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Cardinal Midstream establishes new company with $250M equity from EnCap Flatrock

Cardinal Midstream LLC formed a new midstream acquisition and development company called Cardinal Midstream III LLC with a $250 million equity commitment from EnCap Flatrock Midstream.

Cardinal III would focus on midstream opportunities in both conventional and unconventional North American resource plays, supporting Dallas-based Cardinal Midstream's core businesses of natural gas and crude oil gathering, natural gas processing, centralized compression facilities, condensate stabilization, vapor recovery and natural gas treating, according to a May 31 news release.

Cardinal Midstream's senior leadership team is composed of Chairman and CEO Doug Dormer, President and CFO Tim Roberts, Executive Vice President and COO T.D. Baskin and Executive Vice President and Chief Commercial Officer Mark Ward. The team has handled over $1.3 billion in midstream assets for acquisition, development and operation.

Mack Matheson & Marchesoni PLLC acted as the legal adviser for Cardinal Midstream, while Thompson & Knight LLP served as EnCap Flatrock Midstream's legal adviser.