Woodland Midstream II, LLC (‘Woodland’) announced the acquisition of the James Lake System (‘James Lake’) from a privately-owned seller for an undisclosed amount. James Lake represents a fully integrated sour gas gathering, treating and processing system with approximately 230 miles of pipeline, 110 million ft3/d of processing capacity and 35 000 HP of owned compression that serves producers in the Permian’s Central Basin Platform (Ector, Andrews and Winkler Counties, TX).
“James Lake has been a primary target of ours given its strategic location in the Permian Basin. This transaction represents Woodland’s first operating asset,” said Richard H. Wright, III, Chief Executive Officer. “We are thankful for the opportunity to work alongside our equity partners EIV Capital for a second time as we build a company focused around our customers, shareholders and employees.”
Woodland plans to invest additional capital into James Lake to accomplish multiple plant optimisation and emissions reduction focused projects. Woodland also plans to enhance and expand James Lake’s condensate and liquids handling business.
“The acquisition of the James Lake System is an important step in realising our vision to build a Permian-focused midstream company that brings customer service back to the focal point,” said Darin Aucoin, Chief Commercial Officer.
While James Lake represents this iteration of Woodland’s first operating asset, it is not the team’s first venture. Woodland’s executive team has over 75 years of energy experience, including the Permian.
“I look forward to working in the Permian where I began my career at a sour gas facility and developed long term relationships in the midstream business” said Doug Coleman, Chief Operating Officer.
Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/09102019/woodland-midstream-ii-acquires-james-lake-system/