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Clearfork to Acquire Azure Midstream

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Clearfork Midstream LLC has secured a capital commitment from EnCap Flatrock Midstream and has entered into a definitive agreement to purchase Azure Midstream Energy LLC.

The transaction is subject to standard regulatory approvals and is expected to close during the first quarter of 2022.

Based in Fort Worth, Clearfork is a growth-oriented midstream company that was formed in 2020 to provide comprehensive midstream solutions for oil and gas producers in basins across North America, with a specific emphasis on unconventional natural gas production in the Haynesville/Bossier Shale formation in North Louisiana and East Texas.

Clearfork is led by CEO Kipper Overstreet and a team of industry veterans including chief operating officer George Grau Jr, chief commercial officer Corey Lothamer and executive vice president Kevin Venturini.

Together, they have more than 75 years of collective experience in the energy industry. Prior to forming Clearfork, Overstreet served from 2013 to 2020 in roles of increasing responsibility at Azure Midstream, most recently as vice president of corporate development and gas supply from 2017 to 2020.

“Over the past few years, we have developed strong relationships with key members of the EFM team,” Clearfork CEO Kipper Overstreet said.

“The firm’s unparalleled reputation is well deserved. They have the financial strength we need and understand midstream better than anyone in the venture capital business.

“They aligned with us on the acquisition of Azure Midstream and Azure’s growth potential. We are very pleased to be part of the EFM family of companies.”

“The management team possesses certain characteristics including strong leadership; the ability to attract and retain talent; a strong reputation and track record; and a compelling business plan, all of which we highly prioritize when backing a team,” said EFM managing director Zach Kayem, a member of the Clearfork board of directors.

“We have known members of management for better than half of a decade and are excited to pursue this significant midstream opportunity in East Texas and North Louisiana.”

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