Platte River Equity has completed its follow-on investment in First River Energy LLC to facilitate the acquisition of Texas Gathering LLC and related assets. The transaction represents the first acquisition by First River since Platte River's initial investment in July 2014.
Founded in 2002, Texas Gathering is a crude oil marketing and logistics company focused on servicing smaller independent oil producers. The company gathers, markets, and blends approximately 23,000 barrels per day of crude oil, primarily in the Permian and Eagle Ford regions in Texas. Through its relationships with pipeline companies, refineries, and large integrated oil and gas companies, Texas Gathering is able to connect its customers to markets that are largely inaccessible to small producers.
Travis Davis, Texas Gathering company owner, and his management team have joined First River as part of this transaction.