TULSA, Okla., July 21 /PRNewswire/ -- Velocity Midstream Partners, LLC (Velocity) finalized its acquisition of Berry Petroleum Company's (NYSE: BRY) midstream infrastructure in Harrison and Limestone counties, Texas. Velocity will provide Berry, and other producers near the systems, with high and low pressure gathering services. In addition to the acquisition of the systems serving the Cotton Valley production, Velocity has committed to build out infrastructure in both Harrison County and Limestone County concurrent with Berry's Haynesville and Bossier horizontal drilling plans.
"Velocity is extremely excited about the opportunity to provide the highest level of high and low pressure gas gathering services to Berry and other producers in these areas. This acquisition places Velocity in the center of two evolving horizontal plays, and we are optimistic regarding our growth and Berry's success based on previous well results from Devon, XTO, Penn Virginia and GMX," said Rick Wilkerson, Velocity's President. "Velocity will be actively working with other strategic producers interested in monetizing and expanding their gathering systems or in having Velocity build and operate new infrastructure to serve their development plans."
Additional information on Velocity can be found at: http://www.velocitymidstream.com
Velocity Midstream Partners, formed in October 2008 and backed by Energy Spectrum Capital, is executing on a strategy of acquiring and building midstream infrastructure in developing areas of East Texas and Northern Louisiana. Velocity is comprised of an experienced management team combining capital with system design, construction, and operations expertise. The Management Team and Owners of Velocity are: Richard Wilkerson - President, Mark Ward - COO and Michael Parker - CFO.
SOURCE Velocity Midstream Partners, LLC