3Bear Energy, LLC, (“3Bear”) a midstream oil and natural gas company
formed in 2013 by industry veteran Robert J. Clark, announced that
affiliates of GSO Capital Partners LP (“GSO”), a division of Blackstone
(NYSE: BX), Wells Fargo & Company (“Wells Fargo”) and 3Bear management
have finalized an equity commitment to pursue the development of North
American midstream assets.
“I am pleased to announce the commitment to 3Bear from GSO and Wells
Fargo,” stated Bob Clark, CEO and Founder of 3Bear. “This is our second
partnership with GSO, one of the preeminent investors in the energy
industry. We previously partnered with GSO on the successful development
of Bear Tracker Energy, and we look forward to working with them again
as we grow 3Bear. GSO’s commitment, along with the commitment from Wells
Fargo, will provide the financial support essential for 3Bear to develop
crucial midstream infrastructure needed by producers in developing areas
throughout the United States.”
“We are delighted to once again have the opportunity to invest with Bob
Clark and his team,” stated Dwight Scott, Senior Managing Director of
GSO. “We have seen firsthand the value that Bob and his team can offer
producers and believe the current North American market continues to
have excellent midstream development opportunities.”
Beatty & Wozniak P.C. served as legal counsel to 3Bear. Sidley Austin
LLP served as legal counsel to GSO.
About 3Bear Energy
3Bear Energy LLC, headquartered in Denver, CO, is a full service
midstream oil and natural gas company with expertise in gathering,
processing, compression, treating, fractionation, and marketing. 3Bear’s
management team has successfully grown multiple midstream businesses and
has a proven track record of providing innovative and cost-effective
energy solutions for oil and natural gas producers. 3Bear’s management
team was most recently responsible for the development of Bear Tracker
Energy, a leading midstream business in the Rockies. Bear Tracker
developed several crude oil, natural gas, and water gathering systems in
the Bakken Shale in North Dakota and the Niobrara Shale in Colorado. For
more information please contact Kevin Collins at 303-626-8260.
About Blackstone and GSO
Blackstone is one of the world’s leading investment and advisory firms
with approximately $230 billion in assets under management as of June
30, 2013. It seeks to create positive economic impact and long-term
value for investors, the companies it invests in, the companies it
advises and the broader global economy. Blackstone does this through the
commitment of extraordinary people and flexible capital. Blackstone’s
alternative asset management businesses include the management of
private equity funds, real estate funds, hedge fund solutions,
credit-focused funds and closed-end funds. GSO, a division of
Blackstone, is a leading credit-focused alternative asset manager, with
approximately $62 billion of assets under management as of June 30,
2013. GSO has a global footprint with approximately 235 professionals,
including a dedicated team of energy and power professionals with
significant experience investing in energy and power sectors, among its
offices in New York, Dublin, London and Houston. Further information is
available at www.blackstone.com.
Follow on Twitter @Blackstone.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, and the Internet
(wellsfargo.com), and has offices in more than 35 countries to support
the bank’s customers who conduct business in the global economy. With
more than 270,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 25
on Fortune’s 2013 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at
blog.wellsfargo.com.
Copyright Business Wire 2013