Paradigm Energy Partners, LLC Expands Asset Footprint with Crude Oil Gathering Agreement in Northern Mountrail County, North Dakota
Irving, Texas, March 8, 2016 – Paradigm Energy Partners, LLC (“Paradigm”, the “Company”) announced today that its wholly owned subsidiary, Paradigm Midstream Services – ND, LLC has finalized an agreement with an undisclosed private company to construct a new gathering system to gather crude oil in North Dakota’s Bakken Shale. Under the terms of the agreement, which is secured through an acreage dedication, the 23 mile gathering system will deliver approximately 17,000 acres of production from the Ross Field in northern Mountrail County to Paradigm’s joint venture rail terminal in Palermo, North Dakota. From Palermo, producers can access east and west coast markets via the BNSF Railway, as well as downstream markets near Stanley, North Dakota, where Paradigm has existing pipeline connections.
Troy Andrews, Chief Executive Officer of Paradigm said, “This is a substantial contract with a strong producer in a new area for Paradigm and supports our abilities as a preferred service provider.”
Paradigm is strategically focusing on opportunities in Mountrail, McKenzie and Dunn counties in North Dakota to further enhance the value of its existing joint venture rail terminal, as well as the 91-mile Sacagawea Pipeline, which connects markets in Stanley, Ross, and Palermo, ND with markets in Johnson’s Corner near Paradigm’s storage terminal in Keene, ND. The Sacagawea Pipeline and Keene Terminal are expected to be in-service by the end of the third quarter of 2016.
Andrews continued, “Expansion of our crude oil service offerings and gathering asset infrastructure into northern Mountrail County is a natural extension of our initial asset footprint. This will be a significant area for Paradigm’s future growth.”
About Paradigm Energy Partners, LLC
Headquartered in Irving, TX, Paradigm is a full service midstream services company formed to develop and operate new oil and gas infrastructure and related facilities. With a focus on the development of midstream assets in the Bakken Shale in North Dakota and Eagle Ford Shale in South Texas, Paradigm’s business philosophy is employing creative solutions for its customers and excellence in project execution. The senior management team consists of seasoned executives with a significant track record of value creation in the energy and midstream sectors. Please visit www.paradigmmidstream.com for additional information about Paradigm and its affiliates.