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Oaktree-backed midstream firm inks gas gathering, processing deal in Louisiana

Private equity-backed Black Bear Midstream struck a seven-year natural gas gathering and processing deal with an unnamed Cotton Valley producer in DeSoto and Caddo parishes in Louisiana.

Supporting the agreement is the construction of about 20 miles of 16-inch, rich gas gathering pipeline west of Black Bear's cryogenic processing facility in DeSoto Parish, according to an Aug. 6 news release. The project also intends to support other producers on both sides of the Louisiana and Texas border.

"We continue to execute on our strategy to provide both lean and rich gas gathering services in support of our customers drilling both Haynesville and Cotton Valley formations in North Louisiana," Black Bear President and CEO Rich DiMichele said in the release.

Black Bear Midstream, whose assets serve producers in the Cotton Valley and Haynesville formations, is a portfolio company of funds managed by investment manager Oaktree Capital Management LP.