Construction of Eagle Ford Water Gathering System begins
The gathering system and surrounding facilities ("EVX South Texas") will be underpinned by a fee-based, 15-year agreement that includes a 72,000 acre dedication in La Salle, Frio, and Atascosa Counties,Texas.
THE WOODLANDS, TX, May 2, 2016 -- EVX Midstream Partners, LLC ("EVX") today announced it has entered into a definitive agreement to build a produced water gathering system in the Eagle Ford oil window. The gathering system and surrounding facilities ("EVX South Texas") will be underpinned by a fee-based, 15-year agreement that includes a 72,000 acre dedication in La Salle, Frio, and Atascosa Counties,Texas. Construction of the system will begin in May and is expected to be placed into service in the fourth quarter of 2016. EVX is currently evaluating multiple expansion opportunities for the water system, as well as potential crude oil and natural gas projects, to provide midstream solutions and cost savings to area producers.
"EVX South Texas facilities will create significant savings for our customers and are configurable to efficiently handle local producers' future needs. Additionally, the EVX South Texas assets position EVX to provide crude oil gathering and blending and natural gas gathering, processing, and treating services within the area," said Herb Chambers IV, President and CEO of EVX.
"We are pleased to support EVX in their development efforts in the Eagle Ford. EVX's system crosses several counties in an attractive area of the Eagle Ford and is well positioned to provide multi-commodity services to area producers. EVX's Eagle Ford development plans are aligned with our focus on deploying capital through fee-based, long-term business arrangements with credit-worthy and growth-oriented parties," said Matt Morrow, COO and Managing Partner of Five Point Capital Partners.
EVX is led by its three founders: Herb Chambers IV, President and CEO; Charlie Flynn, Chief Operating Officer; and Brian Kellar, Chief Financial Officer. The EVX leadership team has a demonstrated record of success, with over 50 years of collective experience originating transactions and projects, structuring and developing midstream assets, and operating assets post-acquisition or project completion.
About EVX Midstream
EVX Midstream Partners LLC is a midstream development company focused on acquiring, developing and operating crude oil, natural gas, and produced water gathering, processing, treating and transportation assets in the Eagle Ford, Permian Basin, and Mid-Continent. EVX was founded by Herb Chambers IV, Charlie Flynnand Brian Kellar, in partnership with Five Point Capital Partners LLC. For more information, please visit www.evxmidstream.com.
About Five Point Capital Partners LLC
Five Point Capital Partners is a private equity firm focused on midstream energy infrastructure and energy sector investments across North America. Five Point's investment strategy is to partner with, develop and support strong management teams through buyouts and growth capital investments within the midstream energy sector. Based in The Woodlands, Texas, Five Point is currently investing from Five Point Capital Midstream Fund II L.P. and manages more than $450 million of capital commitments. For further information, please visit www.fivepointcp.com.