Cureton Midstream has acquired the Gilcrest System in the US from Aka Energy Group, a natural gas midstream company, owned by the Southern Ute Indian Tribe.
The financial terms of the deal were undisclosed.
The Gilcrest System, in the Denver-Julesburg (DJ) basin, has a processing capacity of over 38 million cubic feet per day (MMcf/d).
It has more than 100 miles of low and high-pressure gathering pipelines, and long-term acreage dedications in the core of the DJ basin.
The transaction has increased Cureton’s processing capacity to more than 100MMcf/d.
With the deal, the firm now owns and operates approximately 45,000 HP of field compression, and more than 225,000 acres, under long-term agreements with public and private operators.
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Cureton Midstream president and CEO Charlie Beecherl said: “This is an exciting opportunity to strategically enhance our operations and footprint in the core of the DJ basin, with the highly complementary Gilcrest System.
“With this acquisition, we are uniquely suited to serve a growing base of customers, and to continue to provide the quality of service that has distinguished Cureton in a competitive market. The Aka team has been great to work with and developed reliable assets, with a stellar operations team.”
Cureton Midstream, a portfolio company of Tailwater Capital, is engaged in developing and operating gas gathering and processing infrastructure in Colorado.
In December 2021, another Tailwater Capital portfolio company, Producers Midstream II, signed deals to buy a 100% stake in gas gathering and processing assets, in the Anadarko basin, from Midcoast Energy.
The firm also agreed to buy a 35% interest in Midcoast’s Texas Express Gathering (TEG), a Y-grade gathering pipeline.
Earlier this month, the US DOI announced that it had allocated $4.7bn of funding to help clean up abandoned oil and gas wells.