Summit Investments Announces Start-Up of Crude Oil and Water Gathering System in Bakken Shale Play in North Dakota
DALLAS, May 17, 2013 /PRNewswire/ -- Summit Midstream Partners, LLC ("Summit Investments"), the privately held company that owns and controls the general partner of Summit Midstream Partners, LP (NYSE: SMLP) and owns a 69.1% limited partner interest in SMLP, announced today that it has commenced operations of the Polar Crude Oil and Water Gathering System (the "Polar System") in the Bakken Shale Play in Williams County, North Dakota. The Polar System is designed to gather 50,000 barrels of crude oil per day and 25,000 barrels of water per day from the Bakken and Three Forks shale formations in North Dakota. The Polar System includes approximately 50 miles of crude oil gathering pipeline and 35 miles of water gathering pipeline. Crude oil gathered on the Polar System is delivered to the COLT Hub Terminal in Epping, North Dakota under long-term, fee-based gathering agreements. Kodiak Oil & Gas Corp. is the anchor customer on the Polar System.
Steve Newby, President and CEO of Summit Investments commented, "The start-up of the Polar System is a key milestone for Summit as it diversifies our service offerings and provides much needed gathering infrastructure in the region. We are excited about the potential of the Polar System given its strategic location in one of the largest and fastest growing crude oil basins in the United States."
About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC is a growth-oriented midstream energy company focused on owning and operating midstream energy infrastructure assets that are strategically located in the core areas of unconventional resource basins, primarily shale formations, in North America. Through its ownership of (i) Summit Midstream GP, LLC, the general partner of Summit Midstream Partners, LP; (ii) a 69.1% limited partner interest in Summit Midstream Partners, LP; (iii) a 100% ownership of Red Rock Gathering Company, LLC; and (iv) a 100% ownership of Meadowlark Midstream Company, LLC, Summit Investments provides primarily fee-based natural gas gathering, treating, processing, and compression services, as well as crude oil and water gathering services supporting some of the largest oil and gas exploration and production companies in North America in the Piceance Basin in western Colorado, the Fort Worth Basin in north-central Texas, the Uinta Basin in eastern Utah, the Williston Basin in northwestern North Dakota, and the Denver-Julesburg Basin in northeastern Colorado. Summit Investments is headquartered in Dallas, TX with offices in Houston, TX, Denver, CO and Atlanta, GA.
Summit Investments was formed in 2009 by members of management and funds controlled by Energy Capital Partners II, LLC. Together with its affiliates, Energy Capital Partners is a private equity firm with over $7.5 billion in capital commitments that is focused on investing in North America's energy infrastructure. In August 2011, Energy Capital Partners sold an interest in Summit Investments to GE Energy Financial Services. GE Energy Financial Services invests globally in essential, long-lived and capital-intensive energy assets.
SOURCE Summit Midstream Partners, LLC