DALLAS, Aug. 9, 2016 /PRNewswire/ -- On August 4, 2016, Align Midstream Partners, LP ("Align") closed on the acquisition of a 100 MMcf/d natural gas processing facility ("Panola I") and 51 mile trunk line system ("Murvaul") from Azure Midstream Partners LP ("Azure"). Panola I is a cryogenic gas processing plant located in Panola County, Texas with access to five residue gas pipelines and the Enterprise Panola NGL Pipeline. The Murvaul system not only connects Align's current system to Panola I, it also provides a 12" diameter, high-pressure trunk line southwest towards Rusk County. The purchase price was $44.9 million in cash, less certain agreed-upon adjustments in respect of ad valorem taxes on the assets sold.
In connecting these acquired assets to its existing gathering and transportation system, Align will be able to quickly provide its customers a full suite of services for the same molecule of gas and dramatically expand its operating footprint.
"With the addition of Panola I, we're excited to offer our customers a full suite of midstream services," said Fritz Brinkman, President and CEO of Align. "The Murvaul trunk line doubles the reach of our current system and positions Align to grow with producers in East Texas. We appreciate Tailwater's continued support in growing our Company."
About Align Midstream Partners
Dallas-based Align is a midstream company focused on serving producers' needs in emerging and established basins with the United States. Align is concentrated on building greenfield midstream assets including gas, crude oil and water gathering pipelines, treating and gas processing plants in emerging basins. Align is also focused on acquiring midstream assets in established basins and on creating opportunities through repurposing facilities as appropriate. Management has a proven track record of providing their customers meaningful midstream solutions. For more information, please visit www.alignmidstream.com.
About Tailwater Capital LLC
Dallas-based Tailwater Capital LLC currently manages over $1.7 billion in equity capital, over $700 million of which is available for new investments. Tailwater is focused on acquiring and growing midstream assets as well as participating in non-operated upstream opportunities in select basins. For more information, please visit www.tailwatercapital.com.
Tailwater Capital LLC
Align Midstream Partners
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SOURCE Align Midstream Partners