Fundare Resources Announces Moonrise Midstream Formation and 3rd Party Commercial Agreements
DENVER / (BUSINESS WIRE) / — Fundare Resources Company, LLC (“Fundare” or the “Company”) today announced the formation of Moonrise Midstream, LLC (“Moonrise”), a wholly-owned subsidiary of Fundare Resources Operating Company, LLC.
“We are excited to form Moonrise Midstream located in an attractive area for expansion and upstream development. Moonrise will strategically grow its footprint in the DJ Basin through expanding dedicated processing for upstream producers and midstream companies.”
Moonrise owns and operates midstream assets in the Niobrara-DJ Basin, around Fundare’s Redtail oil and gas operations in Northeast Weld County, Colorado. Moonrise’s assets include a 65 million cubic feet per day (MMcf/d) refrigeration gas processing plant that is expandable to 105 MMcf/d, over 22,000 horsepower of compression, 100 miles of gas gathering pipelines, downstream interconnects with Overland Pass NGL Pipeline/Trailblazer Residue Pipeline, and 25 miles of crude gathering pipelines that are tied into Tallgrass Energy Partners’ Pawnee crude oil terminal.
Cody Truitt, President & Chief Executive Officer of Fundare commented, “We are excited to form Moonrise Midstream located in an attractive area for expansion and upstream development. Moonrise will strategically grow its footprint in the DJ Basin through expanding dedicated processing for upstream producers and midstream companies.”
Moonrise provides the infrastructure and marketing support for Fundare’s Redtail oil and gas operations, and has recently entered into commercial agreements with Bison Oil & Gas III, LLC and a nearby third-party midstream company. Moonrise will begin processing dedicated volumes for Bison in the 3rd Quarter and currently processes offload gas for the third-party midstream company.
Daniel Seaver, Vice President of Midstream & Marketing for Fundare, added, “The Moonrise team and assets deliver exceptionally high runtimes of greater than 99.7% while processing volumes from our growing customer base. We provide a high level of pressure and flow assurance to our customers, and we look forward to continued growth and development of the asset.”
About Fundare Resources Company, LLC
Fundare Resources Company, LLC is a private oil and gas company pursuing low risk, yield driven, producing properties that maximize shareholder returns through the implementation of advanced completion technologies and prudent, low-cost operatorship. Fundare, Latin for “laying a foundation”, is built around the principle of establishing a foundation of assets managed with Integrity, Teamwork and Transparency; proven values that have resulted in repeated success for its investors. Further information can be found at www.fundareresources.com.
About Moonrise Midstream, LLC
Moonrise Midstream, LLC is a Denver-based, growth-oriented midstream company that develops and operates infrastructure assets to provide gas gathering, compression, processing, and NGL and natural gas marketing services to its customers. Moonrise has current assets in the Niobrara-DJ Basin. Moonrise Midstream, LLC is a wholly-owned subsidiary of Fundare Resources Operating Company, LLC. Further information can be found at www.moonrisemidstream.com.