Approach Divests Stake In Southern Midland Basin Oil Pipeline

November 2013, Vol. 240 No. 11

Approach Resources, with its partner in Wildcat Permian Services LLC, entered into an Equity Purchase Agreement with affiliates of JP Energy Development LP, in which JP Energy will acquire all of the equity interests in Wildcat.

Wildcat owns and operates an oil pipeline system consisting of 50 miles of high-pressure pipeline in Crockett and Reagan counties, TX with throughput capacity of 100,000 bpd, truck terminal and LACT bay facilities, multiple receipt points and 40,000 bbls of crude oil storage. JP Energy and Approach will enter into a revised crude oil purchase agreement under which JP Energy will purchase and transport the company’s crude oil production from Crockett and Schleicher counties, TX.