DENVER – Caliber Midstream Partners, LP (“Caliber”) today announced plans to expand its existing infrastructure in the prolific Bakken and Three Forks shale plays by adding over 100 miles of gathering pipeline. The expansion includes a 12” crude oil pipeline with capacity for 54,000 bbls/d, providing producers with access to multiple takeaway options through planned interconnects at Alexander, ND. Caliber will also construct a hub at Alexander to provide 40,000 barrels of working storage and truck loading services for easy access to rail terminals. The expansion is expected to come into service in early 2014 and is part of Caliber’s broader plans to expand its system.
The expansion will also extend the reach of the company’s produced water gathering and freshwater delivery systems. These expansions service an increased acreage dedication by Triangle Petroleum Corporation (NYSE: TPLM) in the core of its McKenzie County position, which is in addition to the acreage already dedicated to Caliber by Triangle.
“This project demonstrates Caliber’s ability to provide our customers with full-scale, cost-effective and integrated solutions to oil, gas and water transportation needs,” said Caliber Chief Operating Officer David Scobel. “We are pleased that this expansion will offer area producers with much-needed transportation optionality to Alexander, and ultimately on to markets across the U.S.”
About Caliber Midstream Partners, LP
Caliber is an independent, growth-oriented energy infrastructure company that provides a full suite of midstream services to producers in the Bakken and Three Forks shale oil plays. Caliber is focused on developing innovative, cost-effective and efficient solutions developed synergistically, to handle all of a producer's molecules, not just their hydrocarbons. Caliber's services include crude oil and natural gas gathering, transportation, treating and processing; produced water transportation and disposal in Caliber operated injection wells; and freshwater sourcing and transportation by pipeline linked to various points of supply. Caliber's initial asset base is strategically located in McKenzie County, North Dakota – in the heart of the developing, economically-established Bakken and Three Forks shale oil plays.
Caliber was formed in October 2012 as a joint venture between Triangle Petroleum Corporation and First Reserve’s Energy Infrastructure Fund ("FREIF"). For more information, please visit www.calibermidstream.com.
About First Reserve
First Reserve is the largest global private equity firm exclusively focused on energy. With 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than USD $24 billion of aggregate capital since inception. Putting these to work, First Reserve has completed more than 450 transactions (including platform investments and add-on acquisitions) on six continents. Its portfolio companies operate in approximately 50 countries and span the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure. First Reserve has offices in Greenwich, CT; Houston; London and Hong Kong. For additional information, please visit the First Reserve website at www.firstreserve.com.
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