Sugar Land, Texas (February 13, 2007) – Haddington Ventures, L.L.C and Tristream Energy, LLC announced today that Haddington Ventures has made a majority equity investment in Tristream to fund its growth in the midstream energy sector. Tristream Energy develops, acquires and operates midstream infrastructure downstream of producer facilities in major U.S. producing basins.
Tristream management is experienced in the full range of midstream operations including onshore and offshore gathering, conventional/non-conventional gas, nitrogen rejection, compression, hydrocarbon or acid gas reinjection, gas treating, processing, product fractionation and storage.
Tristream Energy is led by Ken Purgason, President and CEO, Tony Catalano, Executive Vice President and COO and Mike Urban, CFO. These experienced energy executives were most recently associated with the highly successful Sago Energy, LP, a midstream energy company also backed by Haddington Ventures. In 1998, Messrs. Purgason and Catalano co-founded Sago Energy, which ultimately grew to own and operate more than 2,400 miles of gathering and transmission lines and associated processing, fractionation and treating assets in Texas and Louisiana. Mr. Urban was Sago’s Chief Financial Officer. Sago sold its Louisiana and Texas operating subsidiaries in 2004.
“Our renewed association with Haddington Ventures lays the groundwork for a repeat of the great success of Sago Energy,” said Mr. Purgason. “The Haddington Venture principals provide not only capital but, more importantly, key midstream energy expertise and understanding. Tristream Energy has the capital backing as well as the commercial, technical, and regulatory expertise to create more value for producers’ gas by providing additional sales outlets and moving stranded or shut in gas to the sales meter. Tristream can also buy producers’ midstream assets, such as gathering lines, pipelines and processing or treating plants. This can provide the producer with immediate cash for additional oil and gas reserve development or acquisition opportunities.”
Chris Jones, Managing Director of Haddington Ventures said, “We are excited about backing the Tristream management team in this new venture. They have a proven track record and expertise that will prove invaluable in today’s competitive, volatile energy landscape. We look forward to employing capital through Tristream Energy to pursue our common goals.” For more information about Tristream Energy, please visit our website at www.tristreamenergy.com.
Haddington Ventures, L.L.C. is a Houston-based private equity firm that provides capital to the energy industry, including midstream oil and natural gas companies and electric generation, transmission, and distribution companies, with a focus on natural gas storage, gathering and processing, and other midstream energy activities. Haddington has raised more than $320 million of capital since its formation in 1998. Among the participating investors in Haddington are large insurance companies, public and private pension groups, commercial banks and high net worth individuals. Haddington Energy Partners III LP is a private equity fund managed by Haddington. Additional information on Haddington Ventures is available at www.hvllc.com.
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