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Peregrine Midstream Partners' business plan is straightforward: Identify, evaluate, acquire, develop and operate high-deliverability, multi-cycle (HDMC) natural gas storage assets that offer the flexibility and reliable performance customers require to meet highly-variable demand in today's volatile energy marketplace. In fact, we coined the term "HDMC" when we formed Falcon Gas Storage Company in October 2000.
At the helm of Falcon, we successfully developed two HDMC natural gas storage projects in North Texas and built a substantial midstream presence in the Barnett Shale around those facilities with gas processing, pipelines, crude oil and natural gas liquids production. We were the first and still only team to develop and implement a process to extract crude oil and natural gas liquids while providing HDMC gas storage services. And we positioned MoBay Storage Hub for development as the largest natural gas storage project in the Southeastern United States with 50 Bcf of HDMC gas storage capacity.
To fund Falcon's North Texas facility development and expansions, we worked with financial institutions to arrange a $335 million bank loan package. The non-recourse financing was named EuroMoney's North American Oil & Gas Deal of the Year for 2007.
When we exited Falcon Gas Storage Company and MoBay to form Peregrine Midstream Partners in December 2008, Falcon had become the largest independent gas storage company in North Texas and one of the largest truly independent gas storage companies in the U.S. and we accomplished this in just eight years during one of the worst periods of market disruption in the North American merchant energy business.