Market Overview

Cogent Midstream Announces Construction of New Cryogenic Processing Plant in the Midland Basin

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Cogent
Midstream, LLC
("Cogent") today announced it will expand its natural
gas processing capacity in the lower Midland Basin of West Texas. Cogent
will construct a new refrigerated cryogenic processing plant at the same
location as its current Big Lake Plant in Reagan County, Texas. The Big
Lake II Plant will have the capacity to process an additional 200
million cubic feet per day (MMcf/d) and will serve growing natural gas
production from the Wolfcamp formation.

The Big Lake II Plant is expected to come into service in the fourth
quarter of 2019 and will bring Cogent's total processing capacity to
approximately 510 MMcf/d. The high-efficiency UOP Russell plant is
capable of high recovery rates for natural gas liquids including ethane
and propane.

"Our investment in the Big Lake II Plant is another example of the
commitment Cogent has to this area and the growth opportunities
presented by our customers' robust drilling programs," said Cogent
Midstream CEO Dennis J. McCanless. "We look forward to continuing to
provide top-tier midstream services to producers in the lower Midland
Basin for years to come."

About Cogent Midstream

Cogent Midstream owns and operates the Midland Basin assets formerly
operated under the name Lucid Energy Group I. Under its new name, Cogent
continues to provide a full complement of tailored midstream services
designed to create efficiencies and value for the Midland Basin's
leading producers. Natural gas services include gas gathering,
compression and processing. Crude oil services include gathering,
transportation, and third-party condensate stabilization. Cogent's
highly experienced team is dedicated to operational excellence and
creative, flexible solutions that help customers access premium markets
and maximize netbacks. Cogent is headquartered in Dallas and backed by
growth capital commitments from EnCap
Flatrock Midstream
. Cogent is not affiliated with Lucid Energy
Group, which owns and operates assets in the Delaware Basin of southeast
New Mexico. For more information, please visit www.cogentmidstream.com.

About EnCap Flatrock Midstream

EnCap Flatrock Midstream provides value-added growth capital to proven
management teams focused on midstream infrastructure opportunities
across North America. The firm was formed in 2008 by a partnership
between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based
in San Antonio with offices in Oklahoma City and Houston, the firm
manages investment commitments of nearly $9 billion from a broad group
of prestigious institutional investors. EnCap Flatrock Midstream is
currently making commitments to new management teams from EFM Fund IV, a
$3.25 billion fund. For more information please visit www.efmidstream.com.

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