Porter Hedges Represents Azure Midstream Energy in its Sale to Clearfork Midstream, Backed by EnCap Flatrock Midstream
Porter Hedges represented Azure Midstream Energy (“Azure”) in its sale to Clearfork Midstream LLC (“Clearfork”). Clearfork is a portfolio company of EnCap Flatrock Midstream.
Azure’s natural gas gathering and treating platform spans the core areas of the Haynesville Shale formation. Clearfork plans to invest additional capital following the acquisition to optimize the efficiency of Azure’s systems in support of existing customers and to pursue additional acreage dedications, throughput volumes, and regional infrastructure.
Azure Midstream Energy, a portfolio company of Energy Spectrum Capital, includes more than 500 miles of pipeline and 1.2 billion cubic feet per day of treating capacity across systems in North Louisiana and East Texas. Azure was founded in 2012 by veteran industry professional, I.J. “Chip” Berthelot, II, who brings a two-decade record of successful deals with over $2 billion in assets transacted. Berthelot successfully founded, financed, developed, operated, and sold multiple natural gas midstream companies, including Laser Midstream Company, Laser Northeast Gathering Company, and now Azure Midstream.
Clearfork Midstream LLC is a growth-oriented midstream company that provides midstream solutions for oil and gas producers in basins across North America.
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors.
For additional details, see the Azure press release here.