Dallas-based Lucid Energy Group II, LLC announced it has secured an initial equity commitment of $350 million from EnCap Flatrock Midstream, a San Antonio company with offices in Oklahoma City and Houston, Texas.
Lucid’s a company with a midstream footprint in the Midland Basin and serves more than 30 customers across nine counties in West Texas. Its assets include more than 700 miles of pipeline, multiple compressor stations, 345 million cubic feet a day of gas processing capacity, nitrogen rejection facilities, condensate stabilization facilities and a crude oil gathering system.
Lucid Energy’s ties to Oklahoma include Scott Brown, Senior Vice President and CCO who is a graduate of the University of Tulsa; and Rodney Madden, Senior Vice President of Business Development and Commercial, Crude. He is a graduate of Oklahoma State University and previously worked at Crosstex Energy.
EnCap Flatrock Midstream provides private equity capital to proven management teams focused on midstream infrastructure opportunities across North America. The company was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors.
