TEAK Midstream, LLC announced Oct. 20 that it has secured a $100 million private equity investment from Natural Gas Partners (NGP), a leading energy private equity firm based in Irving, Texas.
TEAK, a Dallas-based midstream start-up, will use the private equity investment to acquire and develop midstream assets in key gas producing areas of the United States.
TEAK Midstream is led by A. Chris Aulds and James R. Wales. Prior to starting TEAK, they were two of the original three founders of Crosstex Energy, Inc. (NASDAQ symbol: XTXI) where they were instrumental in growing the company from a $4 million start-up in 1996 to a $3 billion publicly traded company at the time of their departure in 2007.
Through strategic acquisitions and greenfield projects, TEAK plans to provide midstream services including gathering, transmission, treating, processing, compression, marketing and price risk management. The company will initially focus on gas production areas in Texas, Louisiana, Oklahoma and Mississippi.