EnCap Flatrock-backed Evolution completes buy of Rowdy Gas Gathering System – PE Hub (subscription) (blog)

Evolution Midstream, which is backed by EnCap Flatrock Midstream, has closed its previously announced acquisition of Wyoming-based Rowdy Gas Gathering System, which serves oil and gas producers in the Campbell, Converse and Johnson counties. No financial terms were disclosed.

PRESS RELEASE

DENVER(BUSINESS WIRE)Evolution Midstream, LLC (Evolution) announced today that the company has closed on acquisition of the Rowdy Gas Gathering System (Rowdy System) (view system map). The Rowdy System is strategically located in the heart of Wyomings Powder River Basin and serves oil and gas producers in Campbell, Converse and Johnson counties.

As a result of closing this transaction, Evolution now operates approximately 1,000 miles of gas gathering lines and 43,700 horsespower of compression, Evolution CEO Raj Basi said. We are excited to begin working with Rowdys customers and other producers in the Powder River Basin. Our goal is to leverage our experience to expand the system with infrastructure that meets producer needs and offers maximum optionality and the highest possible netbacks. Given our teams deep midstream experience, capabilities in project management and track record of success, ownership of these high-quality assets is a significant milestone as we start developing our vision for a comprehensive gas gathering, treating and processing solution set in the area. We also will explore development of a crude oil gathering system.

About Evolution Midstream, LLC Based in Denver and founded in 2015, Evolution Midstream is an independent midstream company serving oil and gas producers operating in unconventional shale plays in the Rocky Mountain region. Evolutions vision of success is built on fostering strong, long-term relationships with all constituents and finding creative ways to improve producer netbacks. Evolution cultivates these relationships based on trust, accountability and fairness to ensure that all stakeholders are heard, valued and served. Capabilities include in-field natural gas gathering, compression, treating and processing services; innovative NGL solutions; and crude oil gathering, transportation and storage. Evolution is backed by venture capital commitments from EnCap Flatrock Midstream. For more information please visit http://www.evolutionmidstream.com.

About EnCap Flatrock Midstream EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors. EnCap Flatrock is based in San Antonio with offices in Oklahoma City and Houston. The firm manages investment commitments of nearly $6 billion from a broad group of institutional investors. EnCap Flatrock currently is making commitments to new management teams from EFM Fund III, a $3 billion fund. Please visit http://www.efmidstream.com for more information.

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EnCap Flatrock-backed Evolution completes buy of Rowdy Gas Gathering System - PE Hub (subscription) (blog)