Dallas-based TEAK will use the investment to acquire and develop midstream assets in key gas producing areas of the United States.
Through strategic acquisitions and greenfield projects, TEAK will provide gathering, transmission, treating, processing, compression, marketing and price risk management services in key gas producing areas of the United States. The company will initially focus on gas production areas in Texas, Louisiana, Oklahoma and Mississippi with anticipated geographic expansion based on customer needs.
TEAK Midstream is led by A. Chris Aulds and James R. Wales. Before starting TEAK, Aulds and Wales were two of the original three founders of Nasdaq-listed Crosstex Energy, Inc. where they were instrumental in growing the company from a $4m start-up in 1996 to a $3bn publicly traded company at the time of their departure in 2007.