3Bear Energy Launches Open Season for New Gathering and Transportation System in the Northern Delaware Basin


DENVER, Dec. 18, 2018 (GLOBE NEWSWIRE) -- 3 Bear Energy, LLC, announced today that its subsidiary, 3 Bear Delaware Operating–NM, LLC (collectively “3Bear”) has launched a binding open season (“Open Season”) to obtain volume commitments and/or acreage dedications to support construction of a new crude oil gathering and transportation system (the “Dark Canyon System”) that will gather crude oil from origination points in Eddy County, New Mexico and deliver such crude oil to destination points within Eddy County, New Mexico. The Open Season begins today, December 18, 2018 at 1:30 p.m. MDT and will run for at least thirty (30) days.  3Bear will provide all potential shippers with advance notice of the specific date on which the Open Season will conclude at least fourteen (14) days prior to such date.

The Dark Canyon System is supported by at least one shipper that is willing to make a long-term acreage dedication.  The Dark Canyon System will initially consist of 40 miles of varying pipe sizes up to 12 inches, with sufficient capacity to support shippers’ requirements. The Dark Canyon System’s primary terminal is located southeast of Carlsbad, New Mexico, at which point shippers will have the ability to deliver crude oil to interconnecting facilities for further transportation to multiple downstream markets.

The binding Open Season process provides potential shippers with the opportunity to make acreage dedications to the Dark Canyon System and execute long-term transportation contracts with 3Bear.  Shippers electing to do so will receive firm transportation service on the Dark Canyon System, meaning service that is not subject to prorationing during normal operating conditions.

“The Dark Canyon System represents 3Bear’s growth into Eddy County and we are excited to serve our Permian Basin producers with this new crude oil offering.  Combined with our water gathering and recycling system in the area, we are able to provide significant midstream support to our growing E&P industry partners over the years to come,” said Bob Clark, Chairman of 3Bear.

The Dark Canyon System is expected to be fully operational by mid-summer.  It is 3Bear’s intent to develop the Dark Canyon System in such a manner as to be able to accept all requests for service in accordance with the terms of the Open Season.

A complete description and additional details regarding the Dark Canyon System, including the Open Season procedures, are available by contacting Chief Commercial Officer, David Lytle at (303) 862-3968 or DLytle@3BearLLC.com.

About 3 Bear Energy, LLC

3 Bear Energy, LLC is a Denver based, privately held, full-service midstream energy company specializing in greenfield project development with more than 200 years of collective experience and a proven track record of innovative, cost-effective solutions for crude oil, produced water, and natural gas infrastructure. With backing from long-term partner GSO Capital Partners LP, 3Bear is well capitalized and positioned for growth. 3Bear is focused on developing midstream infrastructure for Permian Producers. For more information visit http://3bearllc.com/about/.

Contact:

David Lytle
3 Bear Energy, LLC
(303) 862-3968
DLytle@3BearLLC.com