Goodnight Midstream Secures Debt Financing and Expands Presence in Bakken
DALLAS, Dec. 1, 2016 /PRNewswire/ -- Goodnight Midstream, LLC, the professional fluids management company, today announces the closing of a $105 million syndicated revolving loan. The Company also announces the grand opening of two new saltwater disposal (SWD) facilities in the Bakken of North Dakota, the Moberg SWD and Lystad SWD.
ABN AMRO led the financing effort, with participation from Texas Capital Bank, East West Bank and Cadence Bank. The Company intends to use the proceeds from the debt financing, after repaying existing debt, to execute its expansion into Texas, New Mexico and other additional basins.
"We are proud to partner with this leading group of lenders as we continue our significant growth and innovation in the midstream water injection space and our continued commitment to scale to our client's needs," said Patrick Walker, CEO. "At Goodnight Midstream we are focused on designing, building and operating reliable, high-quality saltwater disposal solutions for our clients to cost-effectively transport produced water via pipeline from the well site to the company's advanced disposal facilities."
To meet the continued need for saltwater disposal from our customer base in the Bakken, Goodnight Midstream opened the the Moberg SWD, the Company's eighteenth saltwater disposal facility, designed to accommodate ever-increasing demand at the existing 2230 off-load facility. Additionally, the new Lystad SWD facility extends the company's operations in Divide County, a new area of operations for the Company in 2016.
Rich Rehm, Chief Operating Officer, said, "Upon opening the 2230 facility, we quickly realized the demand for our water disposal services at this location was much greater than available capacity. With the opening of the Moberg SWD, we anticipate our capacity at this location will double. We're also excited to widen our presence and better serve our customers in Divide County with the Lystad."
About Goodnight Midstream, LLC.
Goodnight Midstream provides trusted professional fluids management services to its customer base. The Company owns and operates an extensive network of water gathering pipelines and saltwater disposal wells focused on gathering and disposing of produced saltwater for oil and gas producers. Goodnight's midstream approach minimizes environmental impact and improves health and safety while lowering lease operating expense and improving reliability for its customers. Goodnight is supported by a team of highly experienced engineers and operating professionals. In addition to Goodnight's leading position in North Dakota, Goodnight has an emerging presence in Wyoming's Powder River Basin and the Permian Basin of Texas and New Mexico. For more information, please visit www.gnmidstream.com.
Contact:
Julie Walter
[email protected]
Goodnight Midstream, LLC
SOURCE Goodnight Midstream
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