MVP Holdings Announces Formation of Great Salt Plains Midstream, a Joint Venture to Bring Additional Crude and Gas Infrastructure to the Prolific STACK Play

• JV Partners: MVM Midstream LLC, an entity formed between Energy
  Spectrum Partners VII LP and MVP Holdings, and Chisholm Midstream,
  LLC, a subsidiary of Chisholm Oil & Gas, LLC
• Expansion includes additional STACK crude transportation
  investments and planned construction of a natural gas gathering and
  processing system
• The scope of the project includes a sizable acreage dedication from
  Chisholm’s affiliate, with planned capital expenditures in excess of
  $250 million

WICHITA, Kan.–(BUSINESS WIRE)–MVP Holdings, LLC (“MVP”) today announces the formation of Great Salt
Plains Midstream Holdings, LLC (“GSPM”), a joint venture between MVM
Midstream LLC (an entity formed with Energy Spectrum Partners VII LP and
MVP Holdings) and Chisholm Midstream, LLC (a subsidiary of Chisholm Oil
& Gas, LLC, “Chisholm”). The new JV will expand crude oil and gas
infrastructure and provide more optionality for producers in the rapidly
growing STACK play of Central Oklahoma. In addition, GSPM will enable
its producer customers in the area multiple marketing options, including
a direct line into the strategic Cushing crude oil complex.

Joint Venture

MVP will contribute recently acquired assets, including the 115-mile
Great Salt Plains Pipeline from Cherokee, OK to Cushing, OK to the joint
venture, which is supported by long-term acreage dedications and
throughput commitments from active Oklahoma producers and crude
marketing companies. Additional plans call for immediate expansion of
the Great Salt Plains crude system to provide for initial crude
gathering and transportation of up to 40,000 BPD.

The natural gas STACK platform will consist of the placement and build
out of a state-of-the-art cryogenic processing facility in Major County,
OK. The Silver Lake Plant will have initial capacity to process up to 70
million cubic feet of natural gas per day (MMcf/d) with expansion
capacity of up to 220 MMcf/d. The facility will include over 130 miles
of gas gathering lines and multiple compressor stations. It is expected
to be in service in the second quarter of 2018.

“Mid-continent producers continue to actively invest in acreage and
drilling in the STACK area extending north and west. MVP and our
investment partners are dedicated to providing the full range of
midstream services to our producer community to support this crucial
development of energy resources,” said MVP Holdings President and CEO,
Gary Navarro.

“We are very supportive of the MVP management team and appreciate their
capabilities in managing and constructing a system of this magnitude,”
said Jim Benson, Managing Partner of Energy Spectrum, “and we have had a
20+ year relationship with the principals of MVP. We also welcome the
opportunity to work with Chisholm and its sponsor, who have considerable
experience and resources in this area.”

“We view this joint venture with MVP/Energy Spectrum as strategic and
value enhancing to our upstream assets,” said Bob Zinke, CEO of Chisholm.

About MVP Holdings, LLC

MVP Holdings is a privately owned energy logistics company,
headquartered in Wichita, Kansas. MVP and its subsidiaries MV
Purchasing, LLC and MV
Pipelines, LLC, MVP
Midstream, LLC, provide gathering, transportation, processing,
storage, distribution, marketing, and other midstream services to
independent oil and natural gas producers, refiners of petroleum
products, and other market participants located throughout the United
States

About Energy Spectrum Partners

Energy Spectrum Partners was founded in 1996 to manage private equity
funds that make direct investments in well-managed companies that
acquire, develop and operate midstream energy assets. This investment
will be made from Energy Spectrum Partners VII LP, a $1.225 billion
Fund. As an established private equity fund dedicated to the midstream
energy industry, Energy Spectrum is a valuable partner to management
teams seeking to build energy companies and create equity value.

About Chisholm Oil and Gas, LLC

Chisholm Oil and Gas, LLC was formed in January of this year with
backing from funds affiliated with Apollo Global Management, LLC.
Chisholm owns a substantial oil and gas leasehold position
(approximately 75,000 net acres) in the optimal footprint of the STACK
play.

Legal Advisers

Paul Hastings LLP and Foulston Siefkin LLP served as legal counsel to
MVP Holdings. Vinson & Elkins LLP represented Chisholm.

Contacts

Great Salt Plains Midstream
Rusty Rains, CEO, 405-608-8567
[email protected]
or
Aaron
Wright, CCO, 405-608-8569
[email protected]
or
Lee
Bullock, CFO, 316-469-0104
[email protected]