Meritage Midstream Services III LP received up to $300 million in equity commitments from funds managed by private-equity firm Riverstone Holdings LLC, the company said April 10.
Riverstone Global Energy and Power Fund VI committed $67 million, and Riverstone Energy Ltd. committed $33 million, the company added.
Meritage Midstream Services III focuses on western Canadian emerging resource plays. It is led by Steven B. Huckaby, chairman and CEO, and Nicholas O. Thomas, president. They have established and led midstream entities, including Meritage Midstream Services II LLC ("Meritage II"), an existing Riverstone Global Energy and Power Fund V investment.
Meritage II provides midstream services in the Powder River Basin.
"We are excited to expand our relationship with Riverstone and look forward to developing another midstream company together," said Huckaby. "We plan to continue our long-standing tradition of building strong, strategic partnerships with oil and gas producers. Our goal is to create a leading Western Canada-focused midstream company that provides the flexibility and optionality producers need to bring their hydrocarbon products from the wellhead to the most profitable markets."
Huckaby is also chairman and CEO of Meritage II.
Riverstone Holdings LLC is based in New York.
Meritage Midstream Services III LP is based in Denver.
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