Sterling Investment Holdings, LLC (Sterling Energy) a newly formed company launched by Denver, CO-based Sterling Energy Company, has received a majority equity investment of undisclosed amount from Morgan Stanley Private Equity.
Founded in December 2000 by CEO William Penney, the company has created Sterling Investment Holdings to support its midstream business in Colorado and North Dakota. It provides natural gas gathering and processing infrastructure and related services for oil and gas production companies through two gathering systems:
– the Yenter System, serving Denver-Julesburg (DJ) and Niobrara production in northeast Colorado, and
– the Ambrose System, serving Williston and Bakken/Three Forks production in Divide County, North Dakota.
Sterling Energy has already begun a multi-year construction project to extend and expand its Yenter System into the Pony Area of the Niobrara Field to meet contracted commitments with multiple producers. The company has also proposed an expansion of its Ambrose System to accommodate both nearby natural gas being flared from existing wells, as well as projected new volumes from development in the area.
Former Vice President and General Manager of Monarch Gas Resources David Kenyon joined Sterling Energy as President.