3Bear Energy Announces Greenfield Northern Delaware Basin Gathering and Processing System
DENVER–August 14, 2017 –(BUSINESS WIRE)–3Bear Energy, LLC (“3Bear”) announced today that it has entered into definitive agreements with an anchor shipper to develop, own and operate a gathering and processing system serving the Northern Delaware Basin in Lea and Eddy Counties in New Mexico. The 3Bear system will provide Permian producers with midstream solutions for their oil, gas and water production.
3Bear is constructing more than 100 miles of pipeline wellhead gathering including systems for oil, gas and water transportation, a central water treatment facility, crude terminal and a 60,000 Mcf/d cryogenic gas processing plant with treating capabilities. The 3Bear system is designed for expansion and will accommodate the rapid production growth Delaware Basin producers are experiencing. 3Bear expects the system to be operational in the first quarter of 2018.
Bob Clark, CEO, said, “3Bear is pleased to be able to provide midstream services to our customers in support of their drilling plans in one of North America’s fastest growing oil and gas basins. The 3Bear system is ideally positioned in the basin and will provide an excellent platform as we continue to expand our assets to serve producers’ growing volumes of crude, gas, and water across the Northern Delaware. 3Bear is well capitalized and able to meet all the needs of producers in this rapidly growing basin.”
About 3Bear Energy, LLC
3Bear is a Denver based, private, full service midstream energy company specializing in greenfield project development with more than 200 years of collective experience and a proven track record of innovative, cost-effective solutions for oil, water and natural gas production. With backing from long term partner GSO Capital Partners, 3Bear is well capitalized and positioned for growth. 3Bear is focused on developing midstream infrastructure for Permian and Rockies Producers.
GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $95 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies.