SOURCE: Hoover Energy Texas LLC

Hoover Energy Texas LLC

December 16, 2009 15:34 ET

Hoover Energy Texas LLC Acquires Permian Basin Assets

HOUSTON, TX--(Marketwire - December 16, 2009) - Hoover Energy Texas LLC, a wholly owned subsidiary of Houston based Hoover Energy Partners LP ("Hoover Energy") has finalized the purchase of the Mitchell-Gomez gathering and treating assets from a wholly owned subsidiary of Anadarko Petroleum Corporation effective October 1, 2009.

Hoover Energy's President, Randy Hoover, said, "Hoover Energy was formed in May of 2008. After evaluating many opportunities, it is gratifying to acquire such a quality set of assets. We have built a tremendous management team and are pleased to have employed the majority of the personnel who have historically operated these assets. Our combined expertise in the Permian Basin, strong cash flow and capital support from Energy Spectrum will offer us an excellent opportunity to both optimize our existing asset base and expand further into the Permian Basin."

The Mitchell-Gomez assets are located in Pecos County, Texas and include approximately 586 miles of 4" to 16" pipeline, 36,000 HP of compression and two treating facilities with a combined capacity of 350MMcfd. Services offered include wellhead gathering, compression, treating, and dehydration, with downstream intrastate market access via Oasis Pipeline and Enterprise Texas Pipeline.

Hoover Energy Partners LP is a limited partnership formed by Hoover Energy Partners LLC and Energy Spectrum Partners V LP. Energy Spectrum Partners V LP is a $600-million private equity fund providing growth capital to management teams seeking to build and acquire midstream assets in North America.

Hoover Energy's primary office is located at Three Allen Center, 333 Clay Street, Suite 3650, Houston, Texas 77002. To inquire about business opportunities with Hoover Energy, please contact Michael Forbau at 832-582-7200. Operational inquiries should be addressed to Ruben Chavarria at 432-336-5852 in Ft. Stockton, TX.

Contact Information

  • Contacts:
    Michael Forbau

    Ruben Chavarria