Cureton Midstream Acquires Gilcrest System from Aka Energy Group
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Cureton Midstream has acquired the Gilcrest System from Aka Energy Group in the Denver-Julesburg Basin on February 1, 2022. Terms of the transaction were not disclosed.
The Gilcrest System features more than 38 MMcf/d of processing capacity, over 100 miles of low and high-pressure gathering pipeline, and long-term acreage dedications in the core of the DJ Basin. With the acquisition, Cureton now owns and operates more than 100 MMcf/d of processing capacity, approximately 45,000 HP of field compression, and has over 225,000 acres dedicated under long-term agreements with numerous high-quality public and private operators.
The acquisition also provides access to strategic connections, creating a capital efficient avenue for Cureton to connect its growing production base to substantial unutilized processing capacity. In particular, the pro forma company’s more than 100 miles of high pressure trunkline connects the fast growing Eastern and Northeastern flanks of the basin with its infrastructure-rich core.
“This is an exciting opportunity to strategically enhance our operations and footprint in the core of the DJ Basin with the highly complementary Gilcrest System,” said Charlie Beecherl, president and chief executive officer of Cureton Midstream.
“With this acquisition, we are uniquely suited to serve a growing base of customers and to continue to provide the quality of service that has distinguished Cureton in a competitive market. The Aka team has been great to work with and developed reliable assets with a stellar operations team,” added Beecherl.
About Cureton Midstream
Cureton is a Denver-based, growth-oriented midstream company focused on providing creative and transparent commercial solutions to oil & gas producers in the DJ Basin. Cureton was founded in 2016, and the management team brings substantial experience in engineering, constructing, and operating assets across the United States.Cureton Midstream is a portfolio company of Tailwater Capital.
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