Chesapeake Energy Corporation Announces Partnership With M3 Midstream LLC And EV Energy Partners, L.P. To Build The Largest Integrated Midstream Service Complex In Eastern Ohio For Approximately $900 Million
Frank Tsuru, President and CEO of Momentum, stated, “Our partnership with CMD and EVEP is a win-win situation for our companies and the citizens of Ohio. We will invest significant capital and technical resources to develop this project in a responsible manner, utilizing the highest industry standards.”
Mark Houser, EVEP’s President and CEO, remarked, “We are delighted to be a part of this next step in the development of the Utica Shale, particularly with our partners CMD and Momentum, who have a proven track record in upstream and midstream shale development. This investment compliments EVEP’s asset base in Ohio, where EnerVest has a decade of operating experience and a substantial Utica acreage position.”
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara and Utica unconventional liquids plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling, trucking, pressure pumping and other oilfield service assets directly and indirectly through its subsidiaries Chesapeake Midstream Development, L.P. and Chesapeake Oilfield Services, L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM). Further information is available at www.chk.com where Chesapeake routinely posts announcements, updates, events, investor information, presentations and news releases.ABOUT M3 MIDSTREAM: M3 Midstream, LLC (“Momentum”) is an independent midstream energy company formed to build, acquire, own and operate midstream oil and gas assets in growth areas of the United States. The company’s focus is the development of greenfield projects that include oil and gas gathering, compression, treating and processing. More information is available at www.m3midstream.com . ABOUT EV ENERGY PARTNERS: EV Energy Partners, L.P., (NASDAQ:EVEP) is a master limited partnership engaged in acquiring, producing and developing oil and gas properties. This news release includes forward-looking statements that give the partnership’s current expectations or forecasts of future events, including its plans to construct the described integrated midstream service complex and the anticipated resulting benefits. Although the parties believe the expectations and forecasts reflected in these forward-looking statements are reasonable, there can be no assurance they will prove to have been correct. Actual results can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that may cause actual results to differ materially from expected results include the pace of development of the Utica Shale, construction difficulties and delays and availability of capital. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release, and the parties undertake no obligation to update this information.
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