Harvest Midstream has agreed to purchase Paradigm Midstream LLC, Dallas, from Ares Management, expanding its portfolio in the Eagle ford in South Texas and into North Dakota.
Houston-based Harvest will acquire four wholly owned gathering systems (Charlson gathering system, Van Hook gathering system, Mountrail gathering system, and Eagle Ford gathering system).
The North Dakota Bakken assets transport nearly 100,000 b/d of oil and about 75 MMcfd of natural gas. The South Texas Eagle Ford gathering system assets transport about 14,000 b/d of oil. The systems consist of about 350 miles of trunk lines and gathering lines for oil, gas, and water.
The transaction also includes Paradigm’s ownership interest in two North Dakota asset joint ventures with Phillips 66. The JVs own all of the Keene and Palermo storage terminals and 99% of the 94-mile, 16-in. OD bidirectional Sacagawea crude lines and the 24-mile, 16-in. OD Blue Buttes gas line.
