Veteran Management Team Forms Isis Energy, LLC With $150 Million Equity Commitment From EnCap Flatrock Midstream

  Veteran Management Team Forms Isis Energy, LLC With $150 Million Equity
  Commitment From EnCap Flatrock Midstream

Business Wire

HOUSTON -- July 16, 2013

Isis Energy, LLC ("Isis"), a new midstream company focused on the
transportation, storage and distribution of crude oil and related products,
today announced a $150 million commitment from EnCap Flatrock Midstream
(“EnCap Flatrock”). The Houston-based Isis will use the capital to provide
logistics and infrastructure for moving, storing and blending low-gravity
crude and other products including residual fuel oil, asphalt and reclaimed
products. Isis will serve producers, refiners, traders and other marketers and
suppliers by providing rail and waterborne solutions in the United States and

Isis is led by President A.J. Brass, who has been involved in the refining,
transportation, marketing and distribution of crude and petroleum products for
more than 20 years, most recently as president of Gulf Coast Asphalt Company,
L.L.C. (“GCAC”), a position he held for the past five years. Mr. Brass’s
extensive executive experience includes terminal and refinery operations,
marketing and distribution businesses, and the ownership and operational
management of multiple companies across the midstream and downstream energy

“We are a team of innovative problem solvers with a strong track record and a
great deal of experience transporting, storing and processing crude oil and
liquid petroleum products. Our historical focus has been on the heavy part of
the barrel, including heavy crudes, fuel oil, used motor oil and asphalt.
However, we consistently handle a variety of light products. Our strategy is
to continue to provide a ‘high touch’ customer relationship style. We work
closely with our customers to develop creative solutions that meet their
logistical, marketing and distribution needs,” Brass said. “With EnCap
Flatrock's financial strength and experience, we believe we have a great
opportunity to build a highly successful company.”

In addition to Mr. Brass, the management team includes Chief Financial Officer
Jason Goldstein; Vice President Joe Mattingly Jr.; Vice President Kenny
Hucker; and Vice President and General Counsel Dave Hubenak. Messrs. Brass,
Mattingly and Hucker worked together at GCAC in various roles for the past 15
years. After 17 years as an investment banker, Mr. Goldstein joined GCAC in
2010 from Blossom Street Capital, where he was a partner. Mr. Hubenak joined
GCAC in 2012 from Tesco Corporation, where he served as deputy general

Bill Waldrip, managing partner at EnCap Flatrock Midstream and a member of the
Isis board of directors added, “This investment is consistent with EnCap
Flatrock’s model of partnering with proven management teams to execute focused
midstream strategies. The transportation and handling of heavy crude oil is an
essential component of the rapidly evolving and global energy logistics
system, and we believe the sector’s immediate and long-term fundamentals
provide the potential for entry, growth and attractive returns. We are excited
to partner with A.J. and his team in this new venture.”

Bill Swanstrom and Mitch Tiras, partners at Locke Lorde LLP’s Houston office,
provided legal counsel to Isis Energy. Sarah McLean, partner at Thompson &
Knight LLP’s Houston office, served as legal counsel to EnCap Flatrock.

About EnCap Flatrock Midstream

EnCap Flatrock provides value-added private equity capital to proven
management teams focusing on midstream infrastructure opportunities across
North America. Founded in 2008 by EnCap Investments L.P. and Flatrock Energy
Advisors, the firm is based in San Antonio and led by Managing Partners
William D. Waldrip, William R. Lemmons Jr. and Dennis F. Jaggi. With more than
100 years of midstream experience, the principals at EnCap Flatrock manage a
dedicated professional staff and midstream-focused investment commitments of
nearly $3 billion from a broad group of prestigious institutional investors.
EnCap Flatrock is currently investing out of EnCap Flatrock Midstream Fund II,
a $1.75 billion fund. Visit for more information.


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