Midstream company Clearfork Midstream has completed the purchase of Azure Midstream Energy for an undisclosed amount.
For the transaction, the company teamed with venture capital firm EnCap Flatrock Midstream (EFM).
Founded in 2012, Azure Midstream is a natural gas midstream company, with operations in North Louisiana and East Texas.
The company’s natural gas gathering and treating platform includes over 804.6km of pipeline, and has a treating capacity of 1.2 billion cubic feet per day.
It has nine downstream interconnects, which provide access to major market hubs including Carthage, Houston Ship Channel/Katy, Henry Hub, the Columbia Gulf Mainline, Perryville and Agua Dulce, via TETCO and NGPL.
Azure CEO Berthelot said: “I have the utmost confidence in Clearfork and EFM, and their ability to maximise value while maintaining the safety-first culture we developed at Azure.
“I am deeply grateful to our investors, team, and other stakeholders who supported us through this challenging decade for the industry.
Clearfork Midstream was established in 2020 to provide midstream solutions for oil and gas producers in unconventional and conventional resource, across North America.
The company has a specific emphasis on unconventional natural gas production in the Haynesville/Bossier shale formation, in North Louisiana and East Texas.
For the transaction, Porter Hedges acted as corporate counsel, and the investment banking firm Jeffries served as the sole financial advisor to Azure Midstream.