HVLLC RSS Feed

Tristream Energy Announces Acquisition of East Texas Processing Assets

noemail@hvllc.com — Thu, 29 Jul 2010 14:00:00 GMT

HOUSTON (July 29, 2010) - Tristream Energy, LLC announced today that it acquired the East Texas gathering and processing assets of a subsidiary of Dallas-based Regency Energy Partners LP on July 15, 2010. The acquired assets include gas treating and processing facilities in Eustace, Texas, a condensate sweetening plant in Myrtle Springs, Texas, and approximately 371 miles of gathering pipeline. The assets are primarily located in Henderson, Van Zandt, Rains, Wood, Hopkins, and Franklin counties, Texas. The acquisition of the Eustace facilities will expand our midstream gas gathering business in Texas, said Ken Purgason, president and chief executive officer of Tristream Energy. We look forward to the aggressive addition of new reserves to the system and continuing our acquisition and grass roots development opportunities in the midstream gas sector. The Eustace Gas Plant is a state of the art gas treating and processing facility. It consists...

HADDINGTON SELLS BOBCAT GAS STORAGE ASSETS AND DEVELOPMENT PROJECT TO SPECTRA ENERGY

noemail@hvllc.com — Thu, 15 Jul 2010 21:00:00 GMT

Houston, Texas (July 15, 2010) - Haddington Ventures, L.L.C., announced today that it has entered into a definitive agreement to sell the Bobcat Gas Storage assets and development project to Spectra Energy Corp. (NYSE: SE), for $540 million. The Bobcat Gas Storage Project was developed by Port Barre Investments, LLC, which is owned by members of management, Haddington Energy Partners III LP, a private equity fund managed by Haddington Ventures, LLC, and GE Energy Financial Services, the energy investing unit of GE (NYSE: GE). Located in Port Barre, Louisiana, the project began development in 2006 and entered commercial operation in November 2008. Following the addition of a second cavern in 2009, the facility has working gas storage capacity of approximately 19 billion cubic feet. The Bobcat project exemplifies Haddington's strategy to acquire, develop and eventually exit midstream energy projects, said Haddington Managing Director J....

Magnum Gas Storage Application Accepted by FERC for Construction of a High-Deliverability Salt Cavern Storage Facility in Central Utah

noemail@hvllc.com — Wed, 16 Dec 2009 15:00:00 GMT

SALT LAKE CITY, Dec. 16, 2009 -- Magnum Gas Storage, LLC, announced today that the Federal Energy Regulatory Commission (FERC) has accepted its application to construct and operate a high-deliverability, multi-cycle salt cavern natural gas storage facility in central Utah under Section 7(c) of the Natural Gas Act. The proposed project is the first large-scale, underground natural gas storage facility to be developed in the Western United States. It is designed as a fully-integrated project that will increase efficiency, reliability and competitiveness of energy markets throughout the West. When completed, the facility will consist of four salt caverns with a combined total working gas storage capacity of 42 billion cubic feet (Bcf). The project will be capable of injecting up to 0.3 Bcf of gas per day and withdrawing up to 0.5 Bcf per day and of cycling its inventory from nine to 12 times annually. The project also includes a 61.5-mile, 36-inch header pipeline that will extend to...

Compressed Air Energy Storage

noemail@hvllc.com — Tue, 08 Dec 2009 15:00:00 GMT

Ever since Thomas Edison invented the light bulb, people have been searching for ever more effective ways to store electricity during periods of lower demand for later use during periods of higher demand. Beginning in 1998, Haddington Ventures and its portfolio company, CAES Development Company, began developing a newer method for the bulk storage of electricity. This method, known as compressed air energy storage (CAES), is a cost-effective, commercially-proven and environmentally sound technology used to store energy in the form of high-pressure air. CAES converts relatively abundant electricity available at night from base-load coal and nuclear power plants, or generated by intermittent renewable sources such as solar and wind, into more profitable, flexible and dispatchable energy that can be used the next day to meet rapidly changing daily demand. You may have seen the recent announcement regarding the sale of Haddington’s Norton Energy Storage Project in Norton,...

