SOURCE: Ceritas Holdings II, LLC
HOUSTON, TX--(Marketwire - Jan 23, 2013) - Ceritas Holdings II, LLC ("Ceritas") today announced that it has consummated the purchase of 70% of certain CO2 natural gas liquids processing assets in the Permain Basin of Texas from Pilot Energy Solutions, LLC. The sale closed on December 27, 2012 for an undisclosed price. Ceritas and Pilot will jointly manage these assets while continuing to employ Pilot's field staff based in Goldsmith, Texas. In addition to the existing plant, Ceritas and Pilot will jointly work together to expand the patent pending processing technology to the other CO2 recycle streams through the EOR industry.
Ceritas believes that joint venture has significant upside. Noting that Ceritas looks for investments with large growth potential, Richard Sherrill, President of Ceritas, stated, "This is a profitable opportunity located in a growing section of the upstream industry, and we believe this acquisition is a significant strategic addition to our asset base. It increases Ceritas' presence in the liquids-rich area of the midstream value chain where we have long operated and enjoyed substantial success."
About Ceritas Holdings II, LLC
Ceritas Holdings II, LLC is a Houston, TX based private energy company focused on making investments in natural gas and crude oil midstream infrastructure including gathering, processing, treating, compressing, and transportation. The management team of Ceritas has been together since 2003 on various investments. Ceritas is backed by private equity firms Quantum Energy Partners based in Houston, Texas and Energy Spectrum Partners based in Dallas, Texas. For more information, please visit www.quantumep.com and www.energyspectrum.com.
About Pilot Energy Solutions, LLC
Pilot Energy Solutions, LLC ("Pilot") participates in gas processing deploying specialized patented or patent-pending process technologies in high CO2 and unconventional gas streams.
Pilot designs, builds, owns, and operates processing facilities of high CO2 or other natural gas streams which are not addressed by standard technologies. For more information please contact us at firstname.lastname@example.org.