California Resources Corp. (fka CRCQQ)

[benfrankledger]

$CRC California Resources Corp. (NYSEMKT:CRC) +3.6% after-hours after announcing a midstream joint venture with a portfolio company of the Private Equity Group of Ares Management.

CRC says the Ares company will invest $750M in the venture and has purchased ~2.34M CRC common shares in a private placement for $21.33/share based on a recent volume-weighted average price.

CRC will purchase power and gas processing from the JV, which owns the Elk Hills gas-fired power plant and a 200M cf/day cryogenic gas processing plant located near Bakersfield, Calif.