HADDINGTON SELLS RIGHTS TO ITS NORTON ENERGY STORAGE PROJECT TO FIRSTENERGY

noemail@hvllc.com — Mon, 23 Nov 2009 15:00:00 GMT

Houston, Texas (November 23, 2009) – Haddington Ventures, L.L.C., announced today that CAES Development Company, LLC, a portfolio company of Haddington’s managed funds, has sold to FirstEnergy Generation Corp., a subsidiary of Akron, Ohio-based First Energy Corp. (NYSE:FE), the rights to the Norton Energy Storage Project, a compressed air energy storage (CAES) facility under development in Norton, Ohio. “We are very pleased to have reached an agreement with First Energy for their acquisition of this project,” said Haddington Managing Director John A. Strom. “The rapid growth in renewable wind energy is accelerating the need for additional bulk energy storage to support renewable integration, and the flexibility of CAES facilities to provide both regulation and load following services, combined with their low energy production costs, are unmatched by any other natural gas-fired generation resource.” Mr. Strom noted that Haddington leveraged its...

FIRSTENERGY ACQUIRES RIGHTS TO NORTON ENERGY STORAGE PROJECT

noemail@hvllc.com — Mon, 23 Nov 2009 15:00:00 GMT

AKRON, Ohio – FirstEnergy Generation Corp., a subsidiary of Akron, Ohiobased FirstEnergy Corp. (NYSE: FE) today announced that it has purchased the rights to develop a compressed-air electric generating plant on a 92-acre site in Norton, Ohio, from CAES Development Company, LLC. The transaction includes rights to a 600-acre underground cavern, formerly operated as a limestone mine, that is ideal for energy storage technology. “The compressed-air technology envisioned at this site would essentially operate like a large battery, storing energy at night for use during the day when it is needed,” said Anthony J. Alexander, president and chief executive officer of FirstEnergy. “Because many renewable energy sources – such as wind – are intermittent, they don’t always produce power when electricity demand is high. The energy storage aspects of this project would provide a way to harness renewable energy to be used when customers need...

Bobcat Places Cavern II at Port Barre Facility In Service

noemail@hvllc.com — Mon, 09 Nov 2009 22:00:00 GMT

HOUSTON, Texas (November 9, 2009) Bobcat Gas Storage (Bobcat) announced today that it had commenced full commercial operations in the second cavern at its Port Barre natural gas storage facility in St. Landry Parish, Louisiana on October 31, 2009. Cavern II provides an additional 7.8 Bcf of working gas capacity at the Port Barre Facility.

The Bobcat Project offers customers premier interconnections with five interstate pipelines including Texas Eastern Transmission, L.P., Transcontinental Gas Pipeline Company, Florida Gas Transmission, Gulf South Pipeline and ANR Pipeline.

Bobcat offers customers both firm storage services and hub services under its FERC-approved tariff and market-based rates.

Bobcat is being developed by Port Barre Investments, LLC, which is owned by members of management, Haddington Energy Partners III LP, a private equity fund managed by Haddington Ventures, LLC and GE Energy Financial Services, the energy investing unit of GE (GE: NYSE).

MAGNUM GAS STORAGE ANNOUNCES A NON-BINDING OPEN SEASON FOR THE FIRST HIGH-DELIVERABILITY SALT CAVERN NATURAL GAS STORAGE FACILITY IN THE WESTERN U.S.

noemail@hvllc.com — Wed, 10 Jun 2009 19:00:00 GMT

Salt Lake City, Utah (June 10, 2009) — Magnum Gas Storage, LLC, announced today the start of a non-binding Open Season for its Magnum Gas Storage Project—the first large-scale, high-deliverability, multi-cycle salt cavern natural gas storage facility to be developed in the Western United States. This non-binding Open Season will extend through 5:00 p.m., Mountain Daylight Time, on July 31, 2009. The Project is located in central Utah near the town of Delta in Millard County and will offer customers highly customizable natural gas storage services that help balance the fluctuations of supply and demand. These services are ideally suited to meeting the needs of natural gas-fired electric power generation loads, natural gas distribution companies, gas producers and gas marketers in the Rocky Mountain Region, as well as other markets in the Western U.S. that require the flexibility and performance that high-deliverability natural gas storage can provide. ...

