On Point Oilfield adds Multiple New E&P Water Midstream Contracts in Permian Basin
AUSTIN, Texas, Sept. 10, 2018 /PRNewswire/ — On Point Oilfield Holdings, LLC announced today that is has recently executed five new produced water gathering and disposal contracts with multiple operators in Howard, Martin, and Midland Counties, Texas. The new contracts, varying from long term acreage dedications to minimum volume commitments and multiwell pad site dedications, are expected to add significant new volumes to its existing business as On Point has quickly grown into the largest commercial disposal operator by volumes in the Midland Basin.
“We are excited to add these new customers and contracts to On Point’s growing produced water midstream portfolio. Our customers are seeing tremendous well results in these areas, and we look forward to providing critical water infrastructure that enables full development of these positions,” said Trace Hight, On Point chief executive officer. “Our deep disposal wells and pipeline systems will help ensure their future wastewater volumes are handled and disposed of in an environmentally safe and cost-effective manner.”
In addition to its existing 14 disposal wells connected to more than 105 miles of produced water pipelines, On Point will be drilling up to three new deep Ellenberger disposals and constructing between 20 to 30 miles of new pipelines before year-end to service these new contracts. The new assets in Howard, Martin and Midland counties will grow On Point’s permitted disposal capacity to over 375,000 bbls/d connected to more than 130 miles of pipeline gathering infrastructure.
About On Point
On Point Oilfield Holdings is an Austin, Texas-based oilfield fluids waste solutions company that acquires, develops, and operates saltwater disposal wells and saltwater pipeline infrastructure in the Permian Basin. On Point was formed in 2016 with an equity commitment from White Deer Energy. On Point owns and operates a total of 14 disposals with 287,500 bbls/d of permitted capacity connected to more than 105 miles of pipeline infrastructure.
For more information and a map of On Point’s Facilities: www.onpointoilfield.com<http://www.onpointoilfield.com/>
CONTACT: Nick Belisle, Corporate Development Associate, firstname.lastname@example.org
On Point Oilfield Secures $250 Million Line of Credit
AUSTIN, Texas, Oct. 4, 2017 /PRNewswire/ — On Point Oilfield Holdings, LLC, (“On Point”) has successfully closed on a $250 million senior credit facility with Texas Capital Bank. On Point is an oilfield fluids waste solutions company that acquires, develops, and operates saltwater disposal wells and saltwater pipeline infrastructure in the Permian Basin.
On Point was formed in October 2016 with an equity commitment from White Deer Energy and an initial Permian platform acquisition of seven saltwater disposal assets (118,000 Bbls/d total permitted capacity) and eight saltwater disposal permits (152,000 Bbls/d capacity). To date, On Point has drilled three deep disposal permits into the Ellenberger formation in Howard County, acquired an SWD from a third party, and added an additional 75,000 Bbls/d of permitted capacity to its asset base.
On Point owns and operates 11 disposals with 205,500 Bbls/d of permitted capacity and has the rights to develop 15 additional disposal permits with over 300,000 Bbls/d of permitted capacity. On Point plans to use the growth capital to continue drilling new deep disposal wells to increase capacity while also constructing long-term pipeline infrastructure to keep up with strong market demand from its customers in the Permian Basin. The company is also evaluating opportunities to acquire existing disposal and pipeline infrastructure from E&P companies.
The company is led by co-founders Trace Hight, chief executive officer, and McCabe Turner, chief operating officer. Hight and Turner have collectively been involved in more than 57 saltwater disposal wells from either an operational, ownership, or advisory standpoint. Mike Christensen, vice president of operations, has more than 30 years of experience in the design, construction, and operation of over 120 disposal wells and over 40 gathering systems.
“McCabe, Mike and I are very excited to partner with Texas Capital. Their lending experience in this industry, combined with the capital and expertise from White Deer, gives us the resources we need to keep up with customer demand as On Point grows into an industry-leading midstream company,” said Hight.
ABOUT TEXAS CAPITAL BANK
Texas Capital Bank(r) is a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. We are headquartered in Texas working with clients throughout the state and across the country. Texas Capital Bank is a wholly owned subsidiary of Texas Capital Bancshares, Inc. and is recognized as a Forbes Best Banks in America and the Dallas Morning News’ Top 100 Places To Work company. To find out why we’re the Best Business Bank in Texas(r), please visit: www.texascapitalbank.com.
ABOUT WHITE DEER ENERGY
White Deer Energy is an energy private equity firm focused on the exploration and production, oilfield service and equipment manufacturing, and midstream sectors of the oil and gas industry. With $2.2 billion of capital commitments across two private equity funds, White Deer Energy is a long-term investor targeting equity investments of $50 to $150 million. With offices in Houston and New York, White Deer Energy has a combination of industry expertise and capital that makes it an attractive partner for rapidly growing energy companies.
Nick Belisle, Corporate Development Associate,