Crosstex Invests Another $25M in OH Midstream JV
In March, MDN told you about a new joint venture between Crosstex Energy and Enerven Compression Services to build new compressor stations and a condensate processing plant in the Ohio Utica Shale (see Crosstex Energy to Build New Compressors, Processing Plant in OH). At the time Crosstex said they had secured a $75 million line of credit and were investing $50 million of it in the jv. Scratch that. Yesterday Crosstex announced they’re investing another $25 million in the jv, so it looks to us like they’re using up the rest of their line of credit to do it.
The Crosstex announcement:
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The latest numbers from the Ohio Dept. of Natural Resources (ODNR) shows that Utica Shale permits have risen to a total of 627, out of which 310 of them have been (or are being) drilled.