New pipeline system owner in North Dakota

Oklahoma energy explorers who have used oil and natural gas gathering systems of Paradigm Energy Partners will find a new operator of the lines.

Paradigm has sold its operations in the Williston Basin of North Dakota.  Ares Management, L.P. based in Los Angeles says the Paradigm assets will be combined with the Ares’ Van Hook gathering system which it bought in 2014.

The combination will create a regional midstream platform serving the core of the Williston with reach into the Eagle Ford of Texas. The combined entity will continue to be known as Paradigm and will be operated by Paradigm’s existing management team and employee base.

The acquisition consists of two oil and natural gas gathering systems in North Dakota and a third in South Texas. By the end of the year, the combined company is expected to transport nearly 50,000 barrels of oil and 23 million cubic feet of gas a day from eleven contracted customers in North Dakota and Texas.

“We believe that this transaction with Paradigm aligns with our investment strategy as it expands our reach in the core of the Williston Basin and continues Ares EIF’s 30-year track record of investing in high-quality companies and assets in the U.S. energy infrastructure space,” said Keith Derman, Partner with Ares EIF.

 

Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $121.4 billion of assets under management as of June 30, 2018 and 18 offices in the United States, Europe, Asia and Australia.