Howard Energy Partners set to acquire Texas Pipeline and Bottom Line Services

Eagle Ford Formation which is also known as the Eagle Ford Shale is a formation of sedimentary rock which lies in the South and East Texas.

San Antonio based HEP is an energy services company providing project management, in house engineering, leasing, manufacturing, and construction facilities. At present the company is operating nearly 250 miles of oil and natural gas pipeline in the Eagle Ford Shale.

Crosstex Energy and Quantas Services, Inc. will contribute $35 million each that will provide these with 35 percent ownership rights in HEP. Extra funds will be made available by the HEP management, Bottom Line, and private investors.

Crosstex Energy operates nearly 3,300 miles of pipeline along with three fractionators and nine processing plants. It provides 3.2 billion cubic feet natural gas which comes to around six percent of the daily production in the U.S.

Quanta Services, Inc. specializes in contracting services to the natural gas, electric power and pipeline and telecommunication industries. Quanta operates across the North America, providing design, repair, installation, and maintenance services.

HEP has announced that Brad Bynum will now be the president and the chief financial officer of the company. Bynum has served as the CFO of Hall-Houston Exploration Partners.

Before, Hall-Houston, Bynum was working as an investment banker with Merrill Lynch and Company, a position where he concentrated on the energy sector. Bynum will carry on as the general partner of the Hall-Houston.

Crosstex president and CEO, Barry E. Davis said, “We believe HEP and Quanta will be great partners as we supplement our growth strategies and we look forward to a long term working relationship with them.”

The President and CEO of Quanta Services, Jim O’ Neil added, “The mainstream infrastructure demands of the Eagle Ford Shale play are significant and call for a unique build-own-operate solution. The partnership of Howard Energy Partners, Crosstex and Quanta combines proven midstream development experience, project capital and deep construction and program management capabilities to deliver a total solution to the increasing infrastructure demands of the Eagle Ford Shale play.”