Rangeland Energy announces formation of new company with additional private equity commitment of $300 million
Clients Rangeland Energy, LLC
Jones Day advised Rangeland Energy in securing a $300 million equity financing commitment from EnCap Flatrock Midstream ("EnCap Flatrock") and management to support the formation of a new entity, Rangeland Energy III, LLC ("Rangeland III"). Rangeland III plans to pursue new midstream opportunities in other resource plays across North America. Rangeland Energy II, LLC, the entity under which Rangeland is currently operating in the Permian's Delaware Basin, will continue to focus on the construction, operation and expansion of its RIO System, which provides midstream and logistics services to support the production of crude oil and condensate in southeast New Mexico and West Texas.