BOBCAT GAS' SALT CAVERN BEGINS NATURAL GAS STORAGE IN LOUISIANA, OWNERS GE AND HADDINGTON ANNOUNCE

noemail@hvllc.com — Wed, 12 Nov 2008 15:00:00 GMT

PORT BARRE, LA, November 12, 2008 – Bobcat Gas Storage, its owners Haddington Energy Partners III LP and GE Energy Financial Services, announced today they have introduced one of the newest natural gas storage facilities in the United States. The first cavern, which has completed its first week of successful commercial operations, is fully subscribed with customers. A second cavern is expected to be completed in the third quarter of 2009. After nearly three years of planning, permitting, construction and receipt of final permits from the state and federal agencies for the project 1.5 miles southeast of Port Barre in south-central Louisiana, Bobcat Gas Storage began providing storage services to its customers on Nov. 1. Bobcat’s initial capacity is nearly 5.4 billion cubic feet of working gas (bcfw), which is planned to be increased to 10.3 bcfw by the third quarter of 2009 with the in-service of cavern 2, which is currently under construction, and fully built-out to 15.6 bcfw by...

Endicott Biofuels and Davy Process Technology Partner to Build Next Generation Biodiesel Facilities

noemail@hvllc.com — Wed, 04 Jun 2008 20:00:00 GMT

ENDICOTT BIOFUELS, LLC AND DAVY PROCESS TECHNOLOGY LTD ENTER INTO A TECHNICAL COLLABORATION TO BUILD NEXT GENERATION BIODIESEL FACILITIES IN THE U.S. London and Houston – (June 5, 2008) – Endicott Biofuels, LLC (EBF) and Davy Process Technology Limited (DPT), a Johnson Matthey company, announced today that the two companies have entered into a long-term, multi-plant, technical collaboration to develop the next generation of biodiesel facilities in the United States. Under the agreement, EBF will be licensed to use DPT’s esterification technology in North America for a class of biodiesel plants that will be feedstock flexible, using non-food feedstocks, such as non-edible agricultural process waste products. The agreement provides for multiple plants and the sharing of intellectual property developed from the technical collaboration. EBF is currently developing its first facility, a state-of-the-art plant to produce 100,000 metric tons per year (30 million gallons) of fatty...

Advisory Board

Tue, 02 Feb 2010 20:38:25 GMT

Haddington’s Advisory Board helps identify macro trends within the domestic energy industry, assists Haddington in conducting due diligence on specific investment opportunities, recommends potential senior management personnel for portfolio companies, and occasionally sources potential transactions for the Haddington funds. Some Advisory Board members also have played a more active role with Haddington portfolio companies by advising portfolio company management teams on corporate strategies and other matters. Ronald H. Benson Mr. Benson is a highly skilled and accomplished executive with over 35 years in the upstream, downstream, oil and gas trading operations, and business development, with Marathon Oil Co, Phibro Energy Inc, and TPC Corporation. Mr. Benson was responsible for Phibro's 50% interest in the White Nights Joint Enterprise in Western Siberia, the first oil and gas drilling and production joint venture in the former Soviet Union. Mr. Benson is presently on the...

David R. Marchese

Tue, 17 Nov 2009 20:03:31 GMT

Mr. Marchese joined Haddington in June 2006 as a Vice President, assisting with deal sourcing, transactional work, and portfolio company management. Previously Dave was a managing partner at Eschelon Energy Partners, a Houston based private equity fund targeting investments across the energy value chain.

