OKLAHOMA CITY, Oct. 2, 2019 /PRNewswire/ -- Bison, Oklahoma's largest water infrastructure, logistics and solutions provider, today announced its acquisition of Tapstone Energy's water infrastructure in the Northwest STACK region of the Anadarko Basin. Simultaneously, the parties entered into a 15-year water gathering and disposal agreement and a first-of-its-kind 15-year dispatch services agreement. Under the agreements, Bison will exclusively manage all of Tapstone's produced water infrastructure and water hauling logistics, including any future acreage acquired or operated by Tapstone, within a ~2.6 million-acre dedicated area across Blaine, Dewey, Major and Woodward counties. The acquisition further expands Bison's water gathering network into the NW STACK region where it has an existing and highly complementary water hauling business.
North Whipple, CEO of Bison, commented: "Today marks another major step forward for Bison as we simultaneously acquired highly-strategic water infrastructure assets, entered into another long-term water gathering agreement and signed the first-ever 15-year dispatch services agreement. Tapstone has been an important customer to Bison for years and today our companies have agreed to materially expand our relationship, both in terms of scope and scale, as we take over all their water gathering, disposal, hauling and logistics for the next 15 years. We are proud to have been selected over the competition to take on this large-scale opportunity.
"Executing the 15-year dispatch services agreement is one of the most significant milestones of our growth this past year. It marks the beginning of a new era for oil and gas operators looking to (i) lock in their water hauling costs at the bottom of the market, (ii) eliminate the headache of managing trucking vendors, payment disputes and subcontractor credit risks, (iii) reduce corporate overhead and (iv) experience a new level of transparency not seen in this historically opaque subsector. Simply put, this is the first real solution to one of the industry's oldest problems: how to bring stability, trust and transparency back to the relationship between operators and water haulers. Launching this new service showcases the innovative work from our technology team, Bison Technologies, and is the type of game-changing solution the market should come to expect from us in the future. In the coming months, we intend to roll out our dispatch services across Oklahoma, and early next year we plan to start expanding into new regions and markets. We look forward to sharing more exciting developments soon."