[Context: GSO Capital-backed 3 Bear Energy placed a Northern Delaware gas gathering system into operation. Further details and related links are below.]
3Bear Energy Announces Northern Delaware Basin Gathering and Processing System is In-Service
DENVER, Oct. 08, 2018 (GLOBE NEWSWIRE) — 3 Bear Energy, LLC (“3Bear”) announced today that it has placed into service its Northern Delaware Gathering and Processing System. The 3Bear system will provide Permian producers with midstream solutions for their oil, gas and water production.
3Bear Central Lynch Facility & Cottonwood Water Facility:
Over the past 12 months 3Bear has placed into service over 200 miles of pipeline, a 60,000 mcf per day cryogenic gas processing plant, a 20,000 barrel crude terminal, two Devonian salt water disposal wells and two water recycling impounds capable of storing up to 600,000 barrels of recycled water in support of producers’ drilling activities in New Mexico’s Northern Delaware Basin. 3Bear also acquired an additional water recycling impound, bringing the total storage capacity to nearly 1,000,000 barrels. The gathering system is backed by agreements with 10 different companies. The 3Bear system is designed for expansion and will accommodate the rapid production growth Permian producers are experiencing.
Dark Canyon Expansion:
3Bear is currently expanding its footprint to include more than 20 miles of crude and water gathering southwest of Carlsbad, NM in its Dark Canyon system. This system will include a crude terminal and water handling facility with salt water disposal well and water recycling capabilities. 3Bear expects the system to be in service during the first quarter of 2019.
Bob Clark, CEO, said, “The 3Bear team has worked very hard to put together a comprehensive midstream solution for our growing producer base. We are excited about the growth opportunities in the basin and distinguish ourselves by putting the needs of the producer first. For example 3Bear is one of the first 4 stream midstream companies in the Permian, offering the traditional crude and gas gathering and processing services, but we have also heard the needs of producers around water solutions and have rapidly expanded our business to include water gathering, produced water disposal and water recycling. We also owe our success to the strong partnerships we’ve developed with the local land owners in southern New Mexico; without them and their support, none of this would be possible.”
About 3 Bear Energy, LLC
3Bear Energy 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 $123 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.