At Eschelon Energy Partners, Dave developed bids and financing plans for several asset acquisitions and business plans. Projects included power generation, natural gas storage, natural gas distribution, in-plant specialty services, and pipeline maintenance and construction. In addition, Dave led many of Eschelon’s institutional investor relations and marketing efforts. As part of the development of Eschelon’s Private Placement Memorandum, Dave developed Eschelon’s market analysis and supply and demand curves. During that time, Dave also worked as a consultant for Eschelon Advisors, including assessment of private equity investment opportunities for family office investors and technical consulting for sell-side equity research firms.

Prior to co-founding Eschelon, Dave was with Reliant Energy’s $125 million private equity and venture capital arm. While at Reliant Dave was also the lead manager in the divestiture of two subsidiaries and a manager in Reliant Energy’s Market Based Structuring Group. In Structuring, Dave was responsible for pricing full requirements energy transactions, swaps, options and tolling agreements on coal, oil, natural gas, and dual fuel power plants in the US. During his career at Reliant he worked in all of the deregulated Eastern US power markets. Additionally, he followed green requirements markets, emissions markets, and transportation and delivery costs for fuel oil and gas.

Before earning his Masters of Business Administration at Vanderbilt University, Dave worked in the engineering and construction of petrochemical facilities as a Chief Field Engineer with Jacobs Engineering, a worldwide leader in providing services to the entire energy value chain. He also holds a Bachelors of Engineering from Vanderbilt University.

James K. Lam

Tue, 17 Nov 2009 20:03:09 GMT

Mr. Lam is a Vice President of Haddington Ventures LLC, a midstream energy private equity fund. Mr. Lam has been with Haddington since 2001, working on various acquisitions and greenfield developments involving gas storage, compressed air energy storage (“CAES”), and gas gathering, processing, treating and transportation opportunities. Mr. Lam’s responsibilities at Haddington range from deal sourcing, transactional due diligence, financings, portfolio company oversight, and investment monetization strategies.

Prior to Haddington, Mr. Lam worked for a combined five years as a sell-side natural gas equity research analyst for Jefferies & Company and Merrill Lynch, maintaining comprehensive research coverage on energy merchant conglomerates, integrated natural gas companies, natural gas local distribution companies, natural gas gatherers and processors, and pipeline master limited partnerships. Mr. Lam was an Assistant Vice President at Merrill Lynch and an Analyst at Jefferies & Co.

Mr. Lam has a BBA in finance from the University of Houston.

Active Investments

Tue, 17 Nov 2009 17:27:59 GMT

CAES Development Company - Electric Storage / Power Gen

Endicott Biofuels, LLC - Biodiesel Production

Gulf Coast LNG, LP - LNG Re-gasification

IACX Energy, LLC - Nitrogen Rejection and Gas Gathering

Magnum Energy, LLC - Gas Storage

Port Barre Investments, LLC - Gas Storage

Tristream Energy, LLC - Gas & Oil Gathering, Processing, and Transport

Magnum Energy, LLC

Tue, 17 Nov 2009 17:17:27 GMT

Investment Entity: Magnum Energy, LLC
Geography: Utah
Sector: Gas Storage
Investment Fund: Fund III
Initial Investment: January 2008

Additional information can be found on the company’s website at http://www.westernenergyhub.com.

Endicott Biofuels, LLC

Wed, 16 Jul 2008 20:25:08 GMT

Investment Entity: Endicott Biofuels, LLC Geography: Louisiana Sector: Alternative Energy Investment Fund: Fund III Initial Investment: June 2007 In December 2007, the Energy Independence and Security Act of 2007 was signed into law, creating a renewable fuels mandate of 36 billion gallons by 2022. With oil prices trending higher, the economic incentives are strong to find new sources of domestic renewable energy, which reduce dependency on foreign oil and reduce the U.S. carbon footprint. With an energy balance much more favorable than that of ethanol, Haddington views biodiesel as an attractive long term component of the U.S. domestic fuel industry. Endicott is engaged in building a world class manufacturing enterprise and plans are underway to build, construct, and operate multiple biodiesel plants throughout the United States. After an extensive review of available technology and taking into account the feedstock preferences and potential overbuilding of the current...

