Market Overview

Edgewater Midstream Announces Initial Equity Commitment from EnCap Flatrock Midstream

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Edgewater
Midstream, LLC
("Edgewater") today announced it has secured an
initial capital commitment of $400 million from EnCap
Flatrock Midstream
("EnCap Flatrock") and the Edgewater management
team. Edgewater was formed in late 2019 to provide independent midstream
logistics solutions to refiners, producers and marketers of crude oil,
refined products and other bulk liquids. The company will focus on the
acquisition, development and operation of pipeline and terminal
solutions between and in proximity to major North American petroleum
trading hubs and demand centers.

Based in Houston, Edgewater is led by its three founders: Stephen
Smith
, chief executive officer; Brian
Thomason
, chief commercial officer; and Mike
Truby
, chief operating officer. Collectively, the Edgewater
management team has more than 70 years of energy industry experience and
has served in senior leadership roles at companies including Genesis
Energy, LP (NYSE:GEL); Motiva Enterprises, LLC; ConocoPhillips (NYSE: COP) and NuStar Energy, LP (NYSE:NS).

"Changing dynamics in the North American petroleum market present
attractive opportunities for Edgewater," said Chief Executive Officer
Stephen Smith. "We are thrilled to partner with an experienced,
strategic investor like EnCap Flatrock Midstream. In addition to a large
financial commitment, EnCap Flatrock's significant midstream industry
expertise, relationships and successful track record provide a
formidable platform to support Edgewater's growth."

"Of primary importance, our culture, goals and approach to value
creation and risk management are aligned," Smith added. "When forming
Edgewater, we recognized that societal, technological and policy trends
are reshaping the arena in which traditional oil and gas midstream
businesses operate. Our team embraces new technologies and
environmentally sustainable practices."

"We are excited to be working with Edgewater Midstream," said EnCap
Flatrock Managing Partner Gregory C. King, who is also an Edgewater
board member. "Our partnership with Stephen, Brian and Mike is
illustrative of our strategy of supporting outstanding leaders with
superb track records and integrity. We look forward to supporting the
Edgewater team as it builds an independent midstream business focused on
the demand end of the value chain."

About Edgewater Midstream, LLC

Based in Houston and established in late 2019, Edgewater Midstream
provides independent midstream solutions to refiners, producers and
marketers of crude oil, refined products and other bulk liquids. The
company will focus on the acquisition, development and operation of
pipeline and terminal solutions between and in proximity to major North
American petroleum trading hubs and demand centers. Visit edgewatermidstream.com
for more information.

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. Further information is available at www.efmidstream.com.

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