(December 15, 2017) Reed Smith is pleased to have advised Greenfield Midstream, LLC, an EnCap Flatrock Midstream portfolio company, in a new joint venture with Noble Midstream Partners LP called the Black Diamond Gathering, LLC (JV). The JV has entered into definitive agreements to acquire Saddle Butte Rockies Midstream, LLC and affiliates for $625 million.
Scheduled for completion in the first quarter of 2018, the transaction will greatly expand the JV’s presence in the Denver-Julesburg (DJ) Basin. Saddle Butte assets in the DJ Basin include some 160 miles of pipeline in operation, 300,000 barrels per day of delivery capacity and approximately 210,000 barrels of crude oil storage capacity.
The Reed Smith deal team for Greenfield Midstream was led by Houston-based Energy and Natural Resources partners Gary C. Johnson and Todd Culwell, along with associate James M. Pappenfus and tax assistance from partner Leo N. Hitt in Pittsburgh.
Read the client’s news release on this transaction.
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