Trace will pursue natural gas, crude, and water midstream solutions in various basins throughout North America, focusing initially on the Eagle Ford Shale in South Texas.
Trace has entered into a long-term, fee-based agreement with Vitruvian Exploration IV, LLC (“Vitruvian”), a private Houston-based producer. Vitruvian has dedicated over 130,000 acres in Webb, La Salle and McMullen counties to Trace as part of this agreement.
Trace plans to initially construct a natural gas gathering system in addition to treating and dehydration facilities.
Construction of the system has commenced and will be conducted in phases based on Vitruvian’s development schedule.
Trace also plans to pursue third-party opportunities more broadly across the region.
Trace is led by a management team with decades of energy experience.
Trace CEO Josh Weber has a proven track record as a successful leader in both the midstream and upstream sectors of the energy industry.
Most recently, Weber served as Senior Vice President of Commercial and Business Development at Howard Energy Partners. Ben Beyer, Chief Financial Officer, previously served as Vice President of Finance at Howard Energy Partners.
Tim Dahlstrom, Chief Commercial Officer, previously served in various leadership and consulting roles within the midstream sector, including Senior Vice President of Commercial Operations at Energy Transfer Partners.
Trace CEO Josh Weber said: “We are honored and excited to partner with Quantum, who has a long track record of successful energy investments and shares our vision regarding midstream opportunities in the current market environment.
“Their partnership, coupled with this initial acreage dedication will allow us to establish a meaningful footprint in an area where we expect to see substantial growth. Our objective is to leverage this anchor position as we work with other producers in the region to develop custom midstream solutions for their upstream development plans.”
Quantum Energy Partners president Dheeraj Verma said: “The Trace team has a history of success in the Eagle Ford, as well as other basins. Our equity commitment demonstrates our confidence in their midstream experience and reputation across the industry.
“We remain excited about the midstream growth opportunities across South Texas and are enthusiastic about partnering with such a strong team with extensive knowledge of the area and proven operating capabilities.”
Source: Company Press Release
