Canyon Midstream announces gas gathering and processing system in Oklahoma's STACK play
Canyon Midstream Partners II, LLC ("CMP2") announced today that it has commenced construction of a new natural gas processing facility in Woodward County, Oklahoma (the "Redcliff Plant") and an extensive gas gathering system in Woodward, Dewey, Blaine and Canadian counties, Oklahoma (the "Redcliff Gathering System"). The new gathering and processing system will serve producers in Oklahoma's STACK play.
When completed in the first quarter of 2018, the Redcliff Plant will provide its customers with 200 million cubic feet per day (MMcf/d) of GSP cryogenic gas processing capacity and access to premium residue gas markets on ANR and Southern Star Central. The Redcliff Gathering System will initially consist of 70 miles of 20" steel trunkline, multiple field compression stations and low-pressure gathering pipelines to deliver gas from producer locations to the Redcliff Plant. The Redcliff Plant will be built to accommodate future expansions which would bring the site's total gas processing capacity to 400 MMcf/d.
"We are excited to begin construction of our Redcliff project in response to the growing need for midstream services in the STACK play, arising from the remarkable drilling results being achieved by producers in the Redcliff service territory," said Michael Walsh, President and CEO of CMP2. "We recognize the critical role of reliable and responsive midstream service for our customers, and the Canyon team is committed to the successful execution of this project."
Mark Fuqua, Senior Vice President of Commercial and Business Development at CMP2, added: "The pipeline design and plant location are the result of extensive discussions with producers to ensure that the Redcliff project provides our customers with efficient midstream services and access to the most attractive markets and pricing, while also accommodating future takeaway requirements for the expected production growth from the STACK." ABOUT CANYON MIDSTREAM PARTNERS II, LLC
CMP2 is a Houston-based company formed to acquire, develop and operate midstream energy companies and assets. The CMP2 team is led by Michael Walsh, President; Mark Fuqua, SVP Business Development; and Dale Harper, SVP Engineering & Operations. CMP2 is backed by $200 million in equity commitments from Kayne Anderson Energy Fund VII and the CMP2 management team. CMP2 seeks opportunities to create long-term value for its customers, investors and employees through operational improvements, organic and strategic growth and efficient capital investment. In addition to the Redcliff system, CMP2 is developing the Pomelo Connector pipeline in South Texas. ABOUT KAYNE ANDERSON ENERGY FUNDS
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit and growth private equity. Kayne's investment philosophy is to pursue niches where our knowledge and sourcing advantages enable us to deliver above-average, risk-adjusted investment returns. Kayne manages over $25 billion in assets (as of 12/31/2016) for institutional investors, family offices, high net worth and retail clients and employs 300 professionals in nine offices across the U.S.
Through Kayne Anderson Energy Funds, the firm has raised over $6.3 billion of committed capital dedicated to energy private equity investments in primarily upstream and midstream oil and gas companies. Currently, the firm has over 30 active portfolio companies focused on upstream and midstream oil and gas assets across North America.
For more information, please visit: http://canyonmidstream.com