DENVER, CO AND DALLAS TX – JULY 31, 2007 – High Sierra Energy, LP and NGP Midstream & Resources, L.P. (the “Fund”) announced today the closing of an equity commitment to provide High Sierra with $100 million of dedicated growth capital for a combination of acquisitions and expansion projects. The Fund also acquired a 25% interest in High Sierra Energy GP, LLC, the general partner of High Sierra. Separately, the Fund agreed to provide $50 million of committed capital to a separate venture designed specifically to develop, construct and operate midstream energy assets.
“We are pleased to announce the partnership we have formed with High Sierra Energy, LP,” said John Raymond, Managing Partner and CEO, NGP Midstream & Resources. “We are looking forward to working with Jim Burke, Brian O’Neill, and their team as they continue the development and growth of the company.”
“High Sierra Energy is pleased to have partnered with NGP Midstream & Resources,” said Brian O’Neill, co-Managing Director of High Sierra. “The capital committed today provides us the ability to close several acquisitions and build-out additional projects at our rapidly-growing subsidiaries.”
About NGP Midstream & Resources
NGP Midstream & Resources targets direct investments of $50-250 million in entities that acquire, develop or own energy infrastructure, mining, minerals and related power assets. NGP Midstream & Resources is an affiliate fund of NGP Energy Capital Management, a leading investor in the energy business since 1988 with over $4.1 billion of capital under management. NGP has an extensive track record assisting energy and resource companies maximize value. For more information, please visit http://www.NGPMR.com.
About High Sierra Energy, LP
Based in Denver, CO, High Sierra Energy, LP, is a privately-owned, rapidly growing midstream energy company engaged in the marketing, logistics and processing of natural resources and petroleum products. Founded in 2004, High Sierra has completed 19 acquisitions and 2 dispositions. Although High Sierra is a privately-held partnership, the company is structured in a similar manner to a publicly-traded Master Limited Partnership (“MLP”). For more information, please visit www.highsierraenergy.com.