In March 2019, the Cutlass management team successfully sold the Republic Midstream Pipeline System. The description below summarizes Republic Midstream as of the time of sale.

The Republic System consisted of a segregated gathering system, strategically located Central Delivery Point facility, and a 28 mile Intermediate Pipeline located in the core of the Eagle Ford Shale in South Texas. With quality segregation, blending control and delivery optionality as a focus, the Republic System was capable of providing unique solutions for Producers, Marketers and End-Users.

The Republic System served as critical infrastructure for Penn Virginia, the anchor shipper on the system. The Republic System was underpinned by long-term, fee-based gathering, transportation and marketing agreements that included a large acreage dedication and AMI, with decades of multi-bench drilling inventory. The fee based contracts also provided first delivery obligations and minimum volume commitments.

The Republic Midstream Gathering System:

• 8” steel API gravity segregated trunk lines
• Multiple receipt options

The Republic Midstream 144 (Central Delivery Point facility):

• 300,000 bbls of crude storage
• 6 truck unloading/loading stations
• Quality segregation focused with multiple blending solutions

The Republic Midstream Intermediate Pipeline:

• 12”steel pipeline (120,000 bopd max capacity)
• Terminates at Kinder Morgan’s Dewitt Station
• Multiple delivery service options