Author: scottc

Dallas, TX, June 30, 2021 – Cresta Fund Management (“Cresta”) and LF Bioenergy (“LF”), an experienced team with renewable natural gas (“RNG”) experience and extensive agriculture industry relationships, have aligned to develop, own and operate RNG production facilities serving industry sectors requiring organic waste management.  LF’s RNG facilities will reduce greenhouse gas emissions and help U.S. farmers and industrial and food processing companies mitigate their organic waste management challenges, and achieve their carbon emission reduction objectives. RNG facilities have a particularly valuable greenhouse gas mitigation role, as they capture and re-direct methane emissions, which are 25-30x more damaging than carbon dioxide emissions.

The LF team intends to leverage its deep experience in the oil, gas, renewable energy and animal agricultural industries, along with Cresta’s renewable fuels market knowledge, to develop industry-best RNG production facilities serving the agricultural and food sectors.  Brent Lilienthal, CEO of LF Bioenergy, stated, “We are excited to partner with Cresta, as currently there are a limited number of sophisticated asset developers and operators in the RNG sector, and we intend to capitalize on that.”

LF will initially endeavor to work with U.S. farmers in the dairy sector with long-term partnerships to upgrade waste management practices. Mr. Lilienthal commented, “LF provides turn-key RNG solutions tailored for site specific design, safety and operational excellence that allows our farmer partners to greatly enhance long-term operational profitability and environmental stewardship. When a farmer partners with LF Bioenergy, we roll up our sleeves together to find the optimum design for each unique farm’s needs.”

Cresta’s Managing Partner, Chris Rozzell, said “We look forward to working with LF Bioenergy, a best-in-class developer and operator of RNG assets.  This partnership represents an opportunity for Cresta to invest in infrastructure that produces and delivers renewable fuels that are a drop-in replacement of conventional fuels and help decarbonize the agriculture sector, which was responsible for ~10% of all U.S. greenhouse gas-equivalent emissions in 2018.”

Inquiries can be directed to Brian Flis at LF Bioenergy, bflis@lfbioenergy.com or Cyn French, cfrench@lfbioenergy.com

Cresta is a growth-oriented private equity firm that invests in sustainable and conventional energy and industrial infrastructure. Founded in 2016 and headquartered in Dallas, Texas, Cresta Management’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations. For more information, please visit: www.crestafunds.com.

LF Bioenergy (“LF”) is an RNG development and operating company founded by a management team with experience in the oil, gas, renewable energy and animal agriculture industries. LF partners with industry leading technology providers to tailor RNG infrastructure solutions that allow their partners to improve profitability and reduce greenhouse gas emissions.

Richardson, Texas – November 30, 2020 – Sentinel Midstream LLC, through its subsidiary Texas GulfLink, LLC, announced today that the United States Coast Guard and United States Maritime Administration have released Texas GulfLink’s Draft Environmental Impact Statement (“DEIS”).  This is a critical step in the regulatory process toward receiving a license to operate a deepwater port.   Texas GulfLink is a planned deepwater crude oil export facility, to be located off the coast of Freeport, Texas, that will be capable of fully loading Very Large Crude Carrier (“VLCC”) tankers.

“The Texas GulfLink team has been actively working with the United States Maritime Administration and the United States Coast Guard to timely address questions and provide additional information relevant to the DEIS.  We are pleased with the release of the DEIS, which represents a major milestone in our goal of obtaining a deepwater port license. Recognizing these are challenging times for the energy industry, we strongly believe that the energy market will recover as global demand stabilizes and that Texas GulfLink will be uniquely positioned to benefit from this recovery. It will address the current VLCC loading limitations off the Texas coast by offering a more safe, reliable, and economic crude oil movement solution,” said Sentinel Midstream President and CEO Jeff Ballard.  “We believe Texas GulfLink is the infrastructure that is needed for the US to link domestic crude oil supply with global markets, especially through chartered VLCCs bound for Asia.”

“In addition,” Ballard continued, “Texas GulfLink will allow for more efficient loading of VLCC’s, which will significantly reduce overall emissions, including carbon and other greenhouse gases, by approximately 80% when compared to the cumulative effects of reverse lightering, the current ship-to-ship transfer practice off the Texas Coast.”  “Another advantage for Texas GulfLink,” Ballard added, “is that it will reduce congestion in shore-based ports, delivering additional environmental and safety benefits.  All of these factors lead us to believe that Texas GulfLink will be a major step forward for US crude oil exports and a driving factor toward a low-carbon emissions future.”

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the crude oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive up to two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed with safety in mind, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude oil tankers.

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminalling.  Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials. For more information, please visit www.sentinelmidstream.com and www.texasgulflink.com.

Phone:  214.613.3493 and email: info@sentinelmidstream.com

Texas GulfLink Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com

Houston, Oct. 01, 2020 (GLOBE NEWSWIRE) — Blackbuck Resources LLC (“BBR”), which designs, builds and operates water infrastructure, announced it has closed on a transaction to purchase Cimarex Energy Co.’s (“Cimarex”) Whites City water infrastructure in Eddy County, New Mexico. The acquired assets include approximately 65 miles of pipeline and 100,000 barrels per day of installed and permitted disposal capacity. As part of the sale, Cimarex has agreed to a 15-year acreage dedication in the Whites City area, which encompasses more than 40,000 acres, for the gathering, disposal and recycling of its produced water.

“This investment represents another significant milestone for Blackbuck, further validating our unique value proposition and industry-leading platform,” said Justin Love, CEO of Blackbuck Resources. “We are excited to establish long-term alignment with Cimarex, a company which continues to demonstrate and build on its strong reputation as a thought leader in our industry. This acquisition will significantly grow our Delaware Basin platform and overall footprint, further enhancing Blackbuck’s ability to provide our customers economic and reliable water management solutions.”

Kirkland & Ellis LLP served as legal advisers to BBR on the transaction.

About Blackbuck Resources

Based in Houston and Midland, BBR designs, builds, and operates water infrastructure and provides services for the oil and gas industry, with a primary focus on the Permian Basin. The team is comprised of professionals with experience in water disposal and treatment, pipeline management and oil and gas operations. BBR is backed by private equity sponsor Cresta Funds Management. For more information, visit www.blackbuckresources.com.

About Cimarex Energy Co.

Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S.

About Cresta Fund Management

BBR is a portfolio company of Cresta Fund Management (“Cresta”), a middle-market focused infrastructure firm with a conservative, value-added approach to investing in hard assets that transport, store, process or sequester basic materials. Founded in 2016 and headquartered in Dallas, Texas, Cresta’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations.

Dallas, Texas – January 22, 2020 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced its alignment with Freepoint Commodities LLC (“Freepoint”) in furtherance of the construction, operation, and utilization of Texas GulfLink.   Texas GulfLink is a deepwater crude oil export facility that will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed around safety, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“We are pleased with the additional level of commercial support that Freepoint’s involvement will provide to Texas GulfLink.  As the project continues to move forward with the deepwater crude oil license application process, Sentinel is excited that Freepoint has chosen to align with Texas GulfLink and will utilize their substantial global and commercial resources to create value for their customers,” said Sentinel Midstream President and CEO, Jeff Ballard.  “Through their Asian market focus, Freepoint will lead efforts to meet the growing demand from Asian refineries for US produced crude oil.”

“Freepoint recognizes the significant experience that the Texas GulfLink team has in deepwater port projects and the team’s ability to construct and operate to the highest standards,” said Freepoint CEO David Messer.  “The Texas GulfLink project will help meet the demands our customers have to reliably source US crude oil through a neutral infrastructure export option.”

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

Phone:  214.613.3493 and email:  info@sentinelmidstream.com

About Freepoint Commodities
Freepoint Commodities is a leading global commodities merchant with presence in North America, Europe and Asia. The company provides trading, financing, and logistics solutions and services across a wide range of commodity markets, leveraging its expertise in global infrastructure and supply chains, and strong legacy in merchant energy and metals. Freepoint is headquartered in Stamford, CT and has over 430 employees worldwide. For more information, please visit:  www.freepoint.com

Phone: 203.542.6000

Freepoint Media Contact
Serra Saridereli
RF|Binder
212.994.7561
serra.saridereli@rfbinder.com

Texas GulfLink Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com

Dallas, Texas – June 3, 2019 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced that on May 30, it submitted a license application with the U.S. Maritime Administration (MARAD) to construct and operate a deepwater crude oil export facility. The port will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast. From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour. The offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“With the submission of the license application to MARAD, Texas GulfLink has completed a major milestone towards receiving approval to construct and operate a deepwater crude oil export facility. As the neutral infrastructure export solution for shippers, Texas GulfLink will provide a necessary crude oil export outlet for the expected increase in U.S. crude oil production,” said Sentinel Midstream President and CEO, Jeff Ballard. “Texas GulfLink will utilize its team’s significant deepwater port experience and expertise to construct and operate with the highest commitment to safety, reliability, and environmental standards.”

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “We are pleased with the commercial support Texas GulfLink has received and the continued strong interest from shippers who recognize the need for additional export capacity. By reducing capacity constraints in Gulf Coast ports and creating an economic oil export outlet, Texas GulfLink will allow U.S oil producers to continue to develop and increase U.S. oil production without potential production curtailments due to lack of export capacity.”

Abadie-Williams served as the primary engineering and regulatory consultant and Kean Miller LLP served as the lead legal advisor on behalf of Texas GulfLink.

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful

track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestafunds.com

Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com

Sentinel Midstream, Dallas, has reported plans to development Texas GulfLink, a proposed deepwater crude oil export terminal near Freeport, Tex. The completed facility will be capable of fully loading very large crude carrier vessels.

Texas GulfLink will include an onshore terminal with as much as 18 million bbl of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two catenary anchor leg mooring single-point mooring buoys.

Projected export loading rates will be as much as 85,000 bbl/hr, with a nominal capacity of 1.2 million b/d over the course of a year.

“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast,” said Jeff Ballard, Sentinel Midstream president and chief executive officer. “We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators.”

Over the past year, Sentinel Midstream developed Texas GulfLink in conjunction with multiple stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the US Maritime Administration.