Exploration & Production | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Eagle Ford Focus Blackbrush Raises Capital To Fund Drilling
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EIG Global Energy Partners (EIG) and HM Capital Partners (HM) will form a new partnership to grow the Eagle Ford shale-focused BlackBrush Oil & Gas LP and TexStar Midstream Services LP.
EIG has committed $420 million of capital ($220 million equity and a $200 million senior credit facility) for a controlling interest in the partnership with HM contributing its existing interest in San Antonio, TX-based BlackBrush and TexStar Midstream Services.
BlackBrush has 70,000 acres under lease in the Eagle Ford shale while TexStar Midstream Services has been expanding its 125 mile low pressure gathering system in Frio and LaSalle Counties in Texas in order to handle future expected Eagle Ford and Buda gas volumes.
The EIG investment will be used to expand operations in the Eagle Ford and other…
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