Coastal Field Services and Snyder Oil in Rocky Mountain JV

Dec 18, 1996 01:00 AM

Dec. 4, 1996 Coastal Field Services and Snyder Oil of Fort Worth, Texas, have announced the formation of a joint venture involving the two companies' unregulated natural gas assets. The JV entity will be a limited liability company called Great Divide Gas Services. Great Divide will oversee the operation and expansion of non- jurisdictional gas pipelines and the development of new facilities within six areas of mutual interest to Coastal Field Services and Snyder Oil. Coastal Field Services will own 73 % of Great Divide, and Snyder Oil will own 27 %. Coastal Field Services' assets include gathering facilities in the Uinta, Washakie, and Wind River Basins. Snyder Oil's assets include unregulated pipeline facilities and undeveloped leaseholds in the Washakie, Piceance, Uinta, Green River, Wind River, and Big Horn Basins. Altogether, Snyder Oil has one of the largest undeveloped leaseholds in the Rocky Mountains. Snyder Oil and Coastal Field Services have combined assets of more than 600 miles of field pipelines, connecting 650 natural gas wells. Management of the new company will be the responsibility of a management committee consisting of representatives from Coastal Field Services and Snyder Oil. The joint venture will be in operation effective Jan. 1, 1997. In addition, Coastal Gas Marketing Company (CGM) and Snyder Oil have entered into a gas purchase agreement and a marketing service agreement to pool Snyder and CGM's gas supplies in the Rocky Mountain region. The initial supply pool will exceed 100 mmcfpd and is expected to grow quickly as CGM and Snyder increase their respective volume contributions. This marketing pool is expected to become one of the largest aggregations of natural gas in the Rocky Mountain region.

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