Page 9 - NorthAmOil Week 38 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM MIDSTREAM County and pro forma for the transaction, we
continue to expect over 50 new wells behind
Silverstone Energy Partners Summit Midstream Partners our liquids system in 2023. Pro forma for the
transaction, SMLP will have approximately
announces $14mn project announces sale of its Bison $90mn drawn on its $400mn ABL Credit
Facility, resulting in over $300mn of available
equity financing for Ocean gas-gathering system in liquidity. We continue to expect to trend
toward the high end of our 2022 Adjusted
Oil’s acquisition and North Dakota EBITDA guidance range of $205mn to
$220mn.”
development of Permian Summit Midstream Partners announced SUMMIT MIDSTREAM PARTNERS, September
today that its wholly owned subsidiary,
19, 2022
Basin properties Summit Midstream Holdings, signed and
closed on the sale of Bison Midstream,
Silverstone Energy Partners provided a project its gas-gathering system in Burke and Colonial Pipeline Terminals
equity financing to fund the acquisition of Mountrail Counties, North Dakota to Steel continues expanding
Delaware Basin New Mexico oil and gas Reef Infrastructure Corp. (“Steel Reef” or
properties by Ocean Oil. Ocean is a Denver- the “company” through its wholly owned service offerings to
based private E&P led by Brooke O’Neal. subsidiary Steel Reef US Corp.), an integrated
Marshall Lynn Bass, managing director of owner and operator of associated gas customers
Silverstone, said: “We are excited to provide capture, gathering and processing assets in
Ocean with capital to purchase and develop North Dakota and Saskatchewan, for cash Colonial Pipeline Terminals has reached
this attractive, non-op asset. The asset is at an consideration of $40mn, subject to customary several significant milestones in the
inflection point, with the operator drilling 39 transaction adjustments. construction of its new Austell Terminal near
new horizontal wells in a short period. We Heath Deneke, president, chief executive Atlanta while completing a new pipeline
benefit from the resultant boost in production officer and chairman, commented: “We are connection at its Charlotte terminal as the
while the seller is able to re-direct their capex pleased to announce this strategic transaction company expands service to offer additional
dollars to other projects.” with Steel Reef. In combination with the options to customers.
Brooke O’Neal, founder and CEO of previously announced divesture of the Lane Colonial Pipeline Terminals, a subsidiary
Ocean, added: “We’ve established a reputation gathering and processing system earlier of Colonial Enterprises and an affiliate of
of consistently closing acquisitions or farm-ins this summer, the sale of Bison Midstream Colonial Pipeline Company, completed
of non-op, unconventional properties to help represents a continuation of our strategy to foundation work and continues steel erection
owners avoid the capital disruption of their streamline our portfolio of assets through and piping installation at the Austell site. The
own internal project needs. Silverstone has balance sheet enhancing transactions while terminal, which will be located adjacent to
expanded our capabilities even further.” building additional financial flexibility to Colonial Pipeline Company’s Atlanta Junction
“This acquisition was on the smaller side reinvest in more strategic scale-building Tank Farm, is the first new construction by
of our capabilities but has huge strategic value opportunities across our footprint. With the Colonial Pipeline Terminals and is expected
to Brooke and her team,” continued Bass. sale of Bison Midstream, Summit’s focus to be operational in the first half of 2023.
“We stand ready to help them with similar in the Williston Basin will be on growing “While there are existing assets in
transactions.” its crude oil and produced water gathering the marketplace, we are excited that our
SILVERSTONE ENERGY PARTNERS, September systems primarily located in Williams customers recognize the value and benefits
20, 2022 and Divide Counties, North Dakota. We we are able to offer through the development
remain excited about the level of customer of this new facility,” said Dan Gordon, Senior
development activity in central Williams Vice President and Chief Commercial Officer
of Colonial Enterprises, Inc. “This is an
incredibly exciting time for Colonial Pipeline
Terminals.”
Once operational, the Austell Terminal will
be modern, technology focused, and driven
by efficient loading operations, with improved
driver productivity and trucking logistics in
mind. Fuel truck drivers should experience
quicker load times because the loading rack is
designed for all products to be available from
all lanes, eliminating the need to requeue to
fill out a load. The terminal will have an initial
capacity of 30,000 barrels per day (bpd), with
expansion potential to support the growing
Southeast market.
Colonial Pipeline Terminals also recently
completed the connection of its Charlotte
truck terminal to the Products (SE) Pipe

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