The crude gathering system includes 50 miles of pipeline with long-term, fee-based agreements for almost 50,000 acres. (Source: Shutterstock)
Ironwood Midstream Energy Partners has launched Ironwood Midstream Energy Partners III LLC with a new equity commitment and crude P&G system covering almost 50,000 acres in the Eagle Ford Shale, the company announced March 25.
Kayne Anderson Energy Infrastructure Fund Inc. (KYN) committed the equity to Ironwood. The exact amount was not included in the announcement.
Ironwood Midstream III, led by industry veteran Mike Williams, specializes in the development, acquisition and management of oil and gas midstream infrastructure. The equity commitment boosts Ironwood’s long-term growth strategy, Ironwood said in the press release.
Ironwood III has started with the purchase of three systems in Atascosa, Frio, La Salle and McMullen counties in South Texas. The crude gathering system includes 50 miles of pipeline with long-term, fee-based agreements for almost 50,000 acres.
The system includes two storage terminals with a combined capacity of more than 18,000 bbl.
“With our deep operational expertise, strong industry relationships and the support of a strong financial partner like KYN, we are uniquely positioned for sustainable, long-term growth,” said Mike Williams, Ironwood CEO, in the announcement.
Haynes & Boone advised Ironwood III. Winston & Strawn acted as legal counsel to KYN.
“We are excited to partner with the Ironwood III team and work alongside an industry veteran like Mike,” said Jim Baker, president and CEO of KYN.
In January, Plains All American bought Ironwood Midstream Energy II’s Eagle Ford infrastructure from EnCap Flatrock for about $475 million. It was part of a deal worth more than $725 million to acquire bolt-on acquisitions for Plains.
Ironwood is a San Antonio-based, independent company.
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