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Crosstex Energy Plans 3rd Utica Processing Facility
YOUNGSTOWN, Ohio -- The Dallas-based Crosstex Energy companies, Crosstex Energy LP and Crosstex Energy Inc., plan to invest $25 million to build its third natural gas compression and condensate stabilization facility in the Ohio River Valley.
Crosstex said it will make the investment in E2, a company formed in March with the former management of Enerven Compression Services, to provide services for producers in the liquids-rich window of the Utica shale play.
The company's iinitial investment commitment in E2 of approximately $50 million is funding the construction of two similar facilities. E2 will build, own, manage and operate all three compressor stations and condensate stabilization assets in Noble and Monroe counties in Ohio.
The newly announced facility is expected to have compression capacity of 100 million cubic feet of gas per day and condensate stabilization capacity of 5,000 barrels per day, which brings the total expected capacity for the three facilities to 300 MMcf/d of compression and 12,000 Bbls/d of condensate stabilization.
The three facilities are supported by long-term, fee-based contracts with Antero Resources, an exploration and production company. It is expected that commercial start-up of the new station will begin in the fourth quarter, Crosstex said.
SOURCE: Crosstex Energy
Published by The Business Journal, Youngstown, Ohio.
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