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    Oryx enters Permian with $300M equity commitment

    Oryx Midstream Services LLC

    Oryx Midstream Services LLC has received an equity commitment totaling up to $300 million from Quantum Energy Partners, Post Oak Energy Capital, Wells Fargo Energy Capital, Oryx management, and other private investors. Oryx will pursue midstream opportunities in the Permian Basin, focusing initially on the Delaware Basin in Texas and New Mexico.

    Oryx has signed long-term, fee-based contracts with three exploration and production companies — one large, publicly traded independent company and two private Midland-based companies — to support their active drilling programs in the northern Delaware Basin. The three companies have dedicated to Oryx production from wells drilled within an area encompassing approximately 340,000 acres in Lea County, New Mexico.

    To accommodate production from the dedicated acreage, Oryx plans to initially construct up to 60 miles of rich-gas-gathering pipeline and up to 80 miles of crude-oil-gathering pipeline. Construction is expected to begin this month and will be conducted in phases based on customer needs.

    The pipeline systems will provide customers with an integrated gathering service and will serve production from multiple formations including the Second Bone Spring, Third Bone Spring, Avalon/Leonard, and Wolfcamp shales. Oryx also plans to pursue third-party volumes inside the acreage dedication area and more broadly across the basin.

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