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Private-equity-backed Canyon Midstream II to boost Okla. gas processing capacity

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Private-equity-backed Canyon Midstream II to boost Okla. gas processing capacity

Canyon Midstream Partners II LLC plans to expand its newly built cryogenic gas processing facility serving the STACK play of Oklahoma to increase its processing capacity by 20%, to 240 MMcf/d, in support of growing volumes in the production area.

Canyon Midstream II's Redcliff Midstream LLC processing plant in Woodward County, Okla., receives gas supplies for processing from more than 180 miles of gathering pipelines and five field compressor stations in Woodward, Dewey, Blaine and Canadian counties in Oklahoma. The expansion project is scheduled for completion in the second quarter, according to a Jan. 8 news release.

To carry out the expansion, Canyon Midstream II said Redcliff Midstream's revolving credit facility was increased to $100 million from $70 million. The creditors include Wells Fargo Bank NA as administrative agent, Zions Bancorporation NA division Amegy Bank and Capital One NA.

Canyon Midstream II has $200 million worth of equity commitments from Kayne Anderson Capital Advisors LP's Kayne Anderson Energy Fund VII LP and its management team.