Triangle Forms Midstream JV

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
180MM
Description

Formation of Caliber Midstream Partners, a JV with assets in the Williston Basin.

Triangle Petroleum Corp. (NYSE MKT: TPLM) has formed a joint venture with private equity firm First Reserve Corp. to provide oil and natural gas pipelines and gas processing facilities in the Williston Basin.

The joint venture, called Caliber Midstream Partners LP, will be structured as a master limited partnership and will be based in Denver, Colo. Its funding will come from $180 million in equity commitments—$150 million from the fund and $30 million form Triangle.

Construction of Caliber’s Phase 1 pipeline system is underway. The system is designed to serve the needs of Triangle and other Caliber customers in the region. Caliber plans to begin transporting and processing operations in November, with all business lines expected to be in service by August 2013.

At its inception, Caliber will provide services to Triangle under a 15-year volume-based contract and will seek to add future third party volumes to its system.

Triangle Petroleum Corp. is a Denver, Colo.-based, growth-oriented upstream energy company with about 85,600 net acres in the Williston Basin targeting the Bakken Shale and Three Forks formations. First Reserve Corp. is an energy-focused private equity and infrastructure investment firm based in Greenwich, Conn.