Tradition Midstream LLC said Tuesday it has secured $100 million in equity financing to develop midstream assets in shale plays across North America.
The company, based in The Woodlands, will focus on the Eagle Ford, Eaglebine, Mississippi Lime and Tuscaloosa Marine formations in Texas, Oklahoma and Louisiana, president Don Brown said.
“There’s so much need for infrastructure, everything from processing of gas, stabilization of condensate to get it to market,” he said.
Tradition secured the financing from EnCap Flatrock Midstream, a private equity firm from San Antonio.
Brown and other key members of Tradition Midstream’s management staff, including Chief Financial Officer James Lee, Chief Operating Officer Bryan Johnson and Vice President of Land and Right of Way Mark Edge previously started Millennium Midstream Partners, which they sold to Eagle Rock Energy Partners in 2008.
They spent nearly two years with Eagle Rock before launching Tradition Midstream in 2010.
Brown said the company is interested in buying existing midstream assets but acknowledged that prices are high in today’s competitive market.
Tradition also will focus on greenfield development, he said.