Ares Management Acquires Paradigm Energy Partners -- September, 6, 2018

An alert, eagle-eyed reader caught this next story. I'm impressed.

Go back to this 2014 post for the background to this story:

Phillips 66 Partners and Paradigm Energy Partners announce midstream logistics joint ventures: Co and Paradigm Energy Partners, LLC announce that they have executed agreements to form two joint ventures to develop midstream logistics infrastructure in North Dakota. Consisting of two previously announced projects, the Sacagawea Pipeline and Palermo Rail Terminal, the joint ventures are designed to enhance logistical options for crude oil transportation in the Bakken region.
From an earlier press release:

The Sacagawea Pipeline project is being developed to deliver crude oil from various points south of Lake Sacagawea in and around Johnson's Corner and Keene, in McKenzie County, North Dakota, to destinations with takeaway options for both rail and pipe in Palermo and Stanley, N.D.

SPC has received significant shipper interest in committing to the project, and based on such, anticipates receiving sufficient shipper commitments to proceed with the project.  All potential customers will have an equal opportunity to obtain capacity in the project and must submit binding commitments prior to the conclusion of the open season process.

More at the link.

Now, today we have this story, sent in, as I noted, a very, very alert reader. From a press release:

Ares Management, L.P. (NYSE:ARES) announced today that funds managed by Ares EIF, its power and infrastructure strategy, have closed on the acquisition of substantially all of the assets and business interests of Paradigm Energy Partners from an affiliate of Stonepeak Infrastructure Partners.

The Paradigm assets will be combined with Ares EIF’s adjacent Van Hook Gathering System, which it acquired in 2015, to form a premier regional midstream platform serving the core of the Williston Basin in North Dakota, with additional reach into the prolific Eagle Ford Shale in South Texas.

The combined entity, which will continue to be known as Paradigm, will continue to be operated by Paradigm’s existing management team and employee base.

The acquisition consists of two oil and natural gas gathering systems in North Dakota and a third in South Texas, along with joint venture interests in the Sacagawea Pipeline Company and various logistics assets in North Dakota.

By year end 2018, the combined company is expected to transport nearly 50,000 barrels of oil and 23 million cubic feet of gas per day from 11 contracted customers in North Dakota and Texas.