partner GSO Capital Partners, 3Bear is well capitalized and positioned for growth. 3Bear is focused on developing midstream infrastructure for Permian producers. For more information, please visit www.3BearLLC.com
About GSO
GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $131 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies.
Contact:
3 Bear Energy, LLC
Shawn Radtke
Chief Financial Officer
(303) 626-8290
Shawn@3BearLLC.com