Proven Track Record

Wed, 27 Feb 2008 17:22:28 GMT

In total, the Principals have over 100 years of combined experience in the midstream energy sector. The Principals believe their experience represents a significant competitive advantage relative to many of their competitors and enables them to pursue a much broader set of opportunities within the midstream sector. In particular, the Principals believe they are well positioned either to buy or build midstream assets. It is important to note that this buy and/or build strategy is very consistent with their historical experience. The TPC Principals, J. Chris Jones, and John A. Strom, completed over $175 million of midstream acquisitions and developed another $226 million of midstream assets. The TPC Principals generated a 65% IRR and a 5.9x multiple of investment to the original venture capital investors and an average 34.0% IRR across all rounds of equity raised by TPC in its 13 year operating history.

Haddington Ventures Team

Wed, 27 Feb 2008 17:18:05 GMT

Haddington is unique in that it is the only midstream energy fund in which all principals have substantial direct operating experience. The Haddington principals, J. Chris Jones, M. Scott Jones, John A. Strom and Jim P. Wise (collectively, the Principals), have over 100 years of combined experience in the midstream energy sector. The Principals bring complementary disciplines to the Fund, including engineering, managerial, marketing, corporate finance, accounting and legal expertise, and collectively possess a comprehensive understanding of the landscape of U.S. midstream assets, as well as sector trends, key technologies and regulatory issues. The Principals believe their experience represents a significant competitive advantage relative to many of their competitors and enables them to pursue a much broader set of opportunities within the midstream sector. In managing the Fund, the Principals will target situations in which they can use their operating experience to purchase smaller,...

Sam H. Pyne

Wed, 27 Feb 2008 17:05:20 GMT

Sam H. Pyne - joined Haddington in January 2007 as an Associate, to assist with the evaluation and execution of new investment opportunities, macro level industry analysis, and ongoing portfolio company initiatives.

Prior to joining Haddington, Sam worked as an associate analyst at Howard Weil, Inc where he performed in-depth industry and company analysis across the midstream, MLP, and power sectors. Prior to Howard Weil, Sam worked in several engineering and operational roles. From 1996 until 1999, Sam worked as a process engineer at a Lyondell petrochemical facility. In 1999, Sam co-founded an Internet technology company and successfully sold the company in mid-2000. In 2001, Sam helped found another ongoing venture funded startup where he worked until 2003.

Sam is a Summa Cum Laude graduate from Tufts University in 1996 with a BA in Quantitative Economics and a BS in Chemical Engineering. In 2005, Sam earned his MBA from Rice University.

Tristream Energy, LLC

Fri, 11 May 2007 22:07:59 GMT

Investment Entity: Tristream Energy, LLC Geography: Lower 48 States Sector: Gas & Oil Gathering, Processing, and Transport Investment Fund: Fund III Initial Investment: January 2007 Haddington is pleased to be the sponsor of Tristream Energy, LLC. Haddington has agreed to provide capital to Tristream to fund the acquisition and/or construction of gathering, processing, treating and other midstream energy infrastructure assets in the lower 48 states. The management team consists of Ken Purgason, Tony Catalano and Mike Urban, previously of Sago Energy, a highly successfully Fund I and Fund II portfolio company. Haddington has a long track record of creating value with the Tristream principals, and look forward to continuing this relationship in Fund III. Haddington believes Tristream is unique in that they are a producer focused midstream company that’s capable in executing on both greenfield developments and acquisitions. They have managed small and large scale gas...