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Ironwood II closes deal to acquire midstream assets in Texas

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Ironwood II closes deal to acquire midstream assets in Texas

Ironwood Midstream Energy Partners II LLC closed its acquisition of midstream assets in South Texas from Twin Eagle Gardendale Pipeline LLC.

The acquired assets comprise the Gardendale and Asherton crude oil gathering systems, which total about 150 miles of crude gathering pipelines with connections to long-haul pipelines, according to a Dec. 10 news release. The connections provide access to the U.S. Gulf Coast, Three Rivers and Houston markets. Interconnects include Plains All American Pipeline LP, Harvest Pipeline Co., NuStar Logistics LP and Epic Midstream Holdings LP's planned Epic crude oil pipeline.

The Gardendale and Asherton systems, which cross the Dimmitt and La Salle counties in Texas, are underpinned by long-term dedications of over 124,000 acres. The combined systems will be known as the Gardendale System, according to the release.

In addition, Ironwood II named Danny Rea, former Twin Eagle executive vice president and COO, its chief commercial officer and board member. Rea previously served as the vice president of midstream for oil and gas producer Anadarko Petroleum Corp.

Gibson Dunn & Crutcher LLP acted as legal adviser to Ironwood II for the acquisition.

Ironwood II provides midstream services to oil and gas producers across North America and is backed by a $400 million growth capital commitment from venture capital firm EnCap Flatrock Midstream. Twin Eagle Gardendale is a subsidiary of Twin Eagle Holdings NA LLC.