Sentinel Midstream Submits License Application for a Deepwater Crude Oil Export Facility

Dallas, Texas – June 3, 2019 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced that on May 30, it submitted a license application with the U.S. Maritime Administration (MARAD) to construct and operate a deepwater crude oil export facility. The port will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast. From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour. The offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“With the submission of the license application to MARAD, Texas GulfLink has completed a major milestone towards receiving approval to construct and operate a deepwater crude oil export facility. As the neutral infrastructure export solution for shippers, Texas GulfLink will provide a necessary crude oil export outlet for the expected increase in U.S. crude oil production,” said Sentinel Midstream President and CEO, Jeff Ballard. “Texas GulfLink will utilize its team’s significant deepwater port experience and expertise to construct and operate with the highest commitment to safety, reliability, and environmental standards.”

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “We are pleased with the commercial support Texas GulfLink has received and the continued strong interest from shippers who recognize the need for additional export capacity. By reducing capacity constraints in Gulf Coast ports and creating an economic oil export outlet, Texas GulfLink will allow U.S oil producers to continue to develop and increase U.S. oil production without potential production curtailments due to lack of export capacity.”

Abadie-Williams served as the primary engineering and regulatory consultant and Kean Miller LLP served as the lead legal advisor on behalf of Texas GulfLink.

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful

track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestafunds.com

Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com


Sentinel Midstream Announces New Deepwater Crude Oil Export Facility

Dallas, Texas – February 11, 2019 – Sentinel Midstream has announced its planned development of Texas GulfLink, a proposed Deepwater Crude Oil Export Terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two (2) Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys.  Projected export loading rates will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.

“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast,” said Sentinel Midstream President and CEO Jeff Ballard. “We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators. Our team of seasoned professionals is committed to developing Texas GulfLink with a specific focus on exceeding industry standards for safety and environmental protection.”

Over the past year, Sentinel Midstream developed Texas GulfLink in conjunction with multiple stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the United States Maritime Administration (MARAD).

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “Sentinel has assembled the best-in-class team, with deep experience developing and operating deepwater export solutions. We are excited to partner with them as they bring this critical facility to the Gulf Coast market.” Rozzell added, “We view the company’s value proposition, which provides a neutral infrastructure solution without the inherent conflicts of affiliated marketing, as the best approach to support the interests of U.S. producers and lead to the greatest outcome for all stakeholders.”

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil gathering, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestaenergy.com

Contacts

Commercial: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com