The Crosstex Energy companies announced that the corporation has agreed to invest approximately $25 million in a third natural gas compression and condensate stabilization facility in the Ohio River Valley. The corporation will make the investment in E2, a company formed in March 2013 with the former management of Enerven Compression Services to provide services for producers in the liquids-rich window of the Utica shale play. The corporation’s initial investment commitment in E2 of approximately $50 million is funding the construction of two similar facilities. The E2 investment complements the partnership’s assets in the Ohio River Valley, which encompass crude oil, condensate and logistics operations in the Utica and Marcellus shale plays.
E2 will build, own, manage and operate all three compressor station and condensate stabilization assets in Noble and Monroe counties in the southern portion of the Utica shale play in Ohio. The counties are located immediately east of the partnership’s assets in the Ohio River Valley. The new facility is expected to have compression capacity of 100 million cubic feet (MMcf) of gas per day and condensate stabilization capacity of 5,000 barrels (bbl.) per day, which brings the total expected capacity for the three facilities to 300 MMcf per day of compression and 12,000 bbl. per day of condensate stabilization. The three facilities are supported by long-term, fee-based contracts with Antero Resources, an exploration and production company operating in the region. It is expected that commercial start-up of the new station will begin in the fourth quarter of 2013.
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