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Press release:
TPLM today announced that it has signed definitive agreements with joint venture partner First Reserve`s Energy Infrastructure Fund ("FREIF") to expand the Caliber Midstream Partners, L.P. ("Caliber") midstream and infrastructure system.Expansion Project Details
- The expanded Caliber system will service all Triangle-operated
acreage in McKenzie County, ND including recently acquired assets
- Expansion service lines include crude oil stabilization and
transportation, produced water transportation and disposal, and
freshwater delivery services
- Expansion service lines include crude oil stabilization and
transportation, produced water transportation and disposal, and
freshwater delivery services
- Expected to be in-service on or before June 1, 2014
- Expansion
project includes a 50,000 bbl/d pipeline from the Caliber Central
Facility to Alexander, ND, where Caliber plans to build 40,000 barrels
of crude oil storage and related infrastructure, providing Triangle and
other customers with access to multiple crude oil pipelines, rail
terminals and market centers in the Williston Basin
- FREIF will make an $80 million incremental equity investment
- 8,000,000 Series A Units purchased at a price of $10.00 per unit
- 8,000,000 Series A Units purchased at a price of $10.00 per unit
- Triangle is not committing any capital to the new equity round
It's very, very possible, this is just the beginning of a huge new oil company in western North Dakota. I assume other operators have similar storage complexes, but I don't read of many. So, we'll see.
Related news: TPLM adds acreage in the Bakken; see sidebar at the right for other deals in the Bakken.
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