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Ares Management acquires Paradigm Energy Partners to expand Bakken operations

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Ares Management acquires Paradigm Energy Partners to expand Bakken operations

Funds managed by Ares Management LP's power and infrastructure strategy arm Ares EIF Management LLC acquired "substantially all" the assets of Paradigm Energy Partners LLC from an affiliate of Stonepeak Infrastructure Partners, expanding Ares' midstream footprint in the Bakken Shale.

Ares EIF plans to merge its Van Hook gathering system with adjacent Paradigm assets to create a midstream platform in the Williston Basin of North Dakota. Another Paradigm gathering system would give Ares EIF an extended reach in the Eagle Ford Shale of south Texas, according to a Sept. 6 news release. The combined entity will retain the name Paradigm and will be staffed by Paradigm's existing management team and employees.

The Paradigm assets are two oil and natural gas gathering systems in North Dakota and one in south Texas; joint venture interests in Sacagawea Pipeline Co. LLC, which Paradigm co-owned with Phillips 66 Partners LP; and logistics assets in North Dakota.

The combined entity is expected to move about 50,000 barrels of oil and 23 MMcf/d of gas from 11 contracted customers in North Dakota and Texas by the end of